World squeezing more from energy despite oil supply glut, says IEA

London

THE world is squeezing more from the energy it uses even though markets are awash in cheap oil and natural gas, a report from the International Energy Agency showed.

Energy intensity, which measures the amount of fuel consumed per unit of gross domestic product, fell 1.8 per cent last year, triple the average rate over the past decade and more than the 1.5 per cent reduction in 2014, the Paris-based IEA said on Monday. Investment in efficiency measures totalled US$221 billion last year, about 66 per cent more than was spent on building conventional power generation.