World moves to catastrophic energy crisisAugust 3, 2009 - 20:50 AMT PanARMENIAN.Net - The world is moving to a catastrophic energy crisis, which could nullify the global economic recovery. In fact, most of the major oil fields the world passed their peak production, Fatih Birol, the leading economist in the field of energy warns. High oil prices caused by the rapid increase in demand and the stagnation or even decline in supply, could impede economic recovery, the doctor Fatih Birol said. Fatih Birol is the chief economist of the International Energy Agency (IEA) in Paris, tasked to evaluate future energy supply of countries of Organization for Economic Cooperation and Development (OECD). In an interview with the British Independent Dr. Birol said, that the public and many governments seem to forget that the oil on which the modern civilization depends, goes much faster than before. He predicts the global production of oil is likely to reaches its peak after some 10 years. This is ten years earlier than the majority of countries forcast. According to Dr. Birol, the market power of the few oil-producing countries, having significant oil reserves - mostly in the Middle East - will grow rapidly after 2010 when the first symptoms of the oil crisis will emerge. IEA estimate, the decline in oil production at oil fields currently reaches 6.7 per cent per year, compared with a 3.7 per cent decline for 2007. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | About 173 million drams and more than 30 beneficiary funds. "The Power of One Dram" is 4 years old In June 2020, the exclusive joint corporate social responsibility initiative of Idram and IDBank "The Power of One Dram" was launched. Aliyev travels to Turkey at Erdogan's invitation On June 10, Azerbaijani President of Azerbaijan Ilham Aliyev will leave for Turkey on a working visit. CSTO budget “to be adjusted due to Yerevan’s non-payment of contributions” The CSTO budget for the current year requires adjustments due to the refusal of Yerevan to pay their share of contributions. Russia sends note of protest to Armenia over envoy’s trip to Ukraine’s Bucha Russia has sent a note of protest to Armenia over the visit of Vladimir Karapetyan and Tigran Ter-Margaryan to Bucha. |