The industry appears on track to achieve positive free cash flow for the first time ever this year, turning into a more mature and financially solid industry while production is growing at its fastest pace ever. Fatih Birol More Quotes by Fatih Birol More Quotes From Fatih Birol We are on the brink of a new energy order. Over the next few decades, our reserves of oil will start to run out and it is imperative that governments in both producing and consuming nations prepare now for that time. We should not cling to crude down to the last drop – we should leave oil before it leaves us. That means new approaches must be found soon..... The really important thing is that even though we are not yet running out of oil, we are running out of time. Fatih Birol running order mean Energy is significantly underpriced in many parts of the world, leading to wasteful consumption, price volatility and fuel smuggling. It's also undermining the competitiveness of renewables. Fatih Birol climate energy business There are many disturbing news. We believe that the production of conventional petroleum reached peak oil already in 2006. The oil fields in the North Sea and the US are collapsing ... time is running out. Fatih Birol sea running believe We are on track for a 3.5 deg C rise by 2040 (i.e. 4.2 deg C relative to pre-industrial)... When I look at this data, the trend is perfectly in line with a temperature increase of 6 degrees Celsius, which would have devastating consequences for the planet. We have 5 years to change the energy system, or have it changed Fatih Birol data track years We need a universally accepted definition of reserves reporting. Fatih Birol accepted definitions needs Just 8% of the $409bn spent on fossil-fuel subsidies in 2010 went to the poorest 20% of the population. Fatih Birol subsidies population fuel Energy markets can be thought of as suffering from appendicitis due to fossil fuel subsidies. They need to be removed for a healthy energy economy. Fatih Birol healthy business suffering If production does not increase in Iraq in an exponential way between now and 2015, we have a very big problem, even if Saudi Arabia meets its obligations. The figures are very simple, you do not need to be an expert. It is enough to know how to do a subtraction. China will grow very quickly, India also, and even Saudi Arabia projections of the 3 Mb/day will not be enough to meet the rise of Chinese demand. Fatih Birol chinese iraq simple To achieve this, it has to take advantage of the huge potential that solar, wind, hydropower, natural gas and energy efficiency offer. Fatih Birol environment Renewables are already the world's second largest source of electricity, but their deployment still needs to accelerate if we are to achieve long-term climate, air quality and energy access goals, as costs continue to fall, we have a growing incentive to ramp up the deployment of solar PV. Fatih Birol environment China is experiencing its slowest economic growth in the last three decades, so are some of the advanced economies ... if the global economy performs even poorer than we assume, then we may even look at our numbers once again in the next months to come. Fatih Birol business We are keeping a close eye on what is happening there. And if something happens we are ready to act quickly and decisively. Fatih Birol business In the very short-term, the effect of those options are not very huge. We should think of options and work on them. They will not bring a major change in the current markets but will be helpful in the medium and longer term. Fatih Birol business Substantial amount of oil is coming from the United States, about 1.8 million barrels per day, plus oil from Iraq, Brazil and Libya. Fatih Birol business This is a major concern for global energy security, for global oil security and for global energy markets, we are monitoring events very closely. Fatih Birol top-news We have seen an extraordinary increase in global energy demand in 2018, growing at its fastest pace this decade, last year can also be considered another golden year for gas ... but despite major growth in renewables, global emissions are still rising, demonstrating once again that more urgent action is needed on all fronts. Fatih Birol environment Such a decline in global investment for renewables and energy efficiency combined is worrying, this could threaten the expansion of clean energy needed to meet energy security, climate and clean air goals. While we would need this investment to go up rapidly, it is disappointing to find that it might be falling this year. Fatih Birol environment It was misleading to believe that there would be a huge amount of new Iranian crude and natural gas production entering market in the short term, it would take some time in terms of developing new oil fields, finding transmission routes and having the necessary market conditions. Fatih Birol energy The most important thing for Nepal is to bring electricity to its people, in my view, the best action for Nepal right now would be to take the cheapest option – renewable energy. Fatih Birol environment Our expectation is to see prices gradually rising to $80 around 2020, we estimate this year investments in oil will decline more than 20 percent. But, perhaps even more importantly, this decline will continue next year as well. Fatih Birol business
