US Could Become Single Largest Oil, Gas Producer: IEANaija247news

International Energy Agency sees crunch on oil consumption

According to the IEA, wind electricity generation in the European Union will more than triple to 1,100 TWh by 2040.

That would be an increase roughly equivalent to twice the current demand for electricity in the United States.

This means fears of a glut in gas supplies are unfounded, the agency said in a note.

At a time when geopolitical factors were exerting new and complex influences on energy markets, underscoring the critical importance of energy security, the World Energy Outlook's scenario-based analysis outlines different possible futures for the energy system across all fuels and technologies.

The global energy Agency (IEA) forecasts growth in electricity demand by 2040 60%.

Now in its 21st edition, this year's conference was opened by the United Arab Emirate (UAE) president, Sheikh Khalifa Bin Zayed Al Nahyan, with the theme: "Shaping the future of the world's oil and gas industry". In this scenario, global energy-related Carbon dioxide emissions peak around 2020 and then enter a steep and sustained decline, fully in line with the trajectory required to achieve the objectives of the Paris Agreement on climate change.

"The projected emissions trend represents a major collective failure to tackle the environmental consequences of energy use".

"Crafting the right policies and proper incentives will be critical to meeting our common goals of securing energy supplies, reducing carbon emissions, improving air quality in urban centres and expanding basic access to energy in Africa and elsewhere", Birol said.

Under the Paris agreement, the governments agreed to a long-term goal of maintaining the increase in global average temperature to well below 2 degrees Celsius above pre-industrial levels.

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"China is becoming the world's largest natural gas importer, overtaking Japan and this has huge implications for gas markets and for gas prices", Birol added.

The IEA forecast that energy demand would be more than 25 per cent greater by 2040, owing in large part to expanding activity in India.

According to the IEA, about two-thirds of today's nuclear power plants in advanced economies are over 30 years old, reaching the end of their expected lifetimes.

Fossil fuels will continue to be the world's energy workhorse.

"In the New Policies Scenario, a rising tide of electricity, renewables and efficiency improvements stems growth in coal consumption..."

Hydrocarbon production from North American shale plays will enable the U.S. to maintain and expand its lead as the world's largest oil and gas producer, accounting for almost half of global oil and gas production growth to 2025 and ratcheting up pressure on countries that traditionally have relied on oil and gas exports to fund their economies, the IEA said.

In charting projections for electricity generation capacities and demand, the IEA has suggested there remains a significant gap between its forecasts and staying within those climate targets, requiring what the IEA has termed as a "systematic preference" for investments in sustainable energy technologies.

While the use of industrial coal is expected to show a small increase to 2040, the IEA projects decline in overall consumption in China, Europe and North America to be compensated by rises in India and Southeast Asia.

But the IEA warns most emissions linked to energy infrastructure are already essentially "locked-in", because they are already built technology - such as coal-fired power plants recently constructed in Asia with decades left to run.

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