Despite the international efforts to increase renewable energy solutions, Arab Oil and Gas ministers agreed Tuesday at the ongoing World Energy Forum 2012 that fossil fuels will strategically remain the dominant sources of energy amid growing demand from the emerging economies.
According to the latest International Energy Agency (IEA) World Energy Outlook, the global demand for electricity will surge 2.2% annually through Y 2035. The cumulative investment needed in the Oil and Gas supply infrastructure is estimated at US$19-T over the next 25 yrs in order to satisfy the rising demand for energy.
Speaking at a round table discussion on the second day of the on the second day of the forum which started Monday,the minister of oil and gas of Oman, Hamad Al Ruhmi said “it is unacceptable that 2-B out of 7-B people worldwide have no access to energy, as having access is a basic human right,” adding that “and Oil and Gas has always been there when world needs.”
He also urged the global community “not to look only at oil suppliers to tackle the challenges of global rising power demand. “Examining the demand side is likewise important, because consumers can do a lot to reduce energy usage and to increase use of energy efficiency.” Al Ruhmi said that putting constraints like introducing a carbon tax in every country does not secure the steady flow of energy.
Dr. Mohammed Abdulla Al-Sada, the minister of industry and energy of Qatar, also said that world shall focus in stepping up oil and gas production in order to meet demands. Qatar is the world’s third largest Nat Gas exporter, behind Iran and Russia.
Algeria’s minister of energy and mines Youcef Yousfi, pointed out that investing into Green energies like wind or solar power can reduce carbon footprint “but their installation is expensive. The demand for Nat Gas, on the other hand, increased after the tragedy of Fukushima in Japan and Algeria will be at the forefront in doubling global production.”
Algeria, one the top Nat Gas exporting nation in North Africa plans to increase Nat Gas exports by 50% until Y 2015.
Iraq’s minister of electricity Karim Aftan Al-Jumaili was more open talking about green energy solutions in his country. “Iraq is an oil nation but we are eager to increase the use of sustainable energy solutions. We plan to increase the number of dams in the Euphrates River for power generation.” Nevertheless, the minister did not specify how high the share of green energy shall be out of Iraq’s total domestic consumption. “We expect that renewable energy reach a “good levels”,” the minister said.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.