IEA: Oil Prices to Ease in Coming Months

Business News In Brief

ENERGY The head of the International Energy Agency (IEA) has said oil prices should ease in coming months, as he revealed that the volume of global electricity supplies coming from renewable sources will have to rise dramatically. The IEA’s executive director Nobuo Tanaka said he did not expect a mismatch between supply and demand before 2010, but he said that extreme weather conditions and labour disputes in the industry could create new bottlenecks. However, he warned that after 2013, in particular, the situation could deteriorate because there was no immediate prospect of new reserves coming on to the market. “The era of low price is over,” said Mr Tanaka. He said nearly half of global electricity supplies will have to come from renewable energy sources if CO2 emissions are to be halved by 2050.

(c) 2008 Independent, The; London (UK). Provided by ProQuest LLC. All rights Reserved.