fetching latest news

News tagged in:  

IEA NEWS

India weighs joining IEA emergency oil release plan to calm prices
April 8, 2022
Source: Energy World

India weighs joining IEA emergency oil release plan to calm prices

India is an IEA associate and not a full member as it does not have the mandated 90 days reserves.

IEA members agree 60 million barrel oil stocks release after Russian invasion
March 3, 2022
Source: Energy World

IEA members agree 60 million barrel oil stocks release after Russian invasion

Half the volume will come from the United States, Koichi Hagiuda told reporters after the extraordinary ministerial meeting of the 31 members of the IEA, which repesents mostly industrialised nations.

IEA Is Going To Be Cataclysmically Wrong On Oil Demand In 2022
Jan. 22, 2022
Source: Seeking Alpha

IEA Is Going To Be Cataclysmically Wrong On Oil Demand In 2022

Judging by the title, I'm sure you already know how I feel about the IEA and its ability to forecast oil demand and supply. For those of you keenly aware of global oil supply and demand forecasts for 2022, the No. 1 variable that will determine whether or not we're oversupplied or undersupplied is global oil demand. But to be precise, it's OECD oil demand. At the time, we basically said that IEA is full of it when it came to estimating global oil demand. China and India already were showing structurally higher oil demand versus the 2019 baseline (pre-COVID), so it was only a matter of time before global oil demand surpassed 2019 levels.

"Fresh fuel price hikes not enough to alter course of inflation, says BSP  "
Dec. 20, 2021
Source: Inquirer.net

"Fresh fuel price hikes not enough to alter course of inflation, says BSP "

A renewed hike in local oil prices is unlikely to disturb the trajectory of inflation, which economic managers are assuming to remain within target in the next two years, according to the Bangko Sentral ng Pilipinas (BSP). BSP Governor Benjamin Diokno said in a statement that while global oil prices have been on an uptrend this year amid recovery in economic activity, the emergence of the Omicron coronavirus variant brought forward concerns over weaker demand prospects.

Was OPEC Right About Oil Markets?
Dec. 16, 2021
Source: Oil Price

Was OPEC Right About Oil Markets?

Just a week ago, oil markets were looking to hit this year's finishing line on a winning note as oil prices put up a respectable rally thanks to rampant lockdown fears easing. Several reports have shown that, despite spreading faster, the Omicron variant causes milder symptoms than Delta and even leads to lower hospitalization rates. Unfortunately, that optimism has been short-lived, and traders have gone back to their knee-jerk reaction to any breakout of new Covid-19 variants of selling first and asking questions later.

IEA: Global Oil Inventories Rose In October
Nov. 17, 2021
Source: Oil Price

IEA: Global Oil Inventories Rose In October

After hitting a six-year low in September, commercial oil stocks in OECD countries showed a marginal build in October, suggesting that the months of hefty inventory draws globally may be over, the International Energy Agency (IEA) said on Tuesday.

Major Crude Importer Japan Concerned With Jump In Oil Prices
Nov. 11, 2021
Source: Oil Price

Major Crude Importer Japan Concerned With Jump In Oil Prices

Resource-poor Japan, a major importer of crude oil and natural gas, is increasingly concerned that the rally in oil prices would slow the global economic recovery, a senior government official told the head of the International Energy Agency (IEA) this week. Hikariko Ono, Director General of Economic Affairs Bureau at the Ministry of Foreign Affairs of Japan, “expressed concern over the rapid surge in crude oil prices, which could hamper the global economic recovery from COVID-19,” Japan’s foreign ministry said in a statement after a video conference between Ono and the IEA’s Executive Director Fatih Birol.

Oil prices fall as IEA lowers demand forecast
Aug. 13, 2020
Source: Reuters

Oil prices fall as IEA lowers demand forecast

Oil prices fell on Thursday after the International Energy Agency lowered its 2020 oil demand forecast. Brent crude fell 0.1%, to $45.36 a barrel, and U.S. WTI was down 0.1%, to $42.64 a barrel. Markets are still on the hope of breakthrough on a U.S. stimulus package and keeping watch on frayed U.S.-China ties ahead of trade talks on Aug. 15.

