The forecast for global crude oil demand was raised by the International Energy Agency (IEA) and lowered by OPEC in reports last week, but the apparent differing views actually masked an increasing convergence between the consumer and producer groups. The market take on last week’s separate reports was largely that …
Read More »IEA: Oil Demand Rises as Gas Prices Surge
Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries to switch fuels for power generation, the International Energy Agency has said. Oil prices have dropped by $30 per barrel from a peak in June due to growing supplies and …
Read More »IEA Sees Little Chance OPEC+ will Supply more Oil
OPEC+ is unlikely to increase output in the coming months because of limited spare capacity, according to the International Energy Agency. Furthermore, the “largely symbolic” 100,000 barrel-a-day hike promised for September may actually turn into a cut as Russian production declines, the IEA said. “Comparatively low levels of operational spare …
Read More »IEA: Electricity Demand Likely to Grow 2.4% This Year
Global electricity demand is expected to grow by 2.4% in 2022 after last year’s 6% increase, bringing it in line with its average growth rate over the five years prior to the Covid-19 pandemic, the International Energy Agency (IEA) said in a new report. The world’s electricity demand growth is …
Read More »IEA: Europe must Slash Gas Demand Now before Hard Winter
Europe needs to drastically slash natural gas consumption in the next few months to prepare for what is likely to be “a long, hard winter,” the head of the International Energy Agency said. While the European Union has made some progress diversifying away from key supplier Russia, any shipments from …
Read More »The Global Energy Crisis may Get Worse
A global squeeze on energy supply that’s triggered crippling shortages and sent power and fuel prices surging may get worse, according to the head of the International Energy Agency. “The world has never witnessed such a major energy crisis in terms of its depth and its complexity,” IEA Executive Director …
Read More »IEA Warns Global Solar Supply Chains are too Concentrated in China
Countries need to expand manufacturing of solar panels from their current concentrated base in China to ensure secure supply and meet targets for cutting planet-warming carbon emissions, the International Energy Agency said on Thursday. The world needs to double its current capacity to produce the “key building blocks” of solar …
Read More »IEA: Global Gas Demand Growth Forecast to Falter for Years
Global natural gas demand will sputter for the next three years, as soaring prices and the threat of further Russian supply cuts discourage consumption. Gas use is expected to slip 0.5% this year as reduced economic activity in Asia and a sharp drop in European gas demand overshadows more buoyant …
Read More »IEA: Global Nuclear Capacity Needs to Double to Meet Net-Zero Goals
Nuclear power capacity needs to double worldwide over the next three decades to reach net-zero carbon emissions targets to ensure energy independence, argued the International Energy Agency (IEA). The Paris-based group’s executive director Fatih Birol outlined that nuclear has a unique opportunity for a revival in the context of the …
Read More »IEA: “Capital Spending is Insufficient to Tackle the Energy and Climate Crises”
The current level of global capital spending is still far from sufficient to combat the energy and climate crises. That’s one of the findings of the new report by the International Energy Agency (IEA) which estimates that global energy investment is set to increase by 8% this year to reach …
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