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3 billion tones of oil49 oil accounted for 343 of the

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Unformatted text preview: today want to implement the Kyoto objective (emissions lowered 8%) by 2012. The security of energy supply, rising energy prices, reliance on fossil fuels, increased import dependence, and the reliability of energy suppliers are all high priorities for the EU today. The globally competitive role of the EU is dependent upon energy prices; therefore the EU’s explicit objective is low gas prices. Gas production in the US and Canada is in decline and gas prices are much higher within the EU. There is tough competition to be a global industrial leader in the new international order. World primary energy consumption increased by 2,7% in 2005 and according to IEA data it is expected to increase by 52% between 20052030, reaching 16.3 billion tones of oil.49 Oil accounted for 34,3% of the world’s total primary energy supply in 2004. Between 2004 and 2030, world oil consumption is expected to increase by 40% to 115.4 million bpd from 82.1. The Middle East owns the major part of proved world oil reserves – 61.9...
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