Natural Resources Canada

Natural Resources Canada

November 12, 2013 09:00 ET

International Energy Agency World Energy Outlook Underscores Opportunities for Canada

OTTAWA, ONTARIO--(Marketwired - Nov. 12, 2013) - The Honourable Joe Oliver, Canada's Minister of Natural Resources, today welcomed the International Energy Agency's (IEA) World Energy Outlook 2013. The IEA is the leading authority on global energy supply and demand trends. Its 2013 report emphasizes that global demand for oil will continue to grow and examines the changing global energy landscape, highlighting that energy demand is shifting decisively to the emerging economies of China, India and the Middle East.

"Over the next two decades, continued growth in the global demand for oil will be met by increased production of unconventional oil," said Minister Oliver. "With the world's third-largest proven oil reserves, Canada is well-positioned to meet this growing demand by supplying new and expanding markets such as China and India."

The IEA's World Energy Outlook 2013 finds that global demand for oil will rise to 101 million barrels per day by 2035, while production of conventional oil will decline. The production of unconventional oil and natural gas liquids will increase to meet the growing gap between demand and conventional production. This presents an opportunity for Canada to fill the gap by increasing exports of its natural resources. Canada is the world's fifth-largest producer of oil and has the third-largest proven reserves - 172 billion barrels, of which 168 billion are from the oil sands.

The report also builds on its findings from last year, noting China will become the world's largest oil consumer around 2030. India will become "the largest single source of global oil demand growth after 2020." As a result, it is clear that Canada must diversify its energy markets in the Asia-Pacific region. Increases in natural gas consumption in Asia will also represent an opportunity for Canadian liquefied natural gas resources to be exported once the infrastructure is in place.

The 2013 report also reiterates the importance of a package of four pragmatic measures to combat climate change: adopting specific energy efficiency measures; limiting the construction and use of the least-efficient coal-fired power plants; minimizing methane emissions from upstream oil and gas production; and accelerating the partial phase-out of subsidies to fossil fuel consumption. These measures were identified in the International Energy Agency's (IEA) World Energy Outlook report on energy and climate change released earlier this year and are consistent with Canada's climate change strategy.

"Canada has taken significant action in addressing climate change and has demonstrated global leadership in advancing energy efficiency and phasing out traditional coal-fired electricity." added Minister Oliver. "We have invested substantially in innovation and energy efficiency initiatives - including technological breakthroughs in reducing greenhouse gas emissions in the production of non-conventional sources of energy, minimum standards for over 40 products, regulations to improve fuel efficiency for passenger automobiles, light trucks and heavy-duty vehicles and engines and more stringent energy codes for buildings."

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