Global energy-related carbon dioxide emissions rose by 6 per cent in 2021 to 36.3 billion tonnes, their highest ever, as the world economy rebounded strongly from the COVID-19 crisis and relied heavily on coal to power that growth, according to a new analysis by France-based International Energy Agency (IEA). Thus, …
Read More »IEA Urges Emergency Measures to Cut Oil Use over Supply Fears
The International Energy Agency on Friday urged governments to urgently implement measures to cut global oil consumption within months following supply fears stemming from Russia´s invasion of Ukraine. The IEA also called on the OPEC+ group of oil-producing nations led by Saudi Arabia and Russia to help “relieve the strain” …
Read More »Oil Up, Investors Digest IEA’s Supply Warning
Oil was up on Thursday morning in Asia, with oil futures rising in early trading and recovering some of the prior day’s losses. Investors also digested the International Energy Agency (IEA)’s statement that a decline in oil demand due to higher prices would not offset a shut-in of Russian oil …
Read More »IEA Sees Russia Crisis Accelerating Transition to Clean Energy
The upheaval in oil and gas markets triggered by Russia’s invasion of Ukraine could accelerate the world’s transition away from fossil fuels, said the International Energy Agency. Western nations are looking for ways to quickly wean themselves off Russian energy exports. The U.K. and the U.S already announced bans on …
Read More »Iran Ready to Supply Global Market with as much Oil as It Needs
The National Iranian Oil Company (NIOC) voices the country’s readiness to supply oil to the global market “at a maximum level,” saying Iran’s potential return to the market could effectively help stabilize soaring crude prices. NIOC Managing Director Mohsen Khojasteh-Mehr told IRNA on Friday that the new Iranian administration has …
Read More »IEA Member Countries Commit to Release 61.7 Million Barrels of Oil
International Energy Agency (IEA) member countries have committed to release 61.7 million barrels of oil reserves as of Friday as part of the emergency stock release announced by the agency on Tuesday. The amount exceeds the 60 million barrels of oil that IEA countries had pledged to release from emergency …
Read More »U.S., Allies Set Oil Reserves Release as Prices Soar
The United States and other member states of the International Energy Agency (IEA) on Tuesday agreed to release 60 million barrels of oil reserves to compensate for supply disruptions following Russia’s invasion of Ukraine. Russian oil trade is in disarray after many nations imposed sanctions on Russian companies, banks and …
Read More »IEA’s Birol Calls on OPEC+ to Narrow Supply Gap, Markets to be Freed from Geopolitics
High energy prices are jeopardizing the world’s pandemic recovery, the International Energy Agency’s executive director said Feb. 16, calling on OPEC and its allies to hit their oil production targets and for countries not to wield energy as a geopolitical weapon. “Today, very high oil and gas prices are putting …
Read More »IEA: OPEC+ Faces Chronic Struggle to Meet Output Target
The International Energy Agency on Friday raised its forecast for world oil demand in 2022 but warned of a “chronic” failure by OPEC and its allies to meet their output targets. The 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, …
Read More »Oil Prices Jump over 3% on Supply Concerns over Ukraine Crisis
Oil prices rose for an eighth straight week amid growing concerns about supply disruptions as a result of intensifying geopolitical tensions in eastern Europe and a rise in demand. Brent, the global benchmark for two thirds of the world’s oil, jumped 3.31 per cent to trade at $94.44 per barrel …
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