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The global energy system is set to be strained by conflicting forces of having to increase oil production to rising demands and simultaneously curbing carbon emissions, it has been suggested.
The International Herald Tribune reports that trends in energy supply and consumption are "unsustainable - environmentally, economically and socially ", according to the summary of the International Energy Agency's (IEA) World Energy Outlook report released yesterday.
Global oil consumption now stands at 86 million barrels a day, but the IEA forecasts that by 2030 demand will reach 106 million barrels a day.
This "supply crunch" of rising demand and limited production may not bode well with regular home heating oil customers as prices will most certainly rise in the future, the IEA revealed.
By 2015 the price of a barrel is likely to be around $100 (£63) and $200 by 2030.
However, increased oil consumption means carbon emissions could double by the end of the century seeing temperatures rise globally by six degrees C.
Meanwhile, the cost of Brent crude on the market today is at $58.38 and US crude $61.80 per barrel.
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