ISIS continues to sell oil because it’s in somebody’s interest – ex-IEA chief.
While the freefall of oil prices seems to have stopped for now, the inevitable rise of energy demand from developing economies may turn the current overflow into a critical shortage.
How long before oil becomes a treasured resource in major demand again?
And with new technology coming into play, how will the energy market affect our lives in the coming decades – will it fuel growth or new conflicts?
Former Executive Director of the International Energy Agency Nobuo Tanaka is on SophieCo.
The International Energy Agency says oil projects are at the lowest level in over 70 years.
So what I’m wondering – now we’re seeing an oversupply of oil, but without development, should we be bracing for a global shortage instead?
Nobuo Tanaka: Well, if the investment is declining these consecutive years, possible for the third year in this year, if that’s the case, the capacity will not increase as much to the level of the demand in the future.
When economic growth is happening in emerging economies, we’re going to have a shortage.
And almost all energy sector may have a small level of capacity increase for the future.