Despite bold climate pledges from a plethora of major world powers, it seems that many are unable to break their addiction to coal, as consumption is set to hit an all-time high (once again). Several countries have launched climate strategies that include the phasing out of coal production and use …
Read More »IEA Welcomes Russia’s Plan to Export Gas to Afghanistan
The Islamic Emirate of Afghanistan’s (IEA) Ministry of Industry and Commerce (MoIC) has welcomed Russia’s suggestion that it will export gas to Afghanistan and Pakistan. The ministry said in a statement on Saturday that the Islamic Emirate is fully committed to positive economic relations with all countries and has already …
Read More »IEA: Global Coal Consumption to Reach Record High in 2022
Global coal consumption will rise to an all-time high in 2022 and remain at similar levels for several years in the absence of stronger efforts to accelerate the transition to clean energy, a report by the International Energy Agency (IEA) showed Friday. The IEA expects global coal use to rise …
Read More »IEA Raises Oil Demand Outlook as Consumption Surprises to the Upside
Oil consumption in China, India, and the Middle East has surprised to the upside in recent weeks, prompting the International Energy Agency (IEA) to revise up its oil demand growth forecast for both this year and next. Despite an expected fourth-quarter contraction of global oil demand by 110,000 barrels per …
Read More »Russia’s Oil Revenues Dip as Huge Discounts Offset High Exports
Lower oil prices and steeper discounts for Russian oil sent Russia’s oil revenues down in November despite the highest export volumes since April this year, the International Energy Agency (IEA) said on Wednesday. Last month, total oil exports out of Russia rose by 270,000 barrels per day (bpd) from October …
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 »IEA: The Energy Crisis will Accelerate Renewable Power Growth
The new drive for energy security prompted by the fossil fuel price crisis will accelerate the development of renewable energy, the International Energy Agency has said in a new report. “Renewables were already expanding quickly, but the global energy crisis has kicked them into an extraordinary new phase of even …
Read More »Why 2023 is Likely to See much Higher Oil Prices
Earlier this week, oil prices plunged to 2022 lows as energy markets panicked about demand amid COVID chaos in China that has resulted in an unexpected and extraordinary manifestation of street protests and even calls for Chinese President Xi Jinping to step down. The market’s response to this, according to …
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 …
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