The head of the world’s leading energy authority has said that some countries had failed to adopt a helpful position to calm soaring oil and gas prices, criticizing “artificial tightness” in energy markets. ″[A] factor I would like to underline that caused these high prices is the position some of …
Read More »Energy Crisis could Threaten Global Economic Recovery
A global energy crunch is expected to boost oil demand by half a million barrels per day (bpd) and could stoke inflation and slow the world’s recovery from the COVID-19 pandemic, the International Energy Agency (IEA) said on Thursday. Oil and natural gas prices have soared to multiyear highs recently, …
Read More »IEA: Energy Transition to Renewable Energy Too Slow
A global transition to “clean energy” is still far too slow to meet climate pledges and risks fueling even greater price volatility, the International Energy Agency (IEA) said yesterday. “We are not investing enough to meet future energy needs and the uncertainties are setting the stage for a volatile period …
Read More »IEA Calls for Commitments at COP26 to Reach Net-Zero
With the pathway set out in its Roadmap to Net Zero by 2050 – published in May – providing an integral part of the analysis, the IEA says the WEO 2021 is designed to serve as a handbook for the COP26 climate change conference in Glasgow “at this vital moment …
Read More »Oil Consumption to Reach Its Peak after 2025
The global demand for oil will eventually start to decline in the long-term perspective under any scenario of de-carbonization of national economies, the International Energy Agency (IEA) said in its World Energy Outlook 2021, obtained by TASS. The report offers three basic scenarios for the global energy sector, with various …
Read More »IEA: China Ending Construction of Coal Plants abroad may Cancel up to 190 GW of Projects
The International Energy Agency (IEA) has noted the significance of China promising to stop constructing coal plants in foreign countries, saying it could result in cancellation of coal projects with a total capacity of as much as 190 gigawatt (GW). Speaking before the UN General Assembly in September, Chinese President …
Read More »IEA Chief Pleads for Real Global Action on Climate
As head of the organisation that advises countries on energy policy, Fatih Birol has a blunt message to governments ahead of a crucial climate summit: He wants “real global action”, not just words. “I want to see a plan,” Birol, the executive director of the International Energy Agency, told AFP. …
Read More »IEA Chief: Don’t Blame Renewables for Europe’s Energy Crunch
The energy squeeze in Europe has nothing to do with the continent’s energy transition plans, the head of the International Energy Agency Fatih Birol told the European Parliament’s energy and environment committees. “It is inaccurate and unfair to explain these high energy prices as a result of clean energy transition …
Read More »Oil Drops on Signs of Rising Russian Exports and Gains by the US Dollar
Oil declined amid Russia’s plans to boost upcoming overseas oil sales and as the US dollar rallied. Futures in New York ended the session nearly 1 percent lower on Friday. Russia is to increase its oil exports 3 percent in the fourth quarter of this year, Interfax reported. Meanwhile, gains …
Read More »IEA Head Birol Named Among Top Influencers
Fatih Birol, the head of the International Energy Agency (IEA), has been named one of the most influential 100 persons of 2021 by Time, a political magazine based in New York City, United States. Birol, 63, who has been the executive director of the agency since 2015, is the only …
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