From Reuters Global oil major BP is deepening its ties with Indian conglomerate Reliance Industries by forging a fuel retailing joint venture to capitalize on rising demand in Asia’s third-biggest economy. The move comes days after BP said it would build a network of charging hubs for electric vehicles with China’s Didi Chuxing, betting on the world’s largest market for
From CNBC Gas has an important role to play in the global energy transition, according to the head of EMEA natural resources research at Goldman Sachs. Speaking to CNBC Friday, Michele Della Vigna said that, in his personal view, gas was “part of the end solution.” According to the International Energy Agency, natural gas supplies 22% of energy used globally.
By Tyler Losier, Energy Reporter, Oil & Gas 360 Supply deficit quickly flipped to surplus: International Energy Agency data now shows 500,000 barrel per day global surplus for Q2 2019 Despite the OPEC+ supply cuts agreed upon earlier this month, a slowdown of the global economy is dampening oil demand, leading to a larger-than-expected surplus in crude reserves. According to
From Bloomberg OPEC’s loss of market power to what was once its biggest customer will continue until the middle of the next decade as U.S. shale oil thrives. By 2024, the Organization of Petroleum Exporting Countries’ capacity to pump crude will actually shrink because of declines in Iran and Venezuela, according to the International Energy Agency. As rivals grow, the
Oil prices above breakeven for three quarters of the year positive for drillers On the whole, 2018 produced good news for U.S. oil and gas companies, at least through the first three quarters of the year. Prices were above breakeven level for the first nine months of 2018, allowing producers to kick drilling plans and capital usage into high gear,
Worldwide, government policy decisions will be prime determinant of world’s energy direction In a new report, the International Energy Agency outlines new scenarios regarding fuels use and supply and demand, saying government policy decisions will determine what happens in the energy space, and that to meet global energy demand, investment in new supply of $2 trillion per year will be
What do you do with a one-trick-pony oil economy that is hiring about 5,000 oil workers, but you have 83 million people under 30 to find jobs for? Any nation’s leadership that has been lulled to sleep by decades of relying on a single successful product for virtually all of its very substantial revenues might be shocked to wake up
Venezuelan output is in free-fall and Iran’s production is sinking: IEA’s Birol says expensive energy is back and its inflicting damage on global economy From Bloomberg The International Energy Agency made a direct appeal to OPEC and other major oil producers to boost output, warning that high prices are inflicting damage on the global economy. “We should all see the risky
From Reuters NEW DELHI (Reuters) – Global oil markets could tighten towards the end of this year due to strong demand and uncertainty of production in some oil producing nations, the head of the International Energy Agency said. “Definitely there are some worries that oil markets can tighten towards the end of this year and as major oil importing countries
From Reuters Oil prices steadied on Thursday after sharp losses the previous session as the International Energy Agency (IEA) said the world’s oil supply cushion “might be stretched to the limit” due to production losses. Benchmark Brent crude oil LCOc1 rose $1.70, or more than 2.3 percent, to a high of $75.10 a barrel before losing almost all its gains
The International Energy Agency (IEA) released a new Oil Market Report (OMR) today. In its OMR, the IEA said countries across the globe have been steadily consuming more and more oil over the past few years. The IEA said that global oil demand growth for 2018 has increased slightly to 1.4 million barrels per day (mb/d), partly due to an
Birol believes rebalance is now coming in 2H of 2018 Back in July—on the U.S.’s Independence Day—Fatih Birol, the chief of the International Energy Agency (IEA) said he believed the oil market would rebalance in the second half of 2017, “but further output increases among key producers such as Nigeria and Libya could hamper this process,” Reuters reported from Birol’s
