Oil market faces bigger surplus even as China reopens
Global oil markets face a bigger surplus this quarter than previously expected, with demand still constrained despite China’s bid to reopen its economy from Covid lockdowns.
International Energy Agency (IEA)
Renewables growth turbocharged by energy crisis: IEA
The International Energy Agency (IEA) said that global renewable capacity is expected to grow much quicker than previously forecast following the energy crisis.
Abigail: Ithaca marks first oil from tiny field despite big protests
Ithaca Energy (LON: ITH) has celebrated first oil from Abigail, a tiny North Sea oil and gas field which made national headlines this year.
Market says go for LNG, climate NGOs says stop
As COP27 continues apace, the slew of demands for more – or less – hydrocarbon investments is mounting.
Jeremy Cresswell: Strange times for humankind
As humankind drives relentlessly towards climate catastrophe, just a few days ago the International Energy Agency offered a crumb of comfort regarding CO2 emissions.
Even conservative estimates see fossil fuel use peaking soon
On Sunday, the global climate summit COP27 will convene in Egypt. Bloomberg Green will cover the conference in depth and we’ve been preparing for it, looking at Egypt’s future under a possible 3C of warming and discussing why every election is now a climate election.
Europe’s record-low gas use to continue slide in 2023, IEA says
European natural gas demand will slump next year as high prices drive nations to enact energy-saving measures amid Russian supply curtailments, according to the International Energy Agency.
OPEC faces a near-impossible production task in 2023
OPEC producers will need to pump crude at the fastest pace in five years in 2023 if they are to balance oil supply and demand. Capacity constraints suggest they may struggle.
Building out green grids to save Africa, and the world
Green grids and international renewable energy are the only way to save Africa – and the world – with the alternative being a “climate abyss”.
IEA cuts oil demand forecast as China reimposes lockdowns
The International Energy Agency cut its forecast for global oil demand this year after China reimposed lockdowns to contain the spread of a resurgent coronavirus.
Oil snaps back after sliding on back of IEA reserve release plan
Oil rebounded after a steep slump that was triggered by prospects for further crude releases from strategic reserves, the outlook for tighter U.S. monetary policy and weaker demand in virus-hit China.
How ESG, and the wider energy industry, is being challenged by Russia’s invasion of Ukraine
The definitions of Environmental, social and corporate governance (ESG) have been challenged by Russia’s invasion of Ukraine, nowhere more so than in the energy sector, where companies have been forced by events to exit Russia abruptly and energy prices have soared to record levels.
UK agrees to join US in strategic oil reserves release
The UK will join the US in releasing more oil from its reserves as part of a joint effort to lower prices and reduce reliance on Russian supplies, two people familiar with the matter said.
OPEC ditches IEA numbers in favour of Rystad, WoodMac
OPEC members have opted to drop their use of data from the International Energy Agency (IEA) in their monthly reporting.
Could the energy security crisis boost the path to renewables?
Sky-high oil prices and extreme volatility have exposed the fragility of the world’s dependence on fossil fuels.
IEA issues 10-point plan to reduce EU’s Russian gas dependence
New analysis from the International Energy Agency (IEA) suggests adopting a suite of measures could enable the European Union to reduce its imports of Russian gas by more than one-third within a year.
Methane emissions ‘significantly higher than countries claim’
Emissions of planet-warming methane from oil, gas and coal production are significantly higher than world governments claim, according to the International Energy Agency.
IEA says end of oil price rally in sight as production recovers
The tightness in global oil markets that propelled prices to a seven-year high is starting to ease as production recovers in the U.S. and elsewhere, the International Energy Agency said.
UK rejects alliance seeking fixed date on fossil fuel phaseout
The UK won’t join an alliance of countries fixing a date to phase out fossil fuel production, which critics argue calls into question the host nation's climate leadership.
First draft of COP26 final decision published, activists slam lack of focus on fossil fuels
A first draft of the Glasgow final decision text at COP26 has been published ahead of the conference wrapping up this week.
A rising tide threatens LNG plants, IEA warns
Climate change is threatening increasing amounts of energy infrastructure, the International Energy Agency (IEA) has warned.
Progress towards a clean energy system ‘still far too slow’, warns IEA report
Progress towards a clean energy system is “still far too slow” to be compatible with net zero by 2050, a report has claimed.
Oil and gas majors told to prepare for ‘major production drop’ by 2030s
Oil and gas majors are being warned they must plan for a “major production drop” in order to hit the 1.5°C Paris Agreement target.
IEA cuts oil demand outlook on virus, sees surplus in 2022
The International Energy Agency cut forecasts for global oil demand “sharply” for the rest of this year as the resurgent pandemic hits major consumers, and predicted a new surplus in 2022.
Ammonia: the missing link in the energy transition?
Plans for ammonia exports are taking shape around the world, as companies compete to secure the most attractive opportunities to fuel future zero carbon aspirations.