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
Oil Price The current oil market deficit will turn into a slight surplus next year even if OPEC+ leaders Saudi Arabia and Russia extend their production and export cuts into 2024, Toril Bosoni, the Head of Oil Industry and Markets Division at the International Energy Agency (IEA), told Reuters on Tuesday. Global oil stocks are currently falling “at a fast rate”, Bosoni
Oil Price Latin America is poised to play an increasingly important role in the global transition to cleaner energy sources, the International Energy Agency (IEA) said on Wednesday in its first-ever energy outlook on the region. Latin America and the Caribbean region already lead in the energy transition, with hydropower, solar, wind, and biofuels having a large share in the energy mix
BOE Report The International Energy Agency, a Paris-based intergovernmental organization that regularly publishes energy research and outlooks, was in the news again the other week. “No new oil, coal projects needed as fossil fuel demand to peak this decade” blared the headlines from here, there and everywhere. The report concluded that demand for natural gas would also peak this decade.
Oil Price Oil prices are set for a surge in volatility amid an expected “significant supply shortfall” on the market in the fourth quarter of 2023, due to the Saudi-led cuts to OPEC+ oil supply, the International Energy Agency (IEA) said on Wednesday. So far this year, higher crude oil production from countries outside the OPEC+ alliance has managed to
Nasdaq LONDON – Oil demand is set to hit a record high this year and the market is tightening but economic headwinds and interest rate hikes have deflated growth expectations slightly, the International Energy Agency (IEA) said on Thursday. Still, the Paris-based energy watchdog sees demand growth next year rising by more than anticipated despite the rise being less than
Oil Price The Paris-based International Energy Agency (IEA) has predicted that global oil demand will peak before the end of the current decade as the transition to renewable energy gathers momentum. According to the IEA, global oil demand will rise by another 6% from 2022-28 to hit 105.7 million barrels per day. The agency expects demand growth for oil to
