World Energy Outlook 2011
November 14, 2011
Without a bold change of policy direction, the world will lock itself into an insecure, inefficient and high-carbon energy system, the International Energy Agency warned in the 2011 edition of the World Energy Outlook (WEO).
- The average oil price remains high, approaching $120/barrel (in year-2010 dollars) in 2035.
- Oil demand rises from 87 million barrels per day (mb/d) in 2010 to 99 mb/d in 2035, with all the net growth coming from the transport sector in emerging economies.
- With oil production declining in all existing fields, an increasing share of liquid fuels will come from natural gas liquids and oil sands, with Russia’s role as a supplier of natural gas more pivotal.
- In the WEO’s central New Policies Scenario, which assumes that recent government commitments are implemented in a cautious manner, primary energy demand increases by one-third between 2010 and 2035, with 90% of the growth in non-OECD economies.