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 (IEA) said today.
This could result in higher oil prices in the next fives years, the IEA’s chief economist Fatih Birol said at a briefing.
The IEA estimates the world needs to spend £24.1trillion to meet projected energy demand up to 2035, up 15% from their 2010 forecast of £20.9trillion
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