According to the International Energy Agency (IEA), global energy use is going to fall this year. That said, the group also believes that energy use will resume its upward trend, should government policies remain the same.
Looking far ahead, the IEA believes that the world's demand is projected to rise by 40% between now and 2030, when demand is estimated to hit 16.8 billion tons of oil equivalent.
The IEA believes that oil demand will start to recover in 2010 and then will build to 88 million barrels per day in 2015. The IEA goes further, predicting demand of 105 million barrels per day in 2030. Of course, this prediction only sets up one side of the supply and demand equation. That said, oil is one of the few commodities that seems to ignore the rules of supply and demand.
The IEA added a bit of fuel to the fire, noting that higher oil prices and the downturn in oil sector investment are "a serious threat to the world economy, just as it is beginning to recover." Why not, I mean the IEA would benefit from a run on oil, right? So why not fan the flames of worry and say that not investing in oil could ruin the economy. Investment in upstream oil and gas has been cut by more than $90 billion in the past year compared to 2008, so why not try to kick investors in the seat of the pants?
Let's cause fear about the strength of the world economy so we can sell more oil -- genius!
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