Saturday, June 6, 2020

Fatih Birol News

IEA: Global Energy Investment to Plunge 20%

IEA' Executive Director Fatih Birol - Credit: IEA

Global energy investment is expected to plunge by around 20% or $400 billion in 2020, its biggest fall on record, because of the new coronavirus outbreak, the International Energy Agency (IEA) said on Wednesday.The Paris-based IEA said this could have serious repercussions for energy security and the transition to clean energy as the global economy recovers from the pandemic.Governments are easing restrictions put in place to curb the spread of the virus after the confinement of around 3 billion people brought the global economy to a near standstill.At the start of the year…

IEA: Early Signs of Recovery Visible, But Oil Demand Still Set For Record Fall

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Oil demand is still set for a record fall in 2020, the International Energy Agency (IEA) said on Thursday, but it trimmed its forecast for the drop citing easing lockdown measures.Demand is expected to fall by 8.6 million barrels per day (bpd), the IEA said in its monthly report, raising its estimate by 690,000 bpd compared to last month.Around 2.8 billion people will be living under confinement measures aimed at containing the novel coronavirus at the end of May, down from 4 billion in April…

IEA: New Cuts by Saudi Arabia and Others Unlikely to Balance Oil Market

Fatih Birol - IEA Executive Director - Credit: IEA

International Energy Agency (IEA) Executive Director Fatih Birol said on Thursday that recently announced oil output cuts by major Gulf Arab producers would likely not be enough to balance global markets as coronavirus lockdowns hollow out demand."I am happy to see Saudi Arabia, the Emirates and Kuwait - on top of their existing commitments - are now going to make further cuts.

April May Prove Worst Ever Month for Oil Industry - IEA's Birol

Fatih Birol - Credit; IEA

International Energy Agency (IEA) Executive Director Fatih Birol said on Wednesday this month could prove the worst ever experienced by the oil industry."In a few years' time, when we look back on 2020 we may well see that it was the worst year in the history of global oil markets," Birol told reporters on a conference call after the IEA energy watchdog released its monthly report."During that terrible year, the second quarter may well have been the worst of the lot.

Saudi, Russia Closing in on Record Oil Cut Deal

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OPEC and it allies held talks on Thursday on record oil output curbs of about 15 million barrels per day (bpd) or more, roughly 15% of global supplies, to support prices hammered by the coronavirus crisis, sources involved in the discussions said.They said the plan included cuts of about 5 million bpd from producers outside the group known as OPEC+ and could be made gradually, as the group seeks to overcome resistance from the United States whose involvement they see as vital to a deal.Talks have been complicated by friction between OPEC leader Saudi Arabia and non-OPEC Russia…

IEA Warns Oil Producers Against Playing 'Russian Roulette'

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The International Energy Agency Executive Director Fatih Birol said that "playing Russian roulette in oil markets may well have grave consequences", adding that oil prices below $25 a barrel would lead to stop in new U.S.

Reaping Wind at Sea: A $1 Trillion Industry

File Image (Credit Sparrow Group)

Offshore wind could become a cornerstone of the world's power supply as steep cost reductions and improved technology unleash the potential of the green energy source, said the International Energy Agency (IEA) on Friday.Renewables replacing fossil fuel is crucial to meet a globally-agreed goal of limiting temperature rise to below 2 degrees Celsius this century and the expansion of offshore wind could avoid 5-7 billion tonnes of CO2 emissions from the power sector globally, said the IEA.Power generated from wind turbines at sea only accounts for 0.3% of global electricity generation today…

Renewable Power Capacity to Rise 50% in Five Years

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Global renewable energy capacity is set to rise by 50% in five years' time, driven by solar photovoltaic (PV) installations on homes, buildings and industry, according to the International Energy Agency (IEA).Total renewable-based power capacity will rise by 1.2 terawatts (TW) by 2024 from 2.5 TW last year, equivalent to the total installed current power capacity of the United States.Solar PV will account for nearly 60% of this growth and onshore wind 25%, the IEA's annual report on global renewables showed.The share of renewables in power generation is expected to rise to 30% in 2024 from 26% today.Falling

Global Energy Investment Totals $1.8trln in 2018

Pic: International Energy Agency

Global energy investment totalled more than USD 1.8 trillion in 2018, a level similar to 2017, said the International Energy Agency (IEA).The investment stabilised in 2018, ending three consecutive years of decline, as capital spending on oil, gas and coal supply bounced back while investment stalled for energy efficiency and renewables.IEA's latest annual review said that for the third year in a row, the power sector attracted more investment than the oil and gas industry.The biggest jump in overall energy investment was in the United States…

IEA to Push for Offshore Wind Energy

Participants from around the world discussed future development plans for offshore wind at the workshop. (Photo credit: IEA)

The International Energy Agency (IEA) held a high-level workshop on the outlook for offshore wind energy yesterday (May 13), bringing together 80 senior representatives from government, the private sector, research groups, academia and international organisations.Participants joined from countries around the world, including many from Europe, the United States, Japan and China, said a press release from the Paris-based autonomous intergovernmental organization which works to ensure reliable…

US to Lead Oil Supply Growth to 2024

Dr Fatih Birol (center) and IEA Oil Analyst Toril Bosoni (right) present the findings from Oil 2019 in Houston at CERA Week on 11 March 2019 (Photograph: Getty Images)

The United States is set to drive the global oil supply growth over the next 5 years, thanks to the strength of its shale industry, triggering a rapid transformation of world oil markets, according to the International Energy Agency (IEA).IEA said that oil exports from the United States will overtake Russia and close in on Saudi Arabia, bringing greater diversity of supply, by the end of the forecast.While global oil demand growth is set to ease, in particular as China slows down, it still increases an annual average of 1.2 mb/d to 2024, according to the report, Oil 2019.

