The global energy system is on an unsustainable path, The International Energy Agency said in their “World Energy Outlook” report, released Monday in London.
Fossil fuels will remain dominant in the global energy mix for the next 20 years, supported in part by subsidies that, in 2011, jumped by almost 30 percent to $523 billion. Most of those subsidies were in the Middle East and North Africa.
Global oil demand is seeing growing by 7 million barrels per day in 2020 and exceeding 99 mb/d in 2035, by which time oil prices reach $125 a barrel on average, in real terms (over $215 per barrel in nominal terms).
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