A new report by the International Energy Agency (IEA) has found that global energy demand is only expected to rebound to its pre-Covid levels by early 2023, if the pandemic is not prolonged. The IEA said that in the event of a prolonged pandemic, global energy demand would only rebound …
Read More »Refiners Face Mounting Pressure on Growing Demand, Capacity Imbalance
Refiners face an existential crisis as the growing divergence between refining capacity and demand for refined products will intensify sharply in the next two decades, the International Energy Agency said Oct. 13. More than 6 million b/d of new capacity will come online from now to 2025, but demand will …
Read More »Solar, The New King of Electricity
Solar output is expected to lead a surge in renewable power supply in the next decade, the International Energy Agency said, with renewables seen accounting for 80% of growth in global electricity generation under current conditions. In its annual World Energy Outlook on Tuesday, the IEA said in its central …
Read More »The World’s Top Energy Agency Is Pressing for Aggressive Carbon Cuts
The world’s most authoritative body of energy analysts, the International Energy Agency, has found in its annual flagship report that the world is headed toward global warming higher than the Paris Agreement’s most aggressive limit of 1.5°C. The agency, long known for its expertise in fossil fuels, lays out a …
Read More »IEA: Covid-19 Pandemic Driven Down Global Energy Demand
The Covid-19 pandemic has led to the largest drop in global energy investment in history, with spending expected to plunge in every major sector this year, the International Energy Agency says in a new report. “The unparalleled decline is staggering in both its scale and swiftness, with serious potential implications …
Read More »GCC Markets Positive Despite Recovery Concerns
Most GCC equity markets ended September in green despite concerns of economic recovery amid threat of second wave of Covid-19 and fall in oil prices, said the Kuwait Financial Centre (Markaz) in its Monthly Markets Review report. The S&P GCC composite index gained 2.5%, with all markets except Abu Dhabi …
Read More »IEA: Solar to Top Europe’s Power Generation Charts by 2025
Solar PV is to become Europe’s leading source of power within the next five years, International Energy Agency (IEA) chief Fatih Birol has said. Speaking at SolarPower Europe’s SolarPower Summit, held virtually this year, Birol, executive director at the IEA, teased new details to be released in this year’s World …
Read More »IEA: The World Needs to Build on Growing Carbon Capture Momentum
A new International Energy Agency (IEA) report, launched at an event opened by Norwegian Prime Minister Erna Solberg, shows carbon capture, utilisation and storage (CCUS) can play vital roles of both reducing emissions and removing carbon from the atmosphere. After years of slow progress, technologies to capture carbon emissions and …
Read More »The Netherlands Is well Prepared to Reduce CO2 Emissions
The Netherlands is taking a well-balanced approach to its plans for a rapid transition to a carbon-neutral economy that will support strong growth and energy security, according to a new energy policy review by the International Energy Agency. To drive this ambitious shift, the Netherlands has focused its energy and …
Read More »IEA, OPEC Foresee Deeper Drop in Global Oil Demand
The International Energy Agency (IEA) has trimmed its 2020 oil demand forecast on Tuesday, citing caution about the pace of economic recovery from the pandemic. Oil prices slumped further below $40 per barrel on Monday, close to their lowest in over 2 months, as some oil firms like British Petroleum …
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