Amid warnings that failure to reduce oil consumption could mean another major bout of world recession, the main oil consuming countries have launched projects aimed at getting more energy from such sources as coal and the sun.
Amid warnings that failure to reduce oil consumption could mean another major bout of world recession, the main oil consuming countries have launched projects aimed at getting more energy from such sources as coal and the sun. Ministers attending the closing session on Tuesday (22 May) of the International Energy Agency (IEA) conference also gave the go-ahead for research projects in energy conservation and on how to use oil more efficiently. A communique issued after the two-day session said the twenty member-governments maintained the IEA's decision of last March to reduce their demand on the world market by two million barrels a day, or about five percent of the IEA consumption, by the end of the year.
SYNOPSIS: The IEA set up to deal with the energy crisis created by the oil price explosion in 1974. Its chairman, British Energy Secretary David Howell, said the situation on the oil market had not got out of control. It is thought however that the Iranian Revolution could produce major economic constraints for industrialised and developing countries in the next few years and supplies could be tight for the foreseeable future.
American Energy Secretary James Schlesinger warned the IEA meeting that the growth of OPEC (Organisation of Petroleum Exporting Countries) oil production was expected to stagnate after 1985, and the challenge facing industrialised countries was to make better use of what energy supply they have.
The delegates resolved to effect savings of oil, and to develop alternative energy sources to counter the threat of a renewed crisis.