Global Energy Consumption

IEA Outlines World Energy Outlook

Dr. Fatih Birol, the IEA’s new Executive Director, presented the Association’s outlook for energy and oil prices this morning at Columbia’s Center on Global Energy Policy.  Highlights include a rebound in the price of oil to $80 per barrel by 2020 and the expectation that renewable energy will account for over 50% of energy production by 2030. While oil may be range-bound in the short-term, oil below $50 is uneconomical for US shale oil producers, forcing an inevitable cut in oil production in the United States.  As a result, the IEA expects that global oil investment will decrease by