Shell’s CEO sees inevitable energy price rise

In late 2008, the International Energy Agency, which represents energy consuming countries, said the world would need four new Saudi Arabias if it were to cope with rising consumption and Voser took up the theme.

“To cover demand, by 2020 the world must develop oil sources that are equal to four times the capcity of Saudi Arabia. That’s production of 40 million barrels a day, half of what we have now. For this we need to invest gigantic sums,” he said.

But Voser also acknowledged the huge environmental challenge of escalating use of fossil fuels. In response, he reiterated comment Shell was expanding its production of gas as the cleanest burning fossil fuel as well as developing biofuels.

Reuters