DOE Chief Perry: OPEC Bill Could Spike Oil Prices

U.S. Energy Secretary Rick Perry (CREDIT: US DOE)

The United States needs to be cautious about pending legislation that would allow the Justice Department to sue OPEC and other oil producers over supply cuts because it could result in higher prices in the long term, U.S. Energy Secretary Rick Perry said on Thursday."We need to be really careful before we pass legislation that may have an impact that goes way past its intended consequences," Perry said at a news conference.The bill could curtail supply management by oil producers in global markets, possibly leading to a petroleum glut and lower prices.

Oil Markets Face Unprecedented Uncertainty

Fatih Birol (Photo: IEA)

Oil markets are entering an unprecedented period of uncertainty due to geopolitical instability and a fragile global economy, the head of the International Energy Agency said on Tuesday.Concerned about an emerging production overhang similar to the one that led to a price slump in 2014, the Organization of the Petroleum Exporting Countries is pushing for a supply cut of 1 million to 1.4 million barrels per day (bpd).The United States restored sanctions targeting Iran's oil sector in early November…

Oil Drops 4 pct as Equities Slide Sparks Demand Worries

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Oil prices fell about 4 percent on Tuesday, with U.S. crude plunging to its lowest in over a year, caught up in Wall Street's broader selloff fed by growing concerns about slowing global growth.U.S. West Texas Intermediate (WTI) crude futures were at $54.72 per barrel, down $2.48, or 4.3 percent by 11:14 a.m. EST (1614 GMT). The contract fell as much as 6.2 percent earlier in the session to $53.63 a barrel, the lowest since October 2017.So far in the session, more than 585,000 U.S. futures contracts had changed hands…

Oil Slumps 7 Percent

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Oil prices tumbled about 7 percent on Tuesday, with U.S. crude plunging to its lowest level in more than a year, caught in a broader Wall Street selloff that was fed by rising concerns about slowing global economic growth.U.S. West Texas Intermediate (WTI) crude futures were down $3.90, or 6.8 percent, at $53.30 per barrel by 2:01 p.m. EST (1901 GMT). The contract fell as much as 7.7 percent earlier in the session to $52.77 a barrel, the lowest since October 2017.So far in the session, more than 868…

Rising Use of Plastics to Drive Oil Demand to 2050 - IEA

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Plastics and other petrochemical products will drive global oil demand to 2050, offsetting slower consumption of motor fuel, the International Energy Agency (IEA) said on Friday.Despite government efforts to cut pollution and carbon emissions from oil and gas, the Paris-based agency said it expected the rapid growth of emerging economies, such as India and China, to propel demand for petrochemical products.Petrochemicals that are derived from oil and gas feedstocks form the building blocks…

IEA Calls for Enhancing Global Natural Gas Security

Image: IEA

The evolution of the global natural gas market, which has been driven by the growth in liquefied natural gas (LNG) demand, continues to change the relationship between buyers and sellers, and raises new challenges for the global security of energy supplies.Global natural gas markets are being reshaped by the development of major emerging LNG buyers led by China, and the rising production and exports from the United States. The third annual edition of the International Energy Agency’s Global…

US Aims to Be Key Source of Global Energy Supplies

Frank Fannon, Assistant Secretary, Bureau of Energy Resources (Photo: U.S. Department of State)

The United States will become a key source of energy supplies to meet growing demand globally, with innovation in technology and financing set to boost U.S. oil and gas production in the next decade, the country's top energy diplomat said."In the next 5-10 years, we expect to see improved recovery rates and even a doubling in some of our most prolific (gas) basins," said Frank Fannon, assistant secretary in the energy bureau of the U.S. state department."What this means in the near-term is that the United States may double production…

Oil Prices Fall 2% on Rising Supply and Trade War

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Oil prices fell more than 2 percent on Tuesday on signs of rising supply and concerns that global economic activity and fuel demand would be hit by a deepening U.S.-China trade dispute.Benchmark Brent crude oil fell by $2.25 a barrel to a low of $75.09 before recovering slightly to around $75.50, down $1.84, by 1345 GMT. U.S. light crude was down $1.30 at $65.74.Both contracts had recovered some ground over the past few days but are now more than $10 a barrel below four-year highs reached…

Oil Prices Sink to Lowest in a Year as Stock Markets Fall

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Oil prices fell about 3 percent on Thursday, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a U.S. interest rate rise knocked stock markets.Brent crude futures fell $1.53 to $55.71 a barrel, a 2.7 percent loss, by 10:55 a.m. EST (1555 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $1.55 to $46.62 a barrel, a 3.2 percent loss.Brent earlier hit a session low of $54.64 a barrel, the weakest since mid-September 2017, while WTI sank to $45.82…