IEA urges huge investment in oil industry
7/11/2008 16:28
The oil industry needs "massive investment" to ward off a possible energy
crisis in the next 20 years, the International Energy Agency (IEA) said
yesterday.
"The immediate risk to supply is not one of a lack of global
resources, but rather a lack of investment where it is needed," the agency said
in a summary of its annual World Energy Outlook report to be published in full
next week.
"Massive investment in energy infrastructure will be needed" to
raise production capacity to meet increasing demands, the report
said.
Statistics showed that lack of investment would cause the output of
some 800 oil fields to fall by up to 10.5 percent a year on average from 2008 to
2030.
Meanwhile, the IEA said global daily oil consumption would rise to 106
million barrels by 2030, or an overall increase of 45 percent.
The world
needs to invest 26 trillion US dollars during that period, over 4 trillion
dollars more than last year's forecast, the report said.
The IEA said the
global financial crisis would not "affect long-term investment" in the oil
industry, but could delay the completion of current projects.
Xinhua
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