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International Energy Agency warns: Lack of progress in clean energy could be catastrophic
Progress towards the use of cleaner fuel technology has stalled, with production of the world’s energy as “dirty” now as it was two decades ago, the International Energy Agency said Wednesday. Two-thirds of greenhouse gas emissions come from the energy sector and the lack of change should “serve as a…
IMF warns that oil prices could double in ten years
The International Monetary Fund (IMF) has been warned by its internal research team that there could be a permanent doubling of oil prices in the coming decade with profound implications for global trade. “This is uncharted territory for the world economy, which has never experienced such prices for more than…
Coal to keep burning because of strong Asian demand
Coal is set to remain a major energy source alongside oil over the next 25 years on strong Asian demand, an uncertain outlook for nuclear power and despite the popularity of natural gas. “Coal will be very competitive for a long time,” Richard Jones, deputy executive director of the International…
Global oil demand to rise 14% by 2035: IEA
Global oil demand is set to grow by 14.0 percent by 2035, pulled byChina and emerging economies and the price could reach 120 dollars per barrel, the IEA said in its annual report on Wednesday. “Without a bold change of policy direction, the world will lock itself into an insecure, inefficient and high-carbon…
Libya oil exports not to return to normal until 2013
PARIS — Libyan oil exports are unlikely to return to their pre-war level before 2013, the new head of the International Energy Agency said on Thursday. “Our experts think that 2013 or beyond will most probably show the complete full restoration of the Libyan supply to the market, but not…
Asia moves to open its oil reserves
TOKYO (Reuters) – Asian nations moved to release emergency oil stockpiles on Friday as part of a rare global coordinated action by consumer countries to prevent high energy prices from stunting a stuttering economic recovery. The move, led by Washington and criticized by the oil industry as an unnecessary distortion…
Energy agency warns of danger from high oil prices
PARIS – The global recovery will drive oil prices dangerously higher this year, possibly to the level where they could push the economy into a marked slowdown, the IEA warned Thursday. The prospect of rising inflation, driven by oil and other higher commodity prices, coupled with political instability in the…
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