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,…
OPEC, in Contrast to IEA, Sees Lower 2022 Oil Demand Growth
August 11, 2022
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Russia May Cut Off Gas Completely, Europe Must Act Now: IEA
June 22, 2022
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BRUSSELS—Russia may cut off gas to Europe entirely as it seeks to bolster its political leverage amid the Ukraine crisis, the head of the International Energy Agency (IEA) said on Wednesday, adding Europe needed to prepare now. “I wouldn’t rule out Russia continuing to find different issues here and there and continuing to find excuses…
Today’s Energy Crisis Worse Than Oil Shocks of 1970s, Could Last Longer: IEA Chief
Russia’s invasion of Ukraine has roiled energy markets, with long-term implications for global oil and gas supplies, and the head of the International Energy Agency (IEA) has cautioned that the current energy crisis is “much bigger” and could persist longer than the oil shocks of the 1970s. In the 1970s, there were two significant oil…
IEA Marginally Cuts Global Oil Demand Forecast on Mired Outlook Due to China COVID-19 Lockdown, Russia-Ukraine War: FT
April 14, 2022
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The International Energy Agency (IEA) has lowered its global oil demand forecast amid surging coronavirus cases in China and weaker than expected demand in the U.S. and other developed countries. According to the Financial Times report, The agency now expects demand to average 99.4 million barrels a day this year, down from its previous estimate…
IEA Says Market May Lose 3 Million bpd of Russian Oil Next Month
March 16, 2022
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LONDON—Oil markets could lose three million barrels per day (bpd) of Russian crude and refined products from April, the International Energy Agency (IEA) said on Wednesday, exceeding the one million bpd per day demand drop high prices are expected to cause. The Paris-based watchdog said sanctions and buyer reluctance to purchase Russian crude were pushing…
US and Allies Announce Release of 60 Million Barrels of Oil From Reserves
March 1, 2022
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President Joe Biden on Tuesday authorized the Department of Energy (DOE) to release 30 million barrels of oil from the U.S. strategic petroleum reserves, representing half of a coordinated 60-million-barrel release from International Energy Agency (IEA) member states. The move comes as part of an effort to stabilize oil markets amid Russia’s invasion of Ukraine…
Oil Prices Gain After IEA Says Market Tight
LONDON—Oil prices rose on Friday after the International Energy Agency (IEA) said oil markets were tight, but were still heading for weekly losses on inflation worries and U.S.–Iran which could boost global supplies. Brent crude futures rose $1.01, or 1.1 percent, to $92.42 a barrel at 1203 GMT, while U.S. West Texas Intermediate crude gained…
US ‘Must Not Emulate Europe’s Disastrous Energy Blueprint’: Expert
November 18, 2021
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Energy expert Robert Bryce said spiking energy prices in Europe are tied to an increased reliance on renewables and lowered investments in fossil fuels, arguing that the continent’s green policies provide the United States with a clear example of what not to do. Bryce, who made his remarks in testimony to the Senate Committee on Energy…
Boris Johnson’s Economic Vision Slammed by Conservative Think Tanks, Business Leaders
British Prime Minister Boris Johnson has been criticised by conservative think tanks and business leaders for making “vacuous” rhetoric about moving towards a “high-wage,” “low-tax” economy, which they say will only lead to further price rises and worse labour shortages. In his speech at the Conservative Party conference on Wednesday, Johnson said he was setting…
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