Baku, Azerbaijan Oct.10
By Leman Zeynalova – Trend:
Energy efficiency causes problems for oil producers, while it is beneficial for consumers across the world, said the executive director at the International Energy Agency (IEA) Fatih Birol.
"We see a slowing down of oil demand growth in China. One of the major reasons is because cars are becoming much more efficient than in the past: for 100 kilometers, they use less oil and they are much more efficient now, compared to a few years ago,” Birol told CNBC.
Birol pointed out that efficiency is going to become an increasingly important factor when it comes to oil production and consumption.
Birol noted that there are many countries growing, such as India, countries in South East Asia, they have not yet set efficiency standards, he said, adding that once they do it, then the oil demand growth will slow down.
While he remained confident that efficiency would improve, Birol went on to state that we would "need oil for many years to come."
Moreover, according to a new World Energy Council report presented at the 23rd World Energy Congress in Istanbul, per capita energy demand will peak before 2030.
The report goes on to highlight that oil will continue to play a significant role in the transportation sector representing over 60 percent of the mix in all three scenarios to 2060 and natural gas will continue to increase at a steady rate.