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Global Update
Latest news from around the world
Early signs of an energy technology revolution
“For several years, the IEA has been calling for an energy revolution to tackle climate change and enhance energy security and economic development. For the first time, we see early indications that such a revolution is under way,” said Nobuo Tanaka, Executive Director of the International Energy Agency (IEA ), when he launched “Energy Technology Perspectives 2010” (ETP 2010).
Global oil demand rising
Global oil demand is projected to rise this year because of stronger economic activity, according to the IEA. In its August report, the organisation said global oil demand for 2010 was expected to average 86.6 million barrels of oil a day, edging up 2% or 1.8 million barrels a day year on year. Demand in 2011 is expected to increase a further 1.5% to 87.9 million barrels a day.
Helping to make India more energy efficient
India and the UK have agreed to work together to help the Indian economy to grow in a more energy-efficient way by cutting emissions and helping businesses to reduce their reliance on energy. The agreement is to share experience of trading schemes and to kick start the market to channel investment into industrial energy efficiency. The initiative was agreed with Indian Power Minister Sushil Kumar Shinde during UK Prime Minister David Cameron’s first official trip to the country.
China’s crude appetite up
China’s apparent crude demand will increase by 11% this year, the China Securities Journal reports, citing a forecast from the China Petroleum and Chemical Industry Federation. In addition, apparent demand for refined fuels will grow by 6.7% while demand for natural gas will rise by 11.4% from that in 2009. However, the growth of apparent consumption in the petrochemical sector has slowed noticeably and could even decline compared with last year.
World energy use
The world marketed energy consumption will grow by 49% between 2007 and 2035, according to the latest reference case projection in the International Energy Outlook 2010 from the U.S. Energy Information Administration (EIA). Economic growth in the developing nations of the world is expected to drive this rise.