Press Quotes

12 November 2008, Associated Press
The International Energy Agency on Wednesday called for massive investment in producing more oil to prevent a supply squeeze in coming years, saying energy demand will rise 1.6 percent a year on average between 2006 and 2030. The IEA's base scenario for energy demand has fallen due to the global economic slowdown and higher oil prices, but the agency stressed that a delay in spending on new projects due to the credit crisis could lead to a "supply crunch that could choke economic recovery."

12 November 2008, AFP
The International Energy Agency warned that dwindling crude reserves were pivotal to prices. "The key determinant in the years to come is the oilfield decline more than demand," IEA chief economist Fatih Birol told a news conference in London at which he unveiled the agency's latest World Energy Outlook report.

12 November 2008, The Guardian
"While market imbalances will feed volatility, the era of cheap oil is over," warned Nobuo Tanaka, executive director of the IEA. The IEA also called for a "major de-carbonisation" of global fuel sources, insisting the financial turmoil was not an excuse for ignoring environmental considerations. "The need to address climate change will require a massive switch to high-efficiency, low-carbon energy technologies," it said.

12 November 2008, The Times
Fresh sources of oil equivalent to the output of four Saudi Arabias will have to be found simply to maintain present levels of supply by 2030, one of the world's leading energy experts has said. Fatih Birol, chief economist of the International Energy Agency (IEA), the developed world's energy watchdog, told The Times that the depletion of existing oilfields meant that vast new investments would be required to satisfy the demand for oil.

12 November 2008, The Guardian
The International Energy Agency is to call today for an energy revolution and a "major de-carbonisation" of global fuel sources as the world confronts tighter oil supplies caused by shrinking investment. The energy watchdog is warning for the first time that oil output could pass its peak as power shifts from "super-majors" to national companies controlled by producer states. It highlights a potential oil-supply crunch.

12 November 2008, Reuters
The world will have to bet on extreme measures to avoid serious global warming, the International Energy Agency said on Wednesday, adding to growing worries that governments have under-estimated the problem. The world will have to suck greenhouse gases out of the atmosphere because it was too late to rely on gradual curbs in heat-trapping greenhouse gas emissions, it said.

12 November 2008, Reuters, South Africa
Energy exports from sub-Saharan Africa will rise significantly as the region opts to maximise foreign currency earnings rather than attend to domestic fuel needs, the International Energy Agency said on Wednesday.

12 November 2008, Tehran Times, Iran
The world must find an extra 64 million barrels a day of oil production by 2030, equivalent to replacing Kuwait’s output every year, to meet demand growth and counter the decline of existing fields, the International Energy Agency said.