IEA – Page 5 – Oil & Gas 360

Support for fossil fuels almost doubled in 2021, analysis from OECD and IEA shows

August 29, 2022

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.

OPEC, in contrast to IEA, sees lower 2022 oil demand growth

August 11, 2022

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,

Oil rises as IEA hikes 2022 demand growth forecast

August 11, 2022

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

IEA sees OPEC+ as unlikely to supply more oil in coming months

August 11, 2022

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

High oil prices pose high risk to economic recovery, IEA says

July 13, 2022

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

Global oil demand set to rise 2% to new high in 2023, says IEA

June 15, 2022

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

Russia oil revenue up 50% this year despite boycott, IEA says

May 13, 2022

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

Oil prices jump again on Russia-Ukraine fears, as IEA calls for cut in energy usage

March 21, 2022

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,

IEA weighing potential oil stocks release after Russia invasion

March 1, 2022

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

IEA believes Canada’s status as an oil power threatened by net-zero goals

January 14, 2022

World Oil CALGARY (Bloomberg) –Canada will face challenges in retaining its status as a global oil and gas power in a world transitioning toward net zero carbon emissions by mid-century, the International Energy Agency said. The country seeks to remain “a major global oil and gas supplier” beyond 2050 even as countries, including Canada itself, push toward emission cuts,

IEA urges Canada to use clean power resources to help cut emissions

January 13, 2022

Reuters CALGARY, Alberta – Canada, the world’s fourth-largest oil producer, needs to give clear policy signals and leverage its abundant clean electricity resources to sharply cut carbon emissions, the International Energy Agency (IEA) said on Thursday in a review of the country’s energy policies. More than 80% of Canada’s electricity supply comes from non-emitting sources, mainly thanks to its huge

Coal-fired power generation on track to hit all-time high this year, IEA says

December 20, 2021

CNBC Coal-fired power generation is due to hit an all-time high this year, according to a report from the International Energy Agency, with the organization’s executive director calling for urgent action to mitigate emissions from the sector. The IEA’s report, Coal 2021, noted the planet’s coal power generation was on a trajectory that would see it rise by 9% in

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