Global growth in new renewable energy capacity will experience its first annual decline in 20 years this year amid the coronavirus pandemic but is expected to pick up next year, the International Energy Agency said on Wednesday. The world is set to build fewer wind turbines, solar plants and other …
Read More »IEA Head Sees Oil Use below Pre-Virus Levels for at Least a Year
It will take more than a year, and perhaps several, for oil demand to recover to what it was before the coronavirus shuttered economies and caused energy markets to collapse, according to the head of the International Energy Agency. Crude demand of about 100 million barrels a day prior to …
Read More »Covid-19 Crisis and Oil Prices
Oil prices keep falling. Nobody could imagine that oil prices would hit their 17-year lows in less than three months.
Read More »Oil Crisis Is Litmus Test for Industry’s Resolve on Climate
The April oil market crash will test the determination of majors like Shell and BP, which have recently announced goals to reach net-zero emissions by 2050, according to the International Energy Agency (IEA). “Whether or not their position will change” in the aftermath of the oil market crash “will be …
Read More »IEA Calls for Boost to Lithium-Ion Battery, Hydrogen Technologies
The executive director of the International Energy Agency (IEA), Fatih Birol, said that the turmoil in the oil sector caused by the covid-19 pandemic gives governments the perfect opportunity to embrace green energy as a source of jobs that also serves climate goals. In an interview with Reuters, Birol said …
Read More »The Impact of COVID-19 on the Arrival of Peak Oil Demand
Until three months ago, the oil industry was pinning its hopes on aviation, alongside petrochemicals, for continued growth in oil demand for at least another decade. The aviation industry, however, was dealt a near-deadly blow by the coronavirus pandemic, which upended all plans for fleet utilization for years to come. …
Read More »Oil Fields Face Disorderly Shutdown despite OPEC+ Cuts
Some oil fields are set to suffer chaotic stoppages despite efforts by OPEC+ to mitigate the impact of coronavirus on global markets, the International Energy Agency warned. “Lockdown measures have caused unprecedented demand declines, whose speed and magnitude greatly exceed the normal market flexibility of supply,” the Paris-based IEA said …
Read More »Coronavirus Lockdown to See Global Emissions Fall by Record 8%
The impact of Covid‑19 on energy demand in 2020 could be more than seven times larger than the impact of the 2008 financial crisis on global energy demand.
Read More »Covid-19 Delivers Historic Shock to Energy World
Global energy demand will plunge this year, with the Covid-19 pandemic representing the biggest shock to the global energy system in more than seven decades, a new report released by the International Energy Agency (IEA) says. The report says that the drop in demand this year is set to dwarf …
Read More »Global Leaders Mark Clean Energy as Essential to Economic Recovery
The need for increased energy efficiency and more use of renewables were the key takeaways from a roundtable hosted by the IEA and the German Government.
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