European gas demand is expected to be “broadly flat” this year after falling to an all-time low in 2022 following the curtailment of Russian exports, the International Energy Agency said. But there is a “high” level of uncertainty about Russian supply cuts and the possible economic effect of volatile energy …
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 »China’s Crude Oil Imports Expected to Hit a Record High in 2023
The Chinese reopening and new refineries coming online are set to raise the crude oil imports in the world’s top importer to a record-high this year, industry consultants told Reuters. Chinese crude oil imports could increase to average as high as 11.8 million barrels per day (bpd) this year, rising …
Read More »JPMorgan: Oil Prices are unlikely to Hit $100 this Year
Brent Crude prices are not expected to reach $100 per barrel in 2023 unless a major geopolitical event rattles markets again, according to JPMorgan. The OPEC+ alliance could add 400,000 barrels per day (bpd) to supply this year, and Russian exports could recover by the middle of 2023, JPMorgan said …
Read More »Oil Prices up with Positive China Demand Outlook
Oil prices increased on Thursday on expectations of a surge in oil demand in China, the world’s largest oil importer. International benchmark Brent crude traded at $85.85 per barrel at 09.46 a.m. local time (0646 GMT), up 0.55% from the closing price of $85.38 a barrel in the previous trading …
Read More »IEA Raises 2023 Oil Demand Growth Estimate by 100,000 b/d on ‘Resurgent’ China
The International Energy Agency has raised its estimate of global oil demand growth for this year by 100,000 b/d to 2 million b/d on the back of a “resurgent” China and an aviation recovery. In its latest monthly oil market report published Feb. 15, the IEA raised its demand growth …
Read More »IEA: Asia Set to Use Half of World’s Electricity by 2025
Asia will for the first time use half of the world’s electricity by 2025, even as Africa continues to consume far less than its share of the global population, according to a new forecast released Wednesday by the International Energy Agency, IEA. Much of Asia’s electricity use will be in …
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 »China is still the Biggest Driver of Oil Prices
Oil prices settled on Thursday at their highest level since December 1 as the market is turning bullish on China’s oil demand this year. The Chinese reopening is set to drive oil demand growth and push oil higher if most of the developed economies manage to avoid recessions, analysts say. …
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