Global oil supply will peak in 2020, says energy agency
Fatih Birol, chief economist to the International Energy Agency, told the Guardian that conventional crude output could plateau in 2020, a development that was “not good news” for a world still heavily dependent on petroleum.
The prediction came as oil companies from Saudi Arabia to Canada cut their capital expenditure on new projects in response to a fall in oil prices, moves that will further reduce supply in future.
WEO Calls for Global Energy Revolution Despite Economic Crisis
12 November 2008 London
“We cannot let the financial and economic crisis delay the policy action that is urgently needed to ensure secure energy supplies and to curtail rising emissions of greenhouse gases. We must usher in a global energy revolution by improving energy efficiency and increasing the deployment of low-carbon energy,” said Nobuo Tanaka, Executive Director of the International Energy Agency (IEA) today in London at the launch of the World Energy Outlook (WEO) 2008 – the latest edition of the annual IEA flagship publication. The WEO-2008 provides invaluable analysis to help policy makers around the world assess and address the challenges posed by worsening oil supply prospects, higher energy prices and rising emissions of greenhouse gases.
“One thing is certain”, stated Mr. Tanaka, “while market imbalances will feed volatility, the era of cheap oil is over”.
Britain ‘faces power cuts threat’
The UK will experience prolonged power cuts in about five years unless urgent action is taken now, a Pragmatic Energy Policy for the UK, report warns.
It said a third of generation capacity was due to be decommissioned by 2020, but was not being replaced fast enough.
In its 2007 Energy White Paper, the government indicated that it was in favour of a new fleet of nuclear power stations.
But co-author of the Pragmatic Energy Policy for the UK report, Ian Fells said this strategy failed to address the short-term shortfall.
“Let’s put it this way, the current UK energy policy is not fit for purpose,” he told reporters at a briefing in central London.
“Something has to be done about it if we are not going to run into serious problems in the middle of the next decade.”
Read the rest of this article by Mark Kinver, Science and environment reporter, BBC News
UK experts give blackouts warning
Some energy experts asked by BBC News warn the UK could face an unacceptable risk of major blackouts in less than 10 years unless policy is improved.
They said the government has dithered for too long over policies vital to energy security and climate security.
Read the full story by Roger Harrabin, Environment analyst, BBC News