There will be no significant effect on oil prices from stricter enforcement of the price cap on Russian oil exports as supply will not change meaningfully. This is according to the International Energy Agency, which commented on a statement made by the G7 during their meeting this weekend. “Any significant …
Read More »OPEC Secretary General: IEA should be very Careful about Discouraging Oil Investments
OPEC Secretary General Haitham Al Ghais said on Thursday that International Energy Agency (IEA) should be ‘very careful’ about discouraging oil investments, which is important for global economic growth. Al Ghais’s statements came in response to fresh criticism from IEA Executive Director Fatih Birol to OPEC+, indicating that finger-pointing and …
Read More »Global Oil Market could be Tight in Second Half 2023
The global oil market could see tightness in the second half of 2023, which would push oil prices higher, Fatih Birol, executive director of the International Energy Agency (IEA), said on Wednesday (April 12). Oil prices have surged above US$80 (RM353) since the beginning of the month, after the Organization …
Read More »IEA: Energy Industry’s Methane Emissions Surge to Near Record despite Supply Concerns
The global energy industry’s methane emissions surged to 135 million tonnes last year, slightly below 2019’s record highs, the International Energy Agency has said. Despite high energy prices, worries about security of supply and economic uncertainty, there was no reduction in methane emissions observed in 2022, the agency said in …
Read More »IEA’s Birol Warns of Tighter Energy Supply Next Winter
International Energy Agency (IEA) head Fatih Birol has warned of possible energy shortages next winter as relatively little new liquefied natural gas (LNG) is coming to the market while China’s consumption set to rise this year. European governments made many correct decisions over the last year to ensure energy supply, …
Read More »IEA: There are Signs a Stronger China Rebound will Boost Oil
China’s economy could be poised for a stronger-than-anticipated rebound that’ll deliver a demand boost for oil and natural gas, according to the head of the International Energy Agency. There are some “first indications” from China that growth will accelerate faster than previous expectations and the nation is projected to deliver …
Read More »IEA and Ukraine Deepen Bilateral Cooperation with New Joint Work Program
The IEA and Ukraine today signed a two-year joint work program to help the country’s energy system recover from the destruction caused by Russia’s invasion and lay the foundations for its transition to a secure and sustainable energy future. The agreement was signed at the IEA’s Paris headquarters following a …
Read More »The Global Energy Crisis is Driving a Surge in Heat Pumps, Bringing Energy Security and Climate Benefits
Worldwide sales of heat pumps are set to soar to record levels in the coming years as the global energy crisis accelerates their adoption, the International Energy Agency says in a new special report released today. The heating of most buildings around the world – such as homes, offices, schools …
Read More »IEA Chief Sees Energy Crunch for Europe next Winter
Europe should be able to cope with the natural gas supply crunch in the coming months thanks to considerable reserves although the continent could face a bigger energy crisis next winter, the head of the International Energy Agency has said. Fatih Birol said that, barring unforeseen events, “Europe will go …
Read More »IEA: Europe could Face Gas Shortage Next Year
Europe must act immediately to prevent a shortage of natural gas next year as Russia slashes deliveries in the wake of the Ukraine war, the International Energy Agency warned Thursday. The IEA said the shortfall would occur if Russia stops pipelines deliveries completely and China steps up its imports of …
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