Energy supply investment of $48 trillion needed by 2035, says IEA | The National:
"The world needs to spend US$48 trillion on energy supply investment by 2035, the International Energy Agency said today.
The prediction in the World Energy Investment outlook report highlights the crucial importance of Middle East oil production over the next decade.
A potential shortfall in investment in production in the Middle East could create a $15 spike in the oil price by 2035, it warns.
The emergence of tight oil in North America and new deepwater conventional supplies from Brazil have “put oil developments in the Middle East somewhat in the shade in recent years”."
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