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IEAâ€™s World Energy Outlook 2009 presented in Baku

17 November 2009 13:50 (UTC +04:00)

Baku. Viktoriya Dementieva - APA. Azerbaijan Diplomatic Academy today hosted a presentation for the World Energy Outlook 2009 issued by the International Energy Agency (IEA).

The report was introduced by Richard H. Jones named next IEA Deputy Executive Director.

He said that the report was first presented in London last week.

â€œIt is for the first time that we present this report in a non-member country. This emphasizes the importance of Azerbaijan in the field of energy,â€ he added.

According to the report, the global financial crisis has led to a dangerous drop in energy investment around the world which could choke off the nascent economic recovery.

â€œFalling energy investment will have far-reaching and, depending on how governments respond, potentially serious consequences for energy security, climate change and energy poverty," says the annual World Energy Outlook report.

However, R. John said that during his visit to Baku, he met with the Minister of Energy of Azerbaijan, who said that in Azerbaijan the financial crisis has not affected the level of investment.

According to forecasts, oil prices fall to 97 dollars per barrel in 2008 to about $ 60 by mid-2009, then prices will start to rise in parallel with the economic rise and reached $ 100 a barrel by 2020 and $ 115 in 2030.

The IEA also released predictions for oil prices in coming years: crude is expected to cost $100 per barrel by 2020 and $115 per barrel by 2030, reflecting annual price increases of between 2% to 3%, roughly in line with inflation.