November 7, 2005 10:45 AM, EST

International Energy Agency Sees Higher World Oil Demand

Group Cites Need for More Investment in Production

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lobal energy needs will surge 50% by 2030 and prices will rise if capacity is not significantly increased, according to a report issued Monday by the International Energy Agency, the Associated Press reported.

here are sufficient oil and natural gas reserves to meet those needs, particularly in North Africa and the Middle East, but about $20.3 trillion in new investments is urgently needed to bring those supplies to market, IEA said.

ew energy sources will increasingly be needed to meet demand in growing economies like China and India, the group said, according to AP.

Energy-related carbon dioxide emissions will also climb, by 52% in the same period, the Paris-based IEA predicted.

The IEA, established during the oil crisis of 1973-1974, is an energy policy adviser for its 26 member countries, including the United States, Canada, Australia, and 19 European nations.

It coordinates measures in times of oil supply emergencies and makes policy recommendations on broader energy issues such as climate change, market reform and energy technology, AP said.