Global oil demand undimmed, U.S. to benefit, agency reports
LONDON | Oil will continue growing as a source of energy for over two decades, with the U.S. set to become the undisputed leader in crude and gas production, the International Energy Agency said Tuesday.
The report from the Paris-based agency will come as grim news for officials attending global climate talks in Bonn, Germany. Scientists just this week said that emissions of the heattrapping gas rose this year after three years of not growing.
The IEA said oil production will be driven by continued growth in energyhungry industries. Though solar power is set to become the cheapest source of new electricity generation and the boom years for coal are over, oil and gas will continue to meet the bulk of the world’s energy needs, the IEA said. A more widespread use of electric cars will not be enough to consign oil to the past, said IEA Executive Director Fatih Birol.