CNBC Oil prices surged on Tuesday as optimism around ongoing production cuts and a recovery in demand with the reopening of economies around the world pushed prices higher. West Texas Intermediate, the U.S. benchmark, jumped 18.2%, or $3.72, to trade at $24.11 per barrel. The contract gained 3.08% on Monday — closing above $20 for the first time since mid-April
CNBC A vast renewable energy scheme has been recommended for environmental approval by Western Australia’s Environmental Protection Authority (EPA). The Asian Renewable Energy Hub is a planned development in the East Pilbara area of Western Australia. Set to cover 6,500 square kilometers of land, it’s envisaged that the project will produce as much as 15 gigawatts (GW) of wind and
CNBC The International Energy Agency said Thursday it expects global energy demand to plunge this year in what the Paris-based agency called the biggest drop since World War II. With roughly 4.2 billion people around the world subject to some form of lockdown in an effort to slow the spread of the coronavirus, the IEA is forecasting a 6% decline
Reuters LONDON – OPEC on Thursday again cut its forecast for 2020 global oil demand due to the “historic shock” delivered by the coronavirus outbreak, and said the reduction may not be the last. The Organization of the Petroleum Exporting Countries now expects global demand to contract by 6.9 million barrels per day, or 6.9%, in 2020, it said in
CNBC The International Energy Agency (IEA) said Wednesday that it expects the coronavirus crisis to erase almost a decade of oil demand growth in 2020, with countries around the world effectively having to shut down in response to the pandemic. A public health crisis has prompted governments to impose draconian measures on the lives of billions of people. It has
Reuters LONDON – Oil fell by more than 4% towards $28 a barrel on Wednesday, pressured by reports of persistent oversupply and collapsing demand due to global coronavirus-related lockdowns and a lack of coordinated oil purchases for strategic storage. The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to
Reuters LONDON – Deep output cuts by OPEC and other oil producing nations will not prevent a huge build up of crude, the head of the IEA said on Friday, urging the world’s richest economies to discuss broader ways to stabilise oil markets. Fatih Birol, executive director of the International Energy Agency, told Reuters that measures to contain the spread
Reuters LONDON – Global oil demand is set to contract in 2020 for the first time in more than a decade as global economic activity stalls due to the coronavirus, the International Energy Agency said on Monday. The downward revision came as oil prices dropped as much as third in their biggest one-day fall since the 1991 Gulf War after
Houston Chronicle The International Energy Agency plans to revise down its oil-demand forecasts next week because of the spreading coronavirus. “I am going to announce it Monday morning in Paris,” IEA chief Fatih Birol told a Congressional hearing in Washington on Thursday. “The impacts are already severe mainly because the transport sector is heavily affected.” Last month, the Paris-based adviser
Houston Chronicle Oil gained for a fourth session, the longest rising streak this year, amid signs that the worst impacts of the coronavirus outbreak may be easing. Chinese refiners have used oil’s earlier drop to snap up cheap cargoes, taking many traders by surprise. That follows the World Health Organization’s view that the sharp increase in the number of virus
CNBC Global oil demand is now expected to see its first quarterly contraction in over a decade, according to the International Energy Agency (IEA), as the new coronavirus and widespread shutdown of China’s economy hits demand for crude. Demand is now expected to fall by 435,000 barrels a day (b/d) in the first quarter of 2020, down from the same period a
CNBC Global oil demand will peak around 2040 – or “much sooner” – the International Monetary Fund (IMF) said in a new report on the future of oil. The IMF said that this could have a “significant” impact on oil-exporting countries, predominantly those in the Middle East whose existing financial wealth could be depleted in the next 15 years if
