IEA – Oil & Gas 360

IEA: Fracking could play a crucial role in advancing geothermal energy

December 13, 2024

(Oil Price) – Fracking techniques perfected in the U.S. shale patch could help drill for deeper and hotter geothermal energy resources and slash geothermal costs to make this low-carbon energy source competitive to other clean energy solutions, the International Energy Agency (IEA) said on Friday. Recent advances in horizontal drilling and hydraulic fracturing, “honed through oil and gas developments in North America,” are

Oil little changed as IEA surplus forecast offsets rate cut optimism

December 12, 2024

(Investing) – LONDON -Oil prices were little changed on Thursday as a forecast for ample supply in the oil market offset optimism stemming from rising expectations of a U.S. interest rate cut. Brent crude futures were down 23 cents, or 0.3%, at $73.29 a barrel by 1421 GMT. U.S. West Texas Intermediate crude futures were down 27 cents, or 0.4%, at $70.02.

OPEC makes fifth and biggest cut to 2024 oil demand growth forecast

December 11, 2024

(Investing) – LONDON – OPEC cut its 2024 global oil demand growth forecast for a fifth straight month on Wednesday and by the largest amount yet, a series of downgrades that highlights China’s sputtering role as the world’s demand growth engine. The weaker outlook underlines the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such

COP 29 sends Santa its list

November 26, 2024

(Oil & Gas 360) – With slightly less than a month left before his annual global night of magic, Santa received a lengthy Christmas list after this year’s COP 29 climate action conference in Azerbaijan. The group and the International Energy Agency (IEA) have cited five key areas. They look to triple renewable energy capacity while doubling energy efficiency. Another major

Sun setting soon on fossil fuels- International Energy Administration

October 30, 2024

(Oil & Gas 360) – The ever-changing global energy markets were given a comprehensive assessment by the International Energy Agency in its World Energy Outlook 2024 released earlier this October. The agency’s Energy Transition assessment highlights capacity additions of renewals of over 560 gigawatts added in 2023. Capacity refers to a source running at full efficiency; actual electron delivery from

Energy major Repsol halts green hydrogen projects in Spain

October 21, 2024

(Oil Price) – Spanish energy giant Repsol has decided to pause green hydrogen development projects in its home country, citing an unfavorable regulatory regime with the idea of a permanent windfall tax on energy companies, a spokesperson for Repsol told Reuters on Monday. The Spanish firm has a pipeline of 350 megawatts (MW) of electrolysis capacity for green hydrogen projects across Spain, but

This is about as bearish as oil has been since the 2008 financial crisis

October 17, 2024

(Oil Price) – Oil prices are little changed in Wednesday’s intraday sessions after they tumbled more than 4% on Tuesday to a near two-week low on easing Iranian supply disruption fears. According to a report by the Washington Post, Israeli Prime Minister Netanyahu told the Biden administration that Israel is willing to strike Iran’s military infrastructure rather than oil or nuclear facilities,

Gas overhang awaits winter, oil storage solid

October 16, 2024

(Oil & Gas 360) – The seemingly unending downward pressure on domestic natural gas prices isn’t getting much relief, given October storage numbers, according to the Energy Information Administration (EIA). October is routinely known as the start of injection season for increasing natural gas inventories ahead of winter. The agency shows current storage to be over 175 billion cubic feet (BCF)

IEA projects big renewables growth through 2030

October 11, 2024

(Oil & Gas 360) – The International Energy Administration (IEA) is forecasting 70% growth in global renewable capacity additions by the end of the decade. The projected momentum follows a record year for capacity growth in 2023. Solar and wind are expected to generate 95% of that capacity growth due to their growing economic attractiveness, according to the agency. The report

All the world’s a stat- The $3 trillion transition

October 9, 2024

(Oil & Gas 360) – The International Energy Administration (IEA) released its Government Energy Spending Tracker late last month detailing the nearly $3 trillion in global investment in decarbonization efforts. The United States accounts for roughly one-sixth of that number with nearly $ 600 billion allocated across six categories (outlined below). The figure equates to an approximate federal spend on

IEA: The world is not on track to triple renewable capacity by 2030

October 9, 2024

(Oil Price) – Despite the surge in renewable energy additions, the world is not yet on track to reach the goal of tripling renewables capacity by 2030, according to the Renewables 2024 report published by the International Energy Agency (IEA) on Wednesday. Global renewable capacity is expected to grow by 2.7 times by 2030, surpassing countries’ current ambitions by nearly 25%. But it

OPEC+ remains committed to reviving production despite possible surplus

October 2, 2024

(World Oil) – OPEC+ made no changes to plans to start gradually reviving oil production towards the end of the year, despite signs of an impending surplus. A statement from 23-nation the group after an online monitoring meeting on Wednesday didn’t announce any alterations. Led by Saudi Arabia and Russia, OPEC+ plans a series of monthly increases beginning with a 180,000

Premium Content