IEA: Arab Spring destroys investment in oil and gas projects

According to a Reuters report on October 18 in Paris, the International Energy Agency (IEA), headquartered in Paris, France, said today that while some countries in the Middle East have shifted their focus to meet the increasing domestic energy demand, "Spring" destroyed the investment in oil and gas projects in this area.

Fatih Birol, chief economist of the International Energy Agency, said at a two-day International Energy Agency ministerial meeting in Paris today that the reduction in investment in oil and gas projects may push up oil prices in the next five years.

The International Energy Agency estimates that in order to meet global energy demand by 2035, global energy projects will require 38 trillion US dollars of investment by 2035, which is 15% higher than the 33 billion US dollars projected by the International Energy Agency in 2010.