International Energy Agency

Will the world see a “Staggering” oil supply glut in 2030?

June 19, 2024

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,

Exclusive: Investors step up pressure on global energy watchdog over climate change

November 18, 2019

Reuters LONDON/BRUSSELS – Fatih Birol, the head of the International Energy Agency (IEA), faced renewed pressure on Monday from investors and scientists concerned about climate change to overhaul the agency’s projections for fossil fuel demand. Pension funds, insurers and large companies were among 65 signatories of a joint letter to Birol, seen by Reuters, urging him to do more to

Oil Steadies as Saudi, Kuwait Signals Offset Demand Fears

August 12, 2019

From Reuters Oil prices were little changed on Monday as expectations that major producers would continue to reduce global supplies ran into worries about sluggish growth in crude demand due to the U.S.-China trade war. International benchmark Brent crude settled at $58.57 a barrel, up 4 cents. West Texas Intermediate (WTI) futures settled at $54.93, up 43 cents. Investors were

oil-barrels-and-markets-482px Oil Prices Drop - Oil & Gas 360

Oil Rises on European Stock Draw Despite Demand Slowdown Forecast

August 9, 2019

From Reuters Oil prices rose more than $1 a barrel on Friday, supported by a drop in European inventories and OPEC output cuts despite the International Energy Agency reporting demand growth at its lowest since the financial crisis of 2008. Brent crude LCOc1 futures gained $1.15, or 2%, to settle at $58.53 a barrel. U.S. West Texas Intermediate (WTI) crude

BP to Enter India’s Fuel Retail Market with Reliance Tie-Up

August 6, 2019

From Reuters Global oil major BP is deepening its ties with Indian conglomerate Reliance Industries by forging a fuel retailing joint venture to capitalize on rising demand in Asia’s third-biggest economy. The move comes days after BP said it would build a network of charging hubs for electric vehicles with China’s Didi Chuxing, betting on the world’s largest market for

Gas is Part of the Solution in the Planet’s Energy Transition, Goldman Sachs Strategist Says

July 26, 2019

From CNBC Gas has an important role to play in the global energy transition, according to the head of EMEA natural resources research at Goldman Sachs. Speaking to CNBC Friday, Michele Della Vigna said that, in his personal view, gas was “part of the end solution.” According to the International Energy Agency, natural gas supplies 22% of energy used globally.

Global Economic Slowdown Reducing Oil Demand

July 12, 2019

By Tyler Losier, Energy Reporter, Oil & Gas 360 Supply deficit quickly flipped to surplus: International Energy Agency data now shows 500,000 barrel per day global surplus for Q2 2019 Despite the OPEC+ supply cuts agreed upon earlier this month, a slowdown of the global economy is dampening oil demand, leading to a larger-than-expected surplus in crude reserves. According to

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