Carbon dioxide levels to fall to 2010 lows this year: IEA
May 4, 2020

Carbon dioxide levels to fall to 2010 lows this year: IEA

The International Energy Agency has expected global carbon dioxide (CO2) emissions to decline by 8% to 30.6 gigatonnes (Gt) this year, accomplishing levels last observed in 2010. The Global Energy Review 2020 has credited the sharp decline in emissions to the slump in energy demand during 1Q20. In perspective, the decline is estimated to be almost twice as large as all earlier declines since the end of World War II.

CERAWeek cancelled due to coronavirus concerns
March 2, 2020

CERAWeek cancelled due to coronavirus concerns

One of the industry's most prestigious conferences, CERAWeek has been cancelled due to coronavirus concerns. The event was scheduled for this month in Houston. Scrapping this conference will reduce a chance of the industry officials "to discuss how to deal with declining demand caused by the virus epidemic". During the course of this development, IHS Market highlighted the measures taken by the companies to protect the workers.

Oil prices fall ahead of Asian economic data release
Feb. 17, 2020
Source: Reuters

Oil prices fall ahead of Asian economic data release

Oil prices fell in the international market on Monday, slipping ahead of Asian economic data release that is due this week. Brent crude was priced at $56.99 a barrel. US WTI fell to $51.92 a barrel. Asia's economic data will indicate the effect of China’s coronavirus epidemic on oil demand. The IEA has already forecasted a dip of 435,000 barrels per day (bpd) in oil demand due to coronavirus spread.

"Doing nothing is not an option": IEA warns oil and gas industry over Climate Change
Jan. 20, 2020
Source: Reuters

"Doing nothing is not an option": IEA warns oil and gas industry over Climate Change

The International Energy Agency (IEA) on Monday said that the oil and gas firms must increase their investment in low-carbon energies. Otherwise, they would face a global backlash that could jeopardize their long-term profits and social acceptance. “Every part of the industry needs to consider how to respond. Doing nothing is simply not an option,” IEA’s Executive Director Fatih Birol said. IEA suggested the sector to boost investments in the cleaner fuels.

Continued tensions in the Middle East pushes oil prices up
July 23, 2019
Source: Reuters

Continued tensions in the Middle East pushes oil prices up

Tensions in the Middle East continued to push oil prices up in the international market on Tuesday. Benchmark Brent crude futures were traded at $63.30 a barrel. US WTI futures were traded at the same rate of $56.22. Amidst the speculations on the potential disruption in supply, IEA has vowed to take immediate action so as to keep global oil markets sufficiently supplied.

US oil prices breathe an air of stability
Nov. 21, 2018
Source: Reuters

US oil prices breathe an air of stability

A report informing a drop in the US commercial crude inventories provided a firm support to the US oil prices on Wednesday. The prices held the ground after dropping by more than 6% on the previous day. At the same time, a warning issued by IEA regarding the uncertain market conditions kept the investors on edge. WTI increased and was at $53.57 per barrel. Brent hasn’t started the trade yet.

IEA predicts the future of gas
Nov. 13, 2018

IEA predicts the future of gas

On Tuesday, the International Energy Agency (IEA) informed that by 2030, natural gas might become the second largest energy source overtaking coal. The reasons behind this huge change would be an urge to bring down the air pollution and rise in the use of LNG. The organization also mentioned in its World Energy Outlook 2018 that the energy demand will jump more than a quarter between 2017 and 2040.

IEA asked OPEC to boost production
Oct. 26, 2018
Source: World Oil

IEA asked OPEC to boost production

The head of the International Energy Agency has said that at next meeting OPEC must decide to increase its production. The Executive Director of IEA said, “If the oil producers care about the health of the growth of the global economy, they should take the steps to further comfort the market.” He has also informed that without the support from OPEC, the global economy will enter into a dangerous stage.

IEA finds oil market “adequately supplied”
Oct. 13, 2018
Source: Reuters

IEA finds oil market “adequately supplied”

The International Energy Agency yesterday released its monthly report and said that the oil markets appear to be “adequately supplied for now” after a boost in production in recent months. It also noted, however, that the oil industry is coming under stress as it deals with the swelling global demand.The energy watchdog said that the world’s spare oil production capacity is already down to only 2% of global demand.

Oil prices recover
July 12, 2018
Source: Investing

Oil prices recover

Following the slump in rates yesterday, oil prices edged up today, gaining some ground. While Brent crude was traded at$74.80 a barrel, WTI, on the other hand, was priced at $70.88 a barrel. Thursday brought optimism in the oil market as the IEA stated about a large number of output disruptions keeping the pressure on global oil supply and prices.

Please Login to Save News for Later