Nasdaq LONDON – Looming European Union bans on seaborne exports of Russian crude oil and products along with a G7 price cap on those sales will create unprecedented uncertainty for oil markets already beset by high prices and deep economic challenges, the International Energy Agency said on Tuesday. “The approaching EU embargoes on Russian crude and oil product
Investing SHARM EL-SHEIKH, Egypt -The head of the International Energy Agency (IEA) said on Wednesday oil prices “flirting with $100” were a real risk for the global economy, adding he was surprised by the OPEC+ decision to cut output at its Oct. 5 meeting. IEA Executive Director Fatih Birol said in the past oil producing nations had taken decisions that
Yahoo SINGAPORE -Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis”, the head of the International Energy Agency (IEA) said on Tuesday. Rising imports of LNG to Europe amid the Ukraine crisis and a potential rebound in Chinese appetite for
World Oil Major economies sharply increased support for the production and consumption of coal, oil and natural gas, with many countries struggling to balance longstanding pledges to phase out inefficient fossil fuel subsidies with efforts to protect households from surging energy prices, according to analysis released today by the Organisation for Economic Co-operation and Development and the International Energy Agency.
US News LONDON – OPEC on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia’s invasion of Ukraine, high inflation and efforts to contain the coronavirus pandemic. The view from the Organization of the Petroleum Exporting Countries contrasts with that of the International Energy Agency,
CNBC Oil prices rose by over 1% on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring gas prices drive some consumers to switch to oil. Brent crude futures gained 2.7% to trade at $100.03 a barrel, while U.S. West Texas Intermediate crude futures advanced 3.2% to $94.87. “Natural gas and electricity prices
World Oil (Bloomberg) — OPEC+ is unlikely to increase output in the coming months because of limited spare capacity, according to the International Energy Agency. Furthermore, the “largely symbolic” 100,000 barrel-a-day hike promised for September may actually turn into a cut as Russian production declines, the IEA said. “Comparatively low levels of operational spare production capacity, held mainly by
World Oil (Bloomberg) — Oil prices pose a high risk to the global economic recovery, with signs that fuel costs are starting to “take their toll” on demand growth, the International Energy Agency said. The Paris-based adviser trimmed forecasts for oil consumption this year and next amid growing fears of a recession, warning that prices threaten stability in emerging
BOE Report World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook. The Paris-based IEA also said in its monthly report supply was being constrained because of sanctions on Russia
World Oil Bloomberg) — Russia’s oil revenues are up 50% this year even as trade restrictions following the invasion of Ukraine spurred many refiners to shun its supplies, the International Energy Agency said. Moscow earned roughly $20 billion each month in 2022 from combined sales of crude and products amounting to about 8 million barrels a day, the Paris-based IEA
CNBC Oil prices jumped even higher on Monday after Russia-Ukraine talks appeared to yield no sign of progress, and markets continued to fret over tight supply — sparking a call by the International Energy Agency to reduce oil demand. Crude futures were up more than 3% on Monday morning during Asia trading — international benchmark Brent crude was at $111.46,
Reuters Ministers from International Energy Agency (IEA) member states are weighing the release of 60 million barrels from oil reserves, two sources familiar with the talks said on Tuesday, to cool oil prices soaring from Russia’s invasion of Ukraine. U.S. Energy Secretary Jennifer Granholm is chairing the extraordinary ministerial meeting of the Paris-based IEA, which represents mostly industrialised nations and has coordinated
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