At the launch of the IEA’s World Energy Outlook 2011 the prospect of a near-term rise in oil prices to $150/barrel was highlighted. This would exceed the previous high of $147 a barrel at the latter part of 2008. Continued increased demand for energy coupled with increasing production costs will inevitably lead to higher prices.

This trend will inevitably lead to continuing increases in energy costs for Irish businesses and consumers and underlines the increasing importance of energy efficiency and energy management. As stated by the IEA executive director, Maria van der Hoeven, ‘we cannot continue to rely on insecure and environmentally unsustainable uses of energy’.

IEA Press Launch