The European gas market still faced “major uncertainties” ahead of winter and a full halt to Russian gas flows could reignite tension, said the International Energy Agency (IEA). “Fierce competition for gas supplies could also emerge if northeast Asia experiences colder than usual weather and economic growth is stronger than …
Read More »Wind and Solar to Generate 33% of Global Power by 2030
Wind and solar power generation will continue surging to the point of accounting for more than one-third of global electricity by 2030, up from 12% now, according to a new analysis by the Rocky Mountain Institute (RMI), a nonprofit organization focused on the energy transition. The expected further surge in …
Read More »IEA Revises down Oil Demand Outlook but still Sees Record
The International Energy Agency has revised down its forecast for oil demand growth this year, due to “persistent macroeconomic headwinds”, but it still expects global consumption to reach a record 102.1m bbl/day. The Paris-based intergovernmental organisation estimated global oil demand would grow by 2.2m bbl/day in 2023, down from its …
Read More »IEA Warns of a Spike in Energy Prices this Winter
Energy prices could spike again this winter, the head of the International Energy Agency has warned. Speaking to the BBC, Fatih Birol said that if China’s economic recovery from the pandemic accelerated later this year and the winter in the northern hemisphere was harsher than last year’s, prices would rise. …
Read More »IEA: India to Add 1 mb/d of Refining Capacity by 2028
India, the world’s fourth largest crude oil refiner, is expected to add one million barrels per day (mb/d) of refining capacity in the next five years. According to the latest refining capacity numbers by the International Energy Agency (IEA), India will increase its refining capacity from 5.2 mb/d in 2022 …
Read More »IEA: Climate Goals Need Clean Energy Surge in Global South
Financing for clean energy in developing and emerging economies excluding China must increase seven-fold within a decade if global warming is to be capped at tolerable levels, the International Energy Agency said Wednesday. To keep Paris climate temperature goals in play, annual investment for non-fossil fuel energy in these countries …
Read More »The IEA Believes Oman could become a World Leader in Hydrogen
Oman could turn into one of the biggest hydrogen suppliers in the world, the International Energy Agency has forecast in a recent report. The tiny Gulf sultanate currently generates some 60% of its export earnings from oil and gas but has set itself ambitious net-zero targets that would involve leveraging …
Read More »IEA: World Oil Output to Reach Record 101.3 mln bpd in 2023
Global oil production in 2023 will reach a record figure of 101.3 mln barrels per day (bpd) and in 2024 will grow to 102.3 mln bpd, according to the report of the International Energy Agency (IEA). The United States will continue to dominate non-OPEC+ countries in terms of production growth. …
Read More »IEA: Global Energy Efficiency Investments Need to Triple by 2030
Annual investments in improving energy efficiency must triple by 2030 in order for the world to remain able to keep global warming below 1.5 degrees Celsius, the International Energy Agency (IEA) said on Wednesday. Driven by spending on buildings and strong electric vehicle sales, global energy efficiency investment reached a …
Read More »IEA Says Iran’s Oil Output Hits 2.750mn in April
The International Energy Agency (IEA) announced in its latest report that Iran’s crude production volume reached 2.75 million barrels per day (bpd) in April. According to the report, Iran’s daily oil production increased 60,000 barrels of oil per day (bpd) in in the fourth month of 2023, according to which, …
Read More »