News Analysis Two years ago, efforts by climate activists and Environmental, Social, and Governance (ESG) investors to block investment in oil and gas production by Western companies appeared to have received a seal of approval from no less an authority than the International Energy Agency (IEA), when it published “Net Zero by 2050: A Roadmap for…
EPRINC Report Shows That IEA Net Zero Roadmap Is a Green Mirage
June 22, 2023
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OPEC Cuts May Lead to a World Crisis
Commentary The world is facing a precarious moment in the oil market. The recent decision by OPEC+ to extend production cuts has raised concerns about the potential impact on the global economy. While the move may benefit oil producers in the short term, it may be a misguided action that could also have unintended consequences…
IEA Says Predicting Oil Demand to Hit Record High This Year on China’s Reopening
January 18, 2023
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Business & MarketsChinaChina Business & Economychinese lockdownseconomyenergyEuropeGold and CommoditiesIEAMarketsoil consumptionoil demandrecessionRussia-Ukraine WarUKUSWorld
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The International Energy Agency (IEA) says it predicts that demand for oil could reach record levels this year, given mainland China’s reopening of its economy. Demand for crude fell in the second half of 2022, as China’s ruling Chinese Communist Party (CCP) maintained its “zero-COVID” policy stance. The combination of mild weather and weaker industrial…
IEA Says Global Coal Consumption Will Reach All-Time High This Year
December 16, 2022
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Global coal consumption will hit an all-time high in this year amid high demand in Europe, despite attempts to transition toward a “carbon-free” economy. Use of coal is expected to remain at similar levels over the next few years if more is not done to move countries to a low-carbon economy, according to a report by…
EU Could Face Gas Shortage Next Year, IEA Warns
BRUSSELS—The European Union has enough gas for the winter but could face a shortage next year if Russia cuts supplies further, the International Energy Agency (IEA) said on Monday, urging governments to act faster to save energy and expand renewable energy sources. Despite Russia slashing gas deliveries this year, Europe started the winter with brimming…
IEA Says Europe Must Act Now to Avoid Winter 2023 Gas Shortages
November 4, 2022
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OSLO—Europe needs to act now to avoid a natural gas shortage next year given the loss of Russian supply and expectations Chinese demand will increase, the International Energy Agency (IEA) said on Thursday. The European Union has succeeded in filling storages to 95 percent ahead of this winter, 5 percent or 5 bcm above their…
US, Other IEA Members Have ‘Huge’ Oil Reserves That Can Be Tapped If Supply Is Disrupted: Birol
Members of the International Energy Agency (IEA) can tap into its oil reserves to alleviate any supply issues, the agency’s executive director Fatih Birol said in a recent interview. The recent “unfortunate decision” by OPEC+ to cut down oil output threatens price outlook, and comes at a time when global economies are on the brink…
World Is in Its ‘First Truly Global Energy Crisis’: IEA’s Birol
SINGAPORE—Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis,” the head of the International Energy Agency (IEA) said on Tuesday. Rising imports of LNG to Europe amid the Ukraine crisis and a potential rebound in Chinese…
Global Gas Markets to Remain Tight Next Year Amid Supply Squeeze: IEA
LONDON—Global gas markets are expected to remain tight next year as Russian pipeline gas supplies dwindle and gas demand falls in Europe in response to energy saving measures and high prices, the International Energy Agency (IEA) said on Monday. Natural gas markets worldwide have been tightening since 2021 and global gas consumption is expected to…
Oil Rises 2 Percent on Supply Concerns, Expectations for Fuel Switching
September 14, 2022
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Business & Marketscrudeeconomic policieseconomyenergyglobalGold and CommoditiesIEAinflationMarketsOilrecessionstocks
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NEW YORK—Oil rose about 2 percent on Wednesday, rebounding from the previous day’s lows, as an international energy watchdog expects an increase in gas-to-oil switching due to high prices this winter, even though the outlook for demand remains gloomy. Brent crude futures rose by $1.86 a barrel, or 2 percent, to $95.03 by 11:58 a.m….
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