(Oil Price) – The world needs upstream investments in existing oil and gas fields to support global energy security, Fatih Birol, the executive director of the International Energy Agency (IEA), said at the CERAWeek by S&P Global conference in Houston. The IEA famously said in 2021 that no investments in new oil and gas fields are needed if the world has a chance
(Oil Price) – Crude oil demand will remain at current levels over the next 15 years at least, commodity trading major Vitol has forecast, shattering earlier predictions from outlets such as the International Energy Agency that has consistently been predicting peak oil demand growth before 2030. Demand for crude is set to rise further in the coming years, to peak at
(Investing) – WASHINGTON – The International Energy Agency needs to revamp how it writes its annual energy outlook to reflect real-world scenarios, not to bolster its current focus on the global energy transition, according to a report released on Wednesday by the agency’s former oil director. The report named Energy Delusions was written by former IEA oil director Neil Atkinson for
(World Oil) – Technology giants are partnering with geothermal start-ups as they seek to power their energy-intensive data centers with clean but reliable power sources. Several deals have been struck over the past year as Big Tech is looking to boast low-emission profiles of its energy use. The other 24/7 low-carbon energy comes from nuclear power generation, and deals have been
(Oil Price) – Fracking techniques perfected in the U.S. shale patch could help drill for deeper and hotter geothermal energy resources and slash geothermal costs to make this low-carbon energy source competitive to other clean energy solutions, the International Energy Agency (IEA) said on Friday. Recent advances in horizontal drilling and hydraulic fracturing, “honed through oil and gas developments in North America,” are
(Investing) – LONDON -Oil prices were little changed on Thursday as a forecast for ample supply in the oil market offset optimism stemming from rising expectations of a U.S. interest rate cut. Brent crude futures were down 23 cents, or 0.3%, at $73.29 a barrel by 1421 GMT. U.S. West Texas Intermediate crude futures were down 27 cents, or 0.4%, at $70.02.
(Investing) – LONDON – OPEC cut its 2024 global oil demand growth forecast for a fifth straight month on Wednesday and by the largest amount yet, a series of downgrades that highlights China’s sputtering role as the world’s demand growth engine. The weaker outlook underlines the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such
(Oil & Gas 360) – With slightly less than a month left before his annual global night of magic, Santa received a lengthy Christmas list after this year’s COP 29 climate action conference in Azerbaijan. The group and the International Energy Agency (IEA) have cited five key areas. They look to triple renewable energy capacity while doubling energy efficiency. Another major
(Oil & Gas 360) – The ever-changing global energy markets were given a comprehensive assessment by the International Energy Agency in its World Energy Outlook 2024 released earlier this October. The agency’s Energy Transition assessment highlights capacity additions of renewals of over 560 gigawatts added in 2023. Capacity refers to a source running at full efficiency; actual electron delivery from
(Oil Price) – Spanish energy giant Repsol has decided to pause green hydrogen development projects in its home country, citing an unfavorable regulatory regime with the idea of a permanent windfall tax on energy companies, a spokesperson for Repsol told Reuters on Monday. The Spanish firm has a pipeline of 350 megawatts (MW) of electrolysis capacity for green hydrogen projects across Spain, but
(Oil Price) – Oil prices are little changed in Wednesday’s intraday sessions after they tumbled more than 4% on Tuesday to a near two-week low on easing Iranian supply disruption fears. According to a report by the Washington Post, Israeli Prime Minister Netanyahu told the Biden administration that Israel is willing to strike Iran’s military infrastructure rather than oil or nuclear facilities,
(Oil & Gas 360) – The seemingly unending downward pressure on domestic natural gas prices isn’t getting much relief, given October storage numbers, according to the Energy Information Administration (EIA). October is routinely known as the start of injection season for increasing natural gas inventories ahead of winter. The agency shows current storage to be over 175 billion cubic feet (BCF)
