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IEA sees unbalanced energy market

Nov. 12, 2013 at 8:11 AM

PARIS, Nov. 12 (UPI) -- Emerging trends in the way in which energy is produced and consumed creates a U.S. advantage but problems elsewhere, the IEA said in a report Tuesday.

The International Energy Agency published its World Energy Outlook report for 2013. It said Asian and European consumers are paying nearly twice as much for their sources of energy than their U.S. counterparts.

"Lower energy prices in the United States mean that it is well-placed to reap an economic advantage, while higher costs for energy-intensive industries in Europe and Japan are set to be a heavy burden," IEA Chief Economist Fatih Birol said in a statement from Paris.

In terms of supplies, the IEA said it expects the Organization of Petroleum Exporting Countries will lose influence in the next decade because of rising output from North America and Brazil.

Nevertheless, the Middle East, which the IEA said was the "only" major source of cheap oil, resumes its position as a world leader for oil by the mid 2020's, the report said.

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