Russia’s oil and gas revenue plunged 40% in January, a sign that the nation’s exports are feeling the squeeze of western sanctions, the International Energy Agency said.
Global oil demand is set to increase by 2 million barrels per day (bpd) this year, pushed up by growth in Chinese consumption after the reopening, the International Energy Agency (IEA) said on Wednesday as it raised its 2023 demand growth estimate by 100,000 bpd from last month’s forecast.
China’s reopening is set to drive global oil demand to a record high of 101.7 million barrels per day (bpd) this year, up by 1.9 million bpd from 2022, the International Energy Agency (IEA) said on Wednesday, raising its demand growth estimate for 2023 by 200,000 bpd from 1.7 million bpd growth expected in December.
The new drive for energy security prompted by the fossil fuel price crisis will accelerate the development of renewable energy, the International Energy Agency has said in a new report.
The world is investing hundreds of billions of U.S. dollars every year in renewable energy and other clean energy solutions, but it needs more than a trillion U.S. dollars in investments annually if it still stands a chance of reaching net-zero emissions by 2050.
“The world is in the middle of the first truly global energy crisis,” the executive director of the International Energy Agency, Fatih Birol, said today in Singapore.
Fossil fuel consumption is expected to peak or plateau within this decade, accelerated by the policy and trade flow shifts following the Russian invasion of Ukraine, the International Energy Agency (IEA) said on Thursday.
Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis”, the head of the International Energy Agency (IEA) said on Tuesday.
Of all of the optimistic futuristic dreams, a world of clean, renewable energy to combat climate change is perhaps the closest to realisation, thanks to the growing acceptance of and demand for renewable energy (RE).
Oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rates hikes from central banks may lead to a global economic slowdown and soften fuel demand.