21 September 2009, International Herald Tribune
Global carbon emissions are expected to post their biggest drop in more than 40 years this year as the global recession froze economic activity and slashed energy use around the world. The main factor behind this year’s drop in emissions is the slowdown in industrial activity and trade around the world, according to a study due to be released in November by the International Energy Agency.
21 September 2009, Financial Times
Reporting on the forthcoming IEA study on climate change to be published in Bangkok 6 October, an early excerpt of the World Energy Outlook 2009, the newspaper quotes the Agencys Chief Economist Fatih Birol as saying that the financial crisis will lead to a "surprising" and "significant decline" in greenhouse gas emissions this year. "We have a new situation, ith the changes in energy demand and the postponement of many energy investments," he said and added: "But this only has meaning if we can make use of this unique window of opportunity. (That means) a deal in Copenhagen," at the UN climate change conference in December.
25 May 2009, Reuters
21-percent slide in energy investment in 2009As a consequence of the world wide economic crisis, IEA Chief Economist Fatih Birol predicts a significant investment decline in the global energy sector. “Our calculations show that investment in oil and gas exploration in 2009 will drop by 21 percent from 2008, that is by USD 100 billion.” He reiterated that oil prices could surge back to the record high of summer 2008 once the economy recovers and energy demand increases, leading to supply lags as a result of insufficient capacity.
29 January 2009, Dow Jones
World Economic Forum: Oil industry might face future supply problemsConcern is rising at the World Economic Forum in Davos that the oil industry is facing a deeper set of financial ailments and future supply problems. “We are getting ourselves into a serious situation in the oil sector,” said IEA Chief Economist Fatih Birol. “Smaller oil companies have been hit by credit problems and lower prices and we are seeing it now with big companies.” He estimates that around USD 100 billion worth of oil and natural drilling projects have been either delayed or cancelled over the past year.
22 December 2008, Oil and Gas Eurasia, Russia
Countries such as India and China may well fend off recession and continue their growth patterns. If this happens, not only will demand remain at current levels, it may increase according to the IEAs Chief Economist, Fatih Birol. "If those countries continue to consume oil as much as over the last couple of years they may easily make up losses coming from OECD countries," Birol told Reuters in an interview on the sidelines of the World Eocomic Forum.
20 December 2008, China View, China
According to the 2008 World Energy Outlook, a variety of factors have contributed to price increases since 2003, including strong demand growth, no increase in OPEC member production between 2005 and 2007, rising costs for exploration and development, and a weaker U.S. dollar.
10 December 2008, Asia Times, Hong Kong
Now, just as the world economy slows and oil drops below US$50 a barrel, the IEA has released the most important report in its three-decade history, World Energy Outlook 2008. This report does something both very important and most amazingly unprecedented. It takes an extensive inventory of global oil supplies.
10 December 2008, The Malaysian Insider, Malaysia
In the 2008 report the IEA suggests for the first time that world petroleum supplies might hit the buffers. "Although global oil production in total is not expected to peak before 2030, production of conventional oil is projected to level off towards the end of the projection period."
8 December 2008, Finfacts, Ireland
The International Energy Agency (IEA) - the energy adviser to 28 developed countries including Ireland - said today at the climate change talks in Poland that the global economic slowdown must be viewed as an opportunity, not a distraction from efforts to mitigate climate change. "By adopting new energy efficiency measures, constructing green energy infrastructure and taking steps to integrate cleaner energy into the power grids, governments can lock in sustainable technologies and reduce CO2 emissions by almost 40% relative to the projected baseline emissions for 2030." According to the IEA publication World Energy Outlook 2008 (WEO)
4 December 2008, China Business News Daily
IEAs Chief Economist Dr Fatih Birol warns that there is a risk that financing difficulties could affect many of the projects that are currently on the drawing board. As a result we may be setting ourselves up for supply crunch once the economy is back on its feet.