Tag Archives: International Energy Agency (IEA)

The International Energy Agency (IEA) has predicted that global gas markets will remain tight next year as Russian piped gas supplies dwindle despite gas demand falling in Europe in response to high prices and energy saving measures. According to the agency, global natural gas markets have been tightening since 2021 …

Oil prices have declined by around $30 a barrel since the recent peak in early June before the Fed and other central banks started aggressive interest rate hikes to fight runaway inflation. The tightening monetary policy is expected to slow economic growth, while several financial market indicators suggest that the …

China faces its biggest annual drop in oil demand in more than three decades as Covid-19 lockdowns and a property crisis weigh on growth in the world’s No. 2 consumer, the International Energy Agency said. Chinese oil demand will decline by 420,000 barrels a day, or 2.7%, this year in …

Russia’s oil-export revenue contracted to $17.7 billion in August, the lowest since at least March, as a decline in crude prices more than offset higher supplies abroad, according to the International Energy Agency. That’s a drop of $1.2 billion from a month earlier, even as Russia’s daily crude and oil …

Iraq is planning to increase its crude oil production to phased targets of 5 to 8 million barrels per day (bpd) over time, according to the first vice president of the Iraq National Oil Company (INOC), Hamid Younis, last week. The director general of the Iraq Oil Exploration Company (IOEC), …

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 …

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 …

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 …

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 …

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 …