Reuters LONDON- Global refining throughput will increase in the last quarter of the year by more than 2 million barrels per day (bpd), the International Energy Agency (IEA) said on Wednesday, though the rise will not be sufficient to balance oil products markets. The sharp fall in demand for transport fuels owing to coronavirus lockdowns has placed significant pressure on
Reuters OSLO – The International Energy Agency (IEA) has nudged up its global gas demand forecast for this year, but still sees the biggest fall on record due to the impact of the COVID-19 pandemic. The Paris-based agency said on Monday it now expected gas demand to drop by 3% year-on-year, or 120 billion cubic metres (bcm), to 3,886 bcm.
Reuters LONDON/DUBAI – The United Arab Emirates has emerged as a major laggard in delivering oil output cuts in August, figures used by OPEC+ showed on Wednesday, as the group meets this week amid signs of a faltering demand recovery. Compliance with oil production cuts in August among OPEC+ members was seen at around 101%, four OPEC+ sources told Reuters
Reuters NEW YORK – Oil prices edged lower on Friday as investors feared demand would recover more slowly than expected from COVID-19 pandemic lockdowns, while rising supply also overshadowed optimism over falling crude and fuel inventories. This week, two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed their 2020 oil demand forecasts. [IEA/M]
FOX Business U.S. equity markets rallied Friday after a study found an experimental treatment reduced death in COVID-19 patients. The Dow Jones Industrial Average rose as many as 201 points, or 0.78 percent, while the S&P 500 added 0.38 percent. Meanwhile, the Nasdaq Composite seesawed between losses and gains after booking its 26th record-high close of the year on Thursday. Ticker Security Last Change Change %
Reuters LONDON – The International Energy Agency (IEA) bumped up its 2020 oil demand forecast on Friday but warned that the spread of COVID-19 posed a risk to the outlook. The Paris-based IEA raised its forecast to 92.1 million barrels per day (bpd), up 400,000 bpd from its outlook last month, citing a smaller-than-expected second-quarter decline. “While the oil market
Reuters LONDON – United Nations Secretary-General Antonio Guterres urged countries on Thursday to stop financing coal and pledge not to build new coal-fired power plants to enable a shift to clean energy. He spoke at a virtual clean energy transition summit of 40 countries representing 80% of energy use and greenhouse gas emissions. They discussed steps to buoy economies, cut
CNBC Oil prices registered their best quarterly performance in 30 years during the three months through to the end of June, staging a dramatic comeback after falling to record lows in April. Brent crude futures skyrocketed more than 80% in the second quarter. It was the international benchmark’s best quarterly performance since the third quarter of 1990, when it registered gains
CNBC The International Energy Agency has laid out a $3 trillion green recovery plan, offering governments around the world a “once-in-a-lifetime” roadmap to sustainably rebuild their economies in the wake of the coronavirus pandemic. The Sustainable Recovery report, published Thursday, is designed to present world leaders with cost-effective measures that could be implemented from 2021 through to 2023. It sets
Reuters LONDON – Iraq’s oil exports have fallen by 8% or 300,000 barrels per day (bpd) so far in June, according to shipping data and industry sources, suggesting OPEC’s second-largest producer is getting closer to meeting its pledge in an OPEC-led supply cut deal. Southern Iraqi exports in the first 14 days of June averaged 2.93 million bpd, according to
CNBC Oil prices erased gains on Wednesday, with Brent crude futures falling back below $40 a barrel, on doubts an early meeting of some of the world’s most powerful oil producers will go ahead as planned. OPEC and non-OPEC allies, a group of oil producers sometimes referred to as OPEC+, had been expected to hold their next meeting on Thursday.
CNBC The International Energy Agency believes the coronavirus pandemic has paved the way for the largest decline of global energy investment in history, with spending set to plummet in every major sector this year. In the group’s annual World Energy Investment report, published on Wednesday, the IEA said that the unparalleled decline in worldwide energy investment had been “staggering in
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