(Investing.com)– Oil prices steadied on Tuesday on easing concerns about an oversupplied market and the trade dispute between the U.S. and China, the world’s top two oil consumers. Brent crude futures were up 7 cents, or 0.11%, at $61.08 a barrel at 1320 GMT. The U.S. West Texas Intermediate crude (WTI) contract for November delivery, set to expire on Tuesday, was
(Investing.com)– Oil prices edged lower on Friday, heading for a weekly loss of nearly 3% after the IEA forecast a growing glut and U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet again to discuss Ukraine. Brent crude futures were down 9 cents, or 0.15%, at $60.97 a barrel at 1311 GMT, while U.S. West Texas Intermediate futures were 4
(World Oil) – A record oversupply of oil will be bigger than previously estimated and the excess is already starting to build up on ocean going tankers, the International Energy Agency said. World oil supply will exceed demand by almost 4 million barrels a day next year, an unprecedented overhang in annual terms, the IEA said in its latest monthly
(World Oil)– A looming surge in liquefied natural gas supply through the end of the decade is poised to create demand that won’t go away, said an ADNOC Gas executive. Prices of the super-chilled fuel are widely expected to drop as a number of LNG projects go online in the coming years, including Abu Dhabi National Oil Co.’s plant at
(Oil Price)– The International Energy Agency (IEA) has revealed that electricity consumption in the Middle East and North Africa (MENA) has tripled since 2000, making the region one with the fastest-growing power demand on the planet. According to the IEA, the explosive growth was mainly driven by expanding populations and rising incomes, with air conditioning accounting for nearly half of peak
(Investing) – LONDON – The decline in output from mature global oil and gas fields is accelerating amid greater reliance on shale and deep offshore resources, the International Energy Agency said on Tuesday, meaning companies need to invest more just to keep output flat. The IEA, which advises industrialised countries, is under fire from U.S. President Donald Trump’s administration for a
(World Oil)– ExxonMobil said net zero goals for the global energy sector are likely to drift further beyond 2050 due to consumers pushing back against high costs and a revival in demand for coal, the most polluting fossil fuel. Global emissions will fall by a quarter by 2050, far short of the more than two-thirds drop needed to meet Intergovernmental
(World Oil)– Global oil markets are on track for a record surplus next year as demand growth slows and supplies swell, the International Energy Agency said. Oil inventories will accumulate at a rate of 2.96 million bpd, surpassing even the average buildup during the pandemic year of 2020, data from the IEA’s monthly report showed. World oil demand this year
(Investing.com)– Oil prices fell over 1% on Wednesday after a U.S. crude supply unexpectedly rose, but losses were limited after the U.S. Treasury Secretary said President Donald Trump could leverage sanctions at a meeting with Russian President Vladimir Putin. Brent crude futures dropped 80 cents, or 1.2%, to $65.32 a barrel by 10:46 a.m. EDT, while U.S. West Texas Intermediate crude
(Oil Price)– The United States looks to replace the deputy executive director of the International Energy Agency (IEA), the second-in-command role in the agency that is usually reserved for a U.S. representative, POLITICO’s E&E News reported on Thursday, quoting former U.S. officials and energy industry insiders familiar with the plan. American Mary Burce Warlick is currently the Deputy Executive Director of the
(World Oil)– Global supply of liquefied natural gas is set to surge the most since 2019 next year, primarily driven by production additions in North America, the International Energy Agency said. The increase in supply will accelerate to 7%, or 40 billion cubic meters a year in 2026, following a 5.5% expansion this year, the IEA said in its quarterly gas
(Oil Price)– A House committee has approved a bill that the U.S. withdraw its funding to the International Energy Agency as the Republican lawmakers consider that the IEA has strayed from its mission to safeguard energy security and has been pushing green energy policies instead. The House Appropriation Committee said in a report this week that the IEA “has strayed from its
