(Oil Price) – This week, the International Energy Agency said that the COP28 targets for expanding wind and solar capacity were “within reach”. Yet there was a “but”. That had to do with the fast expansion and upgrade of grids and the equally fast buildout of energy storage capacity. That “but” can doom the whole transition—if it’s not already doomed.
Oil and Gas 360 IEA’s OUTLOOK: America To Remain Number One The International Energy Administration’s (IEA) July Oil Market Report projects U.S. producers to extend their lead in global oil and gas production through next year. If their projection holds, 2025 would mark the seventh consecutive year of American dominance despite a sluggish year-over-year demand of 710 thousand barrels of
Oil Price Economic growth, higher demand for cooling amid heat waves, the rapid rise of data centers, and continued electrification are set to push the growth in global electricity demand to one of the highest paces in the past 20 years in 2024 and 2025, the International Energy Agency (IEA) said on Friday. Electricity demand is set for growth of about 4%
U.S. News LONDON – Brent crude oil has been trading in a tight range of $75-$90 a barrel since late 2022 as OPEC+ cuts keep a floor under prices while sizeable spare capacity, demand uncertainty and sanctions policy prevent the market breaking higher. After a series of gradual production increases that started in early 2021 which unwound historic cuts agreed
BOE Report Global oil demand growth will slow to just under a million barrels per day (bpd) this year and next, the International Energy Agency (IEA) said, as Chinese consumption contracted in the second quarter due to economic problems. Global demand in the second quarter rose by 710,000 bpd year on year in its lowest quarterly increase in over a
Oil Price The International Energy Agency (IEA) recently released its Oil 2024 report, which examines the global dynamics for oil supply security, refining, trade, and investment. The report received considerable media attention because of the projection that by 2030 oil production will reach “a staggering 8 million barrels per day above projected global demand.” The report cites the proliferation of electric vehicles,
Oil Price OPEC+ once again extended its oil production cuts this month. The decision was anything but unexpected and, unlike previous production policy announcements, it had the desired effect on prices. However, it could only work for so long. Soon, OPEC will need to make a decision. Last year, oil traders were almost exclusively focused on demand and threats thereof,
Oil Price Despite record investments in renewables, the current funding for clean energy deployment is insufficient for the world to reach the 1.5 degrees Celsius pathway under the Paris Agreement, renewable energy think tank REN21 said in an annual report. Despite record renewables investments, which hit as much as $622.5 billion in 2023, the world is still far from what is
Oil Price Congress leaders from the Republican Party have sent a letter to Fatih Birol, the executive director of the International Energy Agency, expressing concern that the IEA has strayed from its core mission of promoting energy security. Senate Energy and Natural Resources Committee ranking member John Barrasso (Wyo) and House Energy and Commerce Committee Chair Cathy McMorris Rodgers (Wash) wrote in
Oil Price The oil market is shifting from a surplus to a supply deficit that will last for all of 2024 if OPEC+ further extends its production cuts until the end of the year, the International Energy Agency (IEA) said on Thursday. Early this month, the members of the OPEC+ alliance that had pledged the Q1 cuts announced they would roll
Yahoo Finance NEW YORK – Oil prices rebounded from earlier losses on Thursday on the back of a weak dollar, but an International Energy Agency (IEA) report flagging slowing demand growth this year and a larger-than-expected jump in U.S. crude inventories capped gains. Brent crude futures were up $1.16, or 1.4%, at $82.76 a barrel by 11:31 a.m. EST. U.S.
Oil Price Global observed oil inventories fell in October, with the first drop in oil product stocks for the first time in four months, the International Energy Agency (IEA) said on Thursday. Global observed oil inventories dropped by 19.6 million barrels in October, with crude inventories largely unchanged, but with the first decline in refined petroleum stocks in four months. The
