Arab Spring disrupts energy investment-IEA
The Arab Spring has disrupted investment plans in oil and gas projects as some governments in the region have shifted their focus to meet increasing demands from their population, the International Energy Agency said on Tuesday.
As a result, this could in the next five years push oil prices higher, the IEA’s chief economist Fatih Birol said at a briefing on the sidelines of the agency’s two-day ministerial meeting.
The IEA estimates the world needs to spend $38 trillion to meet projected energy demand up to 2035, up 15 percent from their 2010 forecast of $33 trillion.
World energy ministers and industry leaders started a two-day meeting on Tuesday hosted by the IEA to discuss investment needs with energy-hungry emerging economies.
Birol said there was reluctance from some oil producers to invest enough.