The demand and supply gap for energy is increasing. As per IEA estimates, global energy consumption has doubled since 1971. Energy use grew by 2.4 %/annum in low-income economies, 2.0 % in middle-income economies, and 1.6 % in high-income economies over 1990–2006. Even though oil reserves look huge, they constitute a limited supply of fuel.

IEA estimates an oil crunch by mid 2010’s and that’s not too far away. Fossil fuels will remain the main source of fuel through 2030s.Countries of the Middle East have more than 50% of the known oil reserves. The production from existing oil fields has been declining at a much faster rate than anticipated.

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