IEA’s Birol: More than ever, big oil exporters must diversify economies

The International Energy Agency (IEA) Executive Director Fatih Birol was on the wires earlier today, via Reuters, with the key quotes found below.

“More than at any other point in recent history, I believe there needs to be the fundamental change in the development models of those countries.” 

“At an oil price of $80 a barrel, oil and gas revenues for these countries were on average around $1,800 per capita per year. But that with shale coming into the picture and demand developments such as new technology and efficiencies, that could fall to $1,250 by 2030, a 30 percent drop.ª

“When we look at these countries, on average they get more than 70 percent of their government revenues from oil and gas.”

“Those are under pressure from prices, they are under pressure from the amount of oil they export and under pressure from population growth ... We think it is very different from the past.”