"We are not investing enough to meet future energy needs, and the uncertainties are setting the stage for a volatile period ahead," the IEA said.
Natural gas prices soared earlier on Wednesday before dramatically tumbling following the statement of Putin.
41 new firms signed onto the Net Zero Asset Managers initiative, bringing the total of net-zero focused assets under management to $43 trillion.
The IEA said COVID will keep impacting demand due to continued outbreaks, unequal vaccination rates and shifts in consumer behaviour.
The International Energy Agency said that renewable energy sources increased by 45% during the COVID-19 pandemic in 2020 while oil demand fell.
The IEA expects global oil demand to recover slower than expected in early 2021. Global consumption is expected to stage a stronger comeback later in the year, the agency said. Lockdowns in countries around the world are weakening the pace of higher oil demand. Visit Business Insider’s homepage for more […]
Global oil demand growth will reach 5.7 million barrels per day next year, according to the International Energy Agency, which cut its 2021 forecast by 170,000 barrels per day from its estimate a month ago. Demand for aviation fuels is expected to remain weak next year, even with the rollout […]
The International Energy Agency revised down its 2020 global oil demand forecast to 91.7 million barrels per day on expectations of a “treacherous” path ahead. “We expect the recovery in oil demand to decelerate markedly in the second half of 2020, with most of the easy gains already achieved,” the […]
Hedge funds have cut their bullish bets on crude oil futures in the week to September 8 at the fastest pace since mid-March. Investors sold 171 million barrels’ worth of crude and refined products, reflecting stalling demand, with Brent accounting for 67 million barrels and West Texas Intermediate for 57 […]
The International Energy Agency lowered its global oil demand forecasts for 2020 and 2021 on expectations of a further downturn in air travel. Although there has been a recovery in business and industrial activity, that did not deter the agency from downgrading its estimates. The Paris-based agency expects global oil […]
The worst of the oil market downturn from the coronavirus pandemic has passed, according to the International Energy Agency. That outlook comes despite a resurgence in coronavirus cases and a massive crude oil inventory build-up. The IEA said reimpositions of lockdowns in North and Latin America have been “casting a […]
The International Energy Agency, in its closely-watched oil market report, predicted that global oil demand will drop by 8.1 million barrels a day this year, the biggest decline in history. Demand is expected to rebound by a record 5.7 million barrels a day in 2021, IEA said. The agency adjusted […]
Oil prices rose Thursday after a report from the International Energy Agency said there are signs of recovery in the commodity market. West Texas Intermediate crude gained 3.3% to $US26.09 a barrel at 8:00 a.m. in New York. Brent crude rose nearly 3% to $US30.03 a barrel at the same […]
Energy demand could plunge 6% this year, the largest in 70 years in percentage terms and the largest ever in absolute terms, according to a Thursday report from the International Energy Agency. The IEA’s forecast would be more than seven times larger than the impact of the 2008 financial crisis […]
Energy market leaders from the IEA and OPEC have estimated that income from oil and gas could fall between 50% and 85% in emerging markets as a result of coronavirus. Oil prices have fallen more than 50% since the start of 2020 following a slump in demand and a price […]
Oil prices tumbled to 33-month lows on Friday as coronavirus fears and doubts about production cuts took hold. The Organisation of Petroleum Exporting Countries halved its growth forecast for global oil demand this year to 480,000 barrels per day, blaming the epidemic. Cartel leaders recommended cutting output by 1.5 million […]
Oil demand is set for its first quarterly fall in over a decade, the IEA said Thursday. Oil growth for the year will be the lowest it’s been since 2011. Coronavirus infections spiked by 15,000 Thursday, and oil markets have been on the frontlines of fears about the economic cost […]
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