- What this news means for the Middle East oil producers?
- Investment of $38 trillion required to meet energy demand
During the G20 summit in Cannes, the Chief Economist at the International Energy Agency, Dr. Fatih Birol, delivered a keynote speech at the B20 Business Summit.
According to him, the World Energy Outlook 2011, which will be released on 9 November, will show that $38 trillion of investment is required to meet projected energy demand through to 2035 and that investors in energy projects are facing a multitude of risks.
Breaking down this cumulative investment, Dr Birol explained that $16.9 trillion will be require for power; $10 trillion for oil; $9.5 trillion for natural gas; $1.1 trillion for coal; and $0.3 trillion for biofuels.
About Dr Fatih Birol
Dr Fatih Birol (1958 Ankara, Turkey) is the Chief Economist of the International Energy Agency and Director, Office of The Chief Economist, with overall responsibility for the organisation’s economic analysis of energy and climate change policy. He oversees the annual World Energy Outlook series which is the flagship publication of the IEA and is recognized as an authoritative source for energy analysis and projections.