Post Tagged with: "International Energy Agency"

Source: Reuters

Exclusive: Investors step up pressure on global energy watchdog over climate change

Reuters LONDON/BRUSSELS – Fatih Birol, the head of the International Energy Agency (IEA), faced renewed pressure on Monday from investors and scientists concerned about climate change to overhaul the agency’s projections for fossil fuel demand. Pension funds, insurers and large companies were among 65 signatories of a joint letter to Birol, seen by Reuters, urging him to do more to support the implementation of the 2015 Paris Agreement to avert catastrophic global warming. “The year 2020 marks a turning point for the world — the year when we either grasp the challenges and opportunities before us, or continue delaying and obstructing the low-carbon transformation,” the letter said. The letter represented the first coordinated response by investors, scientists and campaigners pushing Birol to rethink the Paris-based organization’s flagship annual outlook since the latest edition was launched on Nov. 13. Known as the World Energy Outlook, the document, which runs to hundreds[Read More…]

Oil Steadies as Saudi, Kuwait Signals Offset Demand Fears

Oil Steadies as Saudi, Kuwait Signals Offset Demand Fears

From Reuters Oil prices were little changed on Monday as expectations that major producers would continue to reduce global supplies ran into worries about sluggish growth in crude demand due to the U.S.-China trade war. International benchmark Brent crude settled at $58.57 a barrel, up 4 cents. West Texas Intermediate (WTI) futures settled at $54.93, up 43 cents. Investors were torn between forecasts of slowing global oil demand growth and chatter about renewed efforts by major producers to curtail output and support prices, analysts said. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have agreed to cut 1.2 million barrels per day (bpd) since Jan. 1. Kuwait was “fully committed” to the OPEC+ agreement, Oil Minister Khaled al-Fadhel said, adding that Kuwait has cut its own output by more than required by the accord. He said fears of a global economic downturn were “exaggerated,” and[Read More…]

Oil Rises on European Stock Draw Despite Demand Slowdown Forecast

Oil Rises on European Stock Draw Despite Demand Slowdown Forecast

From Reuters Oil prices rose more than $1 a barrel on Friday, supported by a drop in European inventories and OPEC output cuts despite the International Energy Agency reporting demand growth at its lowest since the financial crisis of 2008. Brent crude LCOc1 futures gained $1.15, or 2%, to settle at $58.53 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $1.96, or 3.7%, to settle at $54.50 a barrel. “Despite a further cut in oil demand growth by the IEA, oil prices are trading marginally higher, as the demand growth cut was already announced previously by the head of the IEA and the agency still expects larger inventory draws for 2H19,” said UBS analyst Giovanni Staunovo. The IEA said global oil demand to May from January grew at its slowest since 2008, hurt by mounting signs of an economic slowdown and a ramping up of the U.S.-China[Read More…]

BP to Enter India’s Fuel Retail Market with Reliance Tie-Up

BP to Enter India’s Fuel Retail Market with Reliance Tie-Up

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 such cars. BP will own a 49% stake in its new Indian joint venture, with the rest held by Reliance, operator of the world’s biggest refining complex. The companies did not disclose financial details of the deal. In 2011 BP acquired a 30% stake from Reliance in some of its exploration blocks and formed a gas sourcing and marketing tie-up. In 2017 the two companies signed agreements to explore options to work together to develop alternative fuels and mobility businesses. The new venture will take over Reliance’s 1,400-plus retail fuel[Read More…]

Gas is Part of the Solution in the Planet’s Energy Transition, Goldman Sachs Strategist Says

Gas is Part of the Solution in the Planet’s Energy Transition, Goldman Sachs Strategist Says

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. “Renewables make perfect sense up to 50% of the power generation because … you can still manage the unreliability of supply and the timing of demand,” he added. When you go above 50% renewables, he explained, things change. “You can only do it without gas fired powered generation if you put batteries in, and today batteries are not economic, they are not in the right part of the cost curve and their manufacturing process uses materials which are scarce,” Della Vigna said. The term “global energy transition” can be seen[Read More…]

Source: Sweetcrudereport.com

Global Economic Slowdown Reducing Oil Demand

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 an International Energy Agency (IEA) report released July 12, worldwide oil supply for the first half of 2019 has exceeded demand by 900,000 BOPD. For Q2 2019, data shows a global surplus of 500,000 BOPD, a major departure from the previously predicted deficit of 500,000 BOPD. Even though OPEC+ leaders met earlier this month, agreeing to extend thei… Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password