Skip to comments.'06-'07 oil consumption levels will never return, IEA predicts
Posted on 01/28/2010 9:58:31 AM PST by thackney
Oil use in rich industrialised countries will never return to 2006 and 2007 levels because of more fuel efficiency and the use of alternatives, the chief economist of the International Energy Agency said on Thursday.
The bold prediction, while made previously by some analysts, is significant because the IEA advises 28 countries on energy policy and its oil demand forecasts are closely watched by traders and policymakers.
"When we look at the OECD countries -- the U.S., Europe and Japan -- I think the level of demand that we have seen in 2006 and 2007, we will never see again," Fatih Birol told Reuters in a telephone interview.
"There may be some zig zags up and down but as a trend I think it will be a downward trend in terms of oil consumption."
The trend reflects a change taking place in the world oil market in which the centre of oil use is switching to economies such as China and away from developed markets like Europe and the United States.
In its Jan. 15 monthly Oil Market Report forecast oil demand in the Organisation for Economic Cooperation and Development this year will average 45.48 million barrels per day, unchanged from 2009.
Birol, speaking to Reuters from the sidelines of the Davos conference, was responding to a question on whether those figures suggested OECD oil demand has peaked.
He added he expected demand outside the OECD to continue to rise. The IEA forecasts world oil demand to expand in 2010.
All the “renewable” energy is by and large a scam. Build nuclear plants now! Natural gas is our gateway fuel to get us through, so drill here and drill now!
The less you use the higher the price,costs of production must be recovered,battery manf’s giggle.
or could it have something to do with the jobs never returning?
Good post - I think it was the famous Saudi Sheik Yemani who said, “The end of the stone age did not occur because of a lack of stones. The end of the oil age will be the same.” This as he spoke about hybirds and nuke power making a come back.