The world cannot afford to follow the International Energy Agency’s call for no new oil, gas or coal projects at a time when greater importance is being placed on energy security, according to KPMG’s global head of energy Regina Mayor.

Speaking on a visit to Australia, Houston-based Ms Mayor predicted that oil prices would spend much of the next 18 months above $US100 per barrel as demand bounced back and challenged the industry’s ability to supply a world determined to wean itself off Russian commodities.