Global Affairs

Political power calculations upended as energy prices spike

The recent surge in demand for fossil fuels has wider implications than a matter of supply and demand for Russia, China, the US and Saudi Arabia

According to the IEA, global energy-related CO2 emissions will record their second-largest annual increase ever this year, with higher demand for coal projected to rise by 4.5 per cent. PHOTO: BLOOMBERG

It is regarded as the Bible of its profession: The World Energy Outlook published every year by the International Energy Agency (IEA) is read avidly by the bosses of energy companies around the world and by heads of state.

This year's edition, published on the eve of the World Climate Conference in Glasgow, is being read even more closely, because its statistics on production and consumption scenarios for the energy sector affect decision-makers worldwide and provide pointers on how the world is tackling climate change.

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