Goldman Sachs is still bullish on oil and anticipates strong demand that would require OPEC+ putting another 2 million barrels per day (bpd) on the market in the third quarter, after the around 2 million bpd that the alliance and Saudi Arabia decided to return between May and July. “We …
Read More »Japan Needs Steep Emissions Cuts from 2030, Energy Reforms for 2050 Climate Goal
Japan needs steep emission reductions as soon as possible, and latest from 2030 onwards, to meet its 2050 net zero carbon targets, along with accelerated gas and power market reforms and rapid development of low carbon power sources, the International Energy Agency said in its Japan 2021 Energy Policy Review …
Read More »IEA Says Global CO2 Emissions Rising again after Nearly 6% Fall Last Year
Global carbon dioxide emissions dropped by 5.8% in 2020 as the COVID-19 pandemic slowed economic activity, but they rebounded at the end of the year and are on course to rise further, the International Energy Agency said on Tuesday. Major economies led a rebound in December when emissions were 2%, …
Read More »IEA Says Oil Market Fragile
The International Energy Agency warned on Thursday the world oil market remains fragile, despite a recent recovery in prices, as tighter restrictions are imposed to curb more contagious coronavirus variants. At the same time, the IEA said the economic outlook was brighter overall, especially in the second half of this …
Read More »IEA Cuts Global Oil Consumption Estimates for 2021 as Virus Persists
The re-balancing of global oil markets remains “fragile” amid weaker estimates for demand and a recovery in supplies, the International Energy Agency said. The IEA cut forecasts for world oil consumption in 2021 by 200,000 barrels a day as the pandemic continues to limit travel and economic activity. It boosted …
Read More »India’s Solar Energy Output may Match Coal-Fired Power by 2040
The share of solar energy in India’s power generation could equal coal fired output by 2040, the International Energy Agency (IEA) said yesterday, driven by falling renewable tariffs and a government push to increase green energy use. “Solar power is set for explosive growth in India, matching coal’s share in …
Read More »India to be Largest Source of Energy Demand Growth to 2040
India will make up the biggest share of energy demand growth at 25% over the next two decades, as it overtakes the European Union as the world’s third-biggest energy consumer by 2030, the International Energy Agency (IEA) said. India’s energy consumption is expected to nearly double as the nation’s gross …
Read More »Big Oil Is in Big Trouble. What will Happen Next?
The Covid-19 pandemic has caused a drop in demand and prices like never before. Here’s how global oil giants are dealing with the mounting losses. Global oil giants posted massive losses in 2020, as the coronavirus pandemic brought oil and gas demand to a grinding halt and caused already-weak prices …
Read More »Global Oil Consumption Crashed By 9% In 2020
Due to the coronavirus restrictions and lockdowns, global consumption of petroleum and other liquid fuels crashed by 9 percent to 92.2 million barrels per day (bpd) in 2020, the U.S. Energy Information Administration (EIA) said on Friday, nothing this was the largest drop in EIA’s series dating back to 1980. …
Read More »India Takes Steps to Become Full Member of IEA
Preparatory to becoming a full member of the International Energy Agency (IEA), India has signed a “Framework for Strategic Partnership” with the IEA. India is currently an “Association Country” of the IEA, but it is seeking full membership of the Agency. The framework will “strengthen mutual trust and cooperation and …
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