The International Energy Agency (IEA) said on Sunday that more than 70% of the world’s energy demand growth was acquired by fossil fuels, indicating that the demand for natural gas is more than other energy resources, with a record share of 22% of total demand Global.
According to preliminary estimates, global energy demand will rise by 2.1% in 2017, according to preliminary estimates, adding that growth is more than double the growth rate in 2016, indicating a large growth in reliance on renewable energy sources strongly, Resources About a quarter of global energy demand growth.
The report noted that the global share of fossil fuels in world energy demand in 2017 will remain at 81%, a level that has remained stable for more than three decades despite strong growth in renewable energy sources.
The report highlights the growth of global energy demand in Asia, with China and India together accounting for more than 40% of the increase, noting that the contribution of energy demand in all developed economies to more than 20% of global demand growth, Decrease in their share of total energy use.
Energy demand also registered strong growth in Southeast Asia (which accounts for 8% of global energy demand growth) and Africa (6%), although per capita energy consumption in these regions is still well below the global average .
The report pointed to a rise in the level of global demand for crude oil by 1.6% (or 1.5 million barrels per day) in 2017, considering that this rate represents more than twice the annual rate experienced by the industry during the past decade.
He added that this growth has boosted the rise in the share of sports cars and light trucks in the major economies as well as the strong and growing demand coming from the petrochemical sector.
Global demand for natural gas has grown by 3 per cent thanks largely to the abundance of relatively low-cost supplies, noting that China alone accounts for nearly 30 per cent of global gas growth.
He stressed that renewable energy recorded the highest rate of growth compared to any other source of energy in 2017, accounting for nearly a quarter of growth in global energy demand, pointing to the leadership of China and the United States this unprecedented growth, together contributed about 50 percent of the increase in electricity generation based on Renewable energy and third solution EU then India and Japan.
Global demand for electricity rose by 3.1 percent, well above the overall increase in energy demand. China and India accounted for 70 percent of this growth, and the output from nuclear plants rose as a result of a large amount of new The first year of operation was completed in 2017.
Oil futures in New York registered a 5.4% increase last month, erasing losses in February, boosted by growing US stockpiles.
The report confirmed the oil minister Jabbar al-Allaibi at an energy conference in Baghdad recently that some oil producers from OPEC allies are considering extending the efforts to restrict production to limit global supplies until the middle of next year.
He pointed out that the recovery in the price of crude oil by more than 50% since last June, pointing to restore the record price rise this month after the rise of geopolitical concerns, especially after the appointment of President Donald Trump John Bolton as national security adviser, which raised speculation about the renewal of sanctions against Iran , OPEC’s third largest producer.
The report said the rapid rise in US crude production – which has exceeded 10 million bpd since early February – has added to pressure on prices, which remained below a three-year high of $ 66.66 a barrel in January.
“The group of producers involved in the production cut-off agreement, whether in OPEC or outside of OPEC, is looking for long-term cooperation with other producers,” said Mohamed Barkindo, OPEC secretary-general in Baghdad.
Oil prices rose at the end of last week as global stock markets rose, while traders are evaluating an increase in US crude stocks and production in return for continued supply constraints.