Last week, Brent crude closed above $81 per barrel, close to $82. This was a solid increase from the start of the week when the international benchmark was trading at around $78 per barrel. Yet these prices are about the same as prices were when the Yemeni Houthis began attacking …
Read More »IEA: India to be Largest Source of Oil Demand Growth until 2030
India’s role in global oil markets will likely expand substantially over the remainder of the decade, fueled by strong growth in its economy, population and demographics — making the country the largest source of demand growth, the International Energy Agency said in a report Feb. 7. n the report titled …
Read More »Renewables & Nuclear Power to Drive Global Electricity Growth by 2026
All of the world’s additional electricity demand over the next three years is expected to be met by low-emissions technologies, including renewables and nuclear power, as per the ‘Electricity 2024’ report by the International Energy Agency (IEA), which forecasts electricity market trends up to 2026. Global electricity demand, which saw …
Read More »IEA Projects Stronger Gas Demand despite Geopolitical Uncertainty
Growth in global gas demand is set to pick up this year due to colder winter temperatures and easing prices, with emerging economies leading the increase in consumption, but geopolitical risks and supply-side concerns could trigger renewed price volatility, according to the IEA’s latest Gas Market Report. In 2023, global …
Read More »Iran Accounts for 12% of OPEC Oil Revenues in 9 Months: IEA
The International Energy Agency (IEA) has put Iran’s oil income in the first nine months of 2023 at about $34 billion, which was equivalent to 12 percent of OPEC’s total income in this period, Shana reported. Based on the IEA data, the total oil revenues of the 13 OPEC members …
Read More »IEA Raises Oil Demand Outlook for 2024 for Third Consecutive Month
Global oil demand is set to rise by 1.2 million barrels per day (bpd) this year compared to 2023, the International Energy Agency (IEA) said on Thursday, raising its 2024 demand growth outlook for a third consecutive month. Although the IEA flagged today in its monthly report a significantly slower …
Read More »The World’s Coal-Fired Power Generation Hit a Record High in 2023
Global coal-fired power generation reached a record-high level in 2023, per data from environmental think tank Ember reported by Reuters columnist Gavin Maguire. As countries, especially in Asia, looked to meet growing electricity demand and ensure their energy security, coal use in power generation hit record highs. Per Ember data, …
Read More »Birol: Turkey should Avail of Anticipated LNG Surge in 2025
Turkey could take advantage from an expected global liquefied natural gas (LNG) production boom projected for 2025 onward, thanks to its extensive infrastructure, according to the head of the International Energy Agency (IEA). Fatih Birol, executive director of the IEA, recommended that Türkiye avail of this anticipated LNG boom that …
Read More »Carbon Capture: A Crucial Tool or a Costly Distraction?
While experts are sceptical about carbon capture and storage (CCS) technology, it’s not stopping companies worldwide from investing heavily in the equipment as a means of decarbonisation. As oil and gas firms strive to continue pumping oil for so long as demand and national regulations permit, they must quickly find …
Read More »Chinese Banks Lead $120 Billion Global Financing for Coal Projects
Chinese lenders arranged three-fourths of all the $120 billion in global financing for coal projects last year, new research from BloombergNEF showed on Wednesday. Chinese banks accounted for a massive 76%, or $93 billion, of the arranged financing for coal projects last year, followed by U.S. banks, which were at …
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