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MENAFN - 13/11/2012

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(MENAFN) The International Energy Agency (IEA) stated that by 2035, global oil consumption will jump by 14 percent, boosted by demand from emerging countries, reported Arab News.

The IEA said that by that time, oil consumption will reach 99.7 million barrels of oil per day.

It added that higher oil demand in emerging economies, mainly for transport in China, India and the Middle East, more than offsets lower demand in countries of the Organization for Economic Co-operation and Development (OECD).

The agency noted that the development of new technologies in the US, particularly the extraction of shale gas through a controversial process called "fracking" that has been limited or banned in other countries, is expanding the country's energy market.

It is worth noting that oil prices will grow to USD125 per barrel by 2035, and in nominal terms it would be at USD215, compared with USD107 in 2012, and with earlier forecast of USD120.

 






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