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Meeting rising oil and gas demand while addressing global climate change more meaningfully will continue to be the world’s biggest energy policy challenges in 2019. International Energy Agency Executive Director Fatih Birol predicted.
“Economic growth. urbanization and industrialization – primarily in Asia – are set to drive global energy consumption 25% higher by 2040 in the IEA’s central scenario. This growth would be even more rapid without vital energy efficiency measures.“ he told the US Senate Energy and Natural Resources Committee on Feb. 28.
Local air pollution concerns are increasingly motivating energy policies across Asia. which potentially could create significant liquefied natural gas export opportunities for the US. Birol continued.
“The IEA has long emphasized the role of China. India. and other countries in Asia in driving global natural gas demand. but the recent upswing has exceeded even our expectations. Satisfying expected gas demand growth in Asia would require additional supplies equal to building one new average-sized US LNG project every 5 months.“ he said.
IEA also expects the US to play a significant part in meeting the world’s future higher crude oil demand. Birol said in his written testimony. “We forecast that around 70% of the growth of world oil production to 2025 will come from the US. In fact. [it] has essentially compensated for recent production shortfalls in Venezuela and Iran. and. in the process. stabilized oil prices at a level conducive for global economic growth.“ he noted.
