IEA's Tanaka: World will continue to depend on OPEC

The global economy’s reliance on oil supplies from the Organization of Petroleum Exporting Countries, especially its Middle Eastern producers, will continue to rise over the medium to long term, according to the head of Paris-based International Energy Agency.

“It’s inevitable,” said IEA Executive Director Nobuo Tanaka, who also warned of an “unsustainable” future both economically and environmentally if more investment is not made in alternative energy resources. Tanaka’s remarks came in an interview with Market News International (MNI), a publication of the Deutsche Borse Group.

Asked about the risks from the exhaustion of non-OPEC fields, Tanaka told MNI it is “inevitable” that oil supply from non-OPEC countries will decline and that even the added injection of supplies from Canada’s oil sands exploration will not be enough. “The dependency on the Middle East countries, especially OPEC countries, will increase from the medium to long term,” he said. http://www.pennenergy.com/index/petroleum/display/3645472659/articles/pennenergy/petroleum/exploration/2010/07/iea_s-tanaka__world.html