ARCHIVED - International Energy Agency 2012 World Energy Outlook

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Backgrounder

The International Energy Agency (IEA), the leading authority on global energy supply and demand trends, recently published the 2012 World Energy Outlook which provides insight into the impacts of the world’s current energy policies on future energy trends, including: global energy supply and demand, oil and gas, renewables, climate change, and energy efficiency.

Some findings of the report include:

Canada’s energy sector is well-positioned to play a pivotal role in supplying oil and gas to meet growing global energy demand. By diversifying to new markets and pursuing ways to get energy to these countries, Canada will be able to realise its full potential of being a leading world energy supplier.

The IEA is an autonomous organisation that provides authoritative and unbiased research, statistics, analysis and recommendations regarding the energy sector. It is made of 28 member countries which includes Canada who was a founding member in the early 1970s in response to the 1973/4 oil crisis.

  • Even under the most optimistic scenario for alternative energy sources, fossil fuels will continue to remain the dominant source of energy in the world;
  • Global energy demand is expected to grow by more than one-third by 2035, with China, India and the Middle East accounting for 60 percent of the increase;
  • The resurgence in oil and gas production in the United States is projected to make the country the largest global oil producer by around 2020, while North America becomes a net oil exporter around 2030;
  • Unconventional oil sources, like Canada’s oil sands, are expected to grow making it an important contributor to global oil supply and energy security. In fact oil sand production is predicted to increase from 1.6 to 4.3 million barrels per day provided environmental concerns are addressed and infrastructure to bring the oil to markets is built.
  • The U.S. market will not be large enough to accommodate all of Canada’s oil exports.  By 2035, Canadian oil exports will be 4.0 million barrels per day, but total U.S. imports will only be 3.4 million barrels per day.  This highlights the need for Canada to access new markets.

Canada’s energy sector is well-positioned to play a pivotal role in supplying oil and gas to meet growing global energy demand. By diversifying to new markets and pursuing ways to get energy to these countries, Canada will be able to realise its full potential of being a leading world energy supplier.

The IEA is an autonomous organisation that provides authoritative and unbiased research, statistics, analysis and recommendations regarding the energy sector. It is made of 28 member countries which includes Canada who was a founding member in the early 1970s in response to the 1973/4 oil crisis.

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