Consumers should have been enjoying “solid gains” in production as the Organization of Petroleum Exporting Countries and its allies continued their revival of idle capacity, the agency said in its monthly report. Instead, global supply fell by 540,000 barrels a day in August due to unexpected disruptions and will be …
Read More »IEA Estimates Oil Shortages from Hurricane Ida at 30 mln Barrels
The loss of oil supplies due to the aftermath of Hurricane Ida, which hit the US oil-producing regions in the Gulf of Mexico at the end of August, is estimated at 30 mln barrels, according to the September report of the International Energy Agency (IEA). “Hurricane Ida is still causing …
Read More »Big Oil Needs to Cut Production by 50% to Hit Climate Targets
The world’s largest listed oil companies will have to cut production by at least 50 per cent over the next decade if the world is to limit global warming to 1.5 degrees as per the Paris climate accord, influential climate think tank Carbon Tracker has warned. In a new report, …
Read More »Droughts Shrink Hydropower, Pose Risk to Global Push to Clean Energy
Severe droughts are drying up rivers and reservoirs vital for the production of zero-emissions hydropower in several countries around the globe, in some cases leading governments to rely more heavily on fossil fuels. The emerging problems with hydropower production in places like the United States, China and Brazil represent what …
Read More »Natural Gas Prices Surge as Energy Transition-Driven Demand Outstrips Supply
The era of cheap natural gas is over, giving way to an age of far more costly energy that will create ripple effects across the global economy. Natural gas, used to generate electricity and heat homes, was abundant and cheap during much of the last decade amid a boom in …
Read More »Era of Cheap Natural Gas Ends
The era of cheap natural gas is over, giving way to an age of far more costly energy that will create ripple effects across the global economy. Natural gas, used to generate electricity and heat homes, was abundant and cheap during much of the last decade amid a boom in …
Read More »IEA’s Roadmap Shows Difficult Journey to Net Zero
Polarised responses to the International Energy Agency report on achieving net zero emissions by 2050 reveal the enormous challenges of the goal and differences about whether it is realistic in the timeframe. Like the Rorschach inkblot test, reactions to the report reveal more about the reader’s own views on how …
Read More »Pandemic Recovery to Push Emissions to All-Time High
The global rebound from the COVID-19 pandemic is set to drive emissions of greenhouse gases that stoke climate change to all-time highs, the Paris-based International Energy Agency said in a report on Tuesday.
Read More »High Oil Prices could Fuel EV Adoption
As oil prices continue to rise and global demand is bouncing back to pre-pandemic levels, people could be buying into electric vehicles (EV) as an alternative to expensive fuel costs. The International Energy Agency (IEA) says that rising oil prices are expected to encourage people to shift away from traditional …
Read More »IEA: Electricity Demand Growth will Require more Fossil Fuel Production
The demand for global electricity is growing faster than renewable energy capacity and therefore will require more power to be generated from fossil fuels. That’s according to a new report from the International Energy Agency (IEA), which found renewable energy is not expanding quickly enough to meet the strong rebound …
Read More »