10 November 2009

From the IEA: World Energy Outlook 2009 launched in London (press release)

World Energy Outlook 2009 launched in London

10 November 2009

At a press conference in London on Tuesday, 10 November, the IEA Executive Director Nobuo Tanaka and Chief Economist Fatih Birol presented the results of the World Energy Outlook 2009 (WEO). The WEO 2009 looks at the impact of the economic downturn on energy use, CO2 emissions and energy investment and what will be required at the UN climate conference in Copenhagen to put together an agreement that stops global temperatures rising at a price that is affordable. The WEO also focuses on the natural gas resource base, current trends and the role gas will play in the future energy mix. The book includes a review of energy in Southeast Asia, looking at this fast-growing region and its implications for global energy markets.

So, we have too much gasoline, there's a glut of oil... seems like the price would be going down, right?

"The unexpected boom in North American unconventional gas production, together
with the depressive impact of the recession on demand, is expected to contribute
to an acute glut of gas supply in the next few years. The under-utilisation of pipeline
capacity between the main regions and global LNG liquefaction capacity combined is
expected to rise from around 60 bcm in 2007 to close to 200 bcm in the period 2012-
2015, as a number of new projects come on stream. Gas suppliers to Europe and Asia-
Pacific will come under increasing pressure to modify their pricing terms and cut prices
to stimulate demand."

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