Wednesday, July 15, 2020

International Energy Agency News

DNV GL: Oil Demand, CO2 Emissions Probably Peaked in 2019

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Global oil demand and carbon dioxide emissions probably peaked in 2019 as the COVID-19 pandemic will have a lasting impact on both, energy consultancy DNV GL said on Wednesday.The Norway-based consultancy, which advises both petroleum and renewable energy companies on risk management and technology, said global energy use would be 8% lower in 2050…

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…

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…

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.

BIMCO: 2020 and the Collapse of Bunker Fuel Markets

Source: BIMCO

The sulfur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the center stage in the shipping industry at outset of the new decade. Four months on, the spotlights have turned to the coronavirus and the OPEC+ oil price war.The outlook for global economic growth remains bleak as the world is faced…

Siemens Gamesa Says Affected by COVID-19, but Long-Term Prospects Sound

Image Credit: Siemens Gamesa

Wind turbines maker and service provider Siemens Gamesa has said its January-March quarter performance was affected by the COVID-19 pandemic on its operations and commercial activity, but assured that the long-term prospects for the industry and the company remain sound.Siemens Gamesa said that the pandemic had a direct impact of €56mn on the company's…

Shell Cuts Dividend for First Time Since World War Two

Shell logo - Image Credit: Alexandr Blinov / AdobeStock

Royal Dutch Shell cut its dividend for the first time since World War Two on Thursday as the energy company retrenched in the face of an unprecedented drop in oil demand due to the coronavirus pandemic.Shell also suspended the next tranche of its share buyback program and said it was reducing oil and gas output by nearly a quarter after its net profit…

When Oil Became Waste

© eaumstocker / Adobe Stock

A week of turmoil for crude, and more pain to comeThe magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures, which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel.In just a few months, the coronavirus pandemic…

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…

OPEC, Russia Approve Biggest-Ever Oil Cut to Support Prices

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S.

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…

Oil Drops after Saudi Arabia, Russia Delay Meeting on Output Cuts

Oil prices slipped on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand.Brent crude slipped close to $30 a barrel in early trade and was at $33.45 by 0532 GMT, down 66 cents, or 1.9%. West Texas Intermediate crude fell 98 cents…

COVID-19 Oil Demand Hit Renders OPEC+, Trump Actions Irrelevant

Imagine for a moment that the Organization of the Petroleum Exporting Countries (OPEC) and Russia had agreed at the start of this month to extend and deepen their crude oil output cuts. It wouldn't have made the blindest bit of difference.While it was only three and half weeks ago, though it feels as long as a lifetime, the collapse of the deal between OPEC and allies…

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.

Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts

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Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which cut demand forecasts after the coronavirus outbreak in China, the biggest oil importer.Brent crude was up 32 cents, or 0.6%, at $56.11 a barrel by 10:52 a.m. ET (1552 GMT), while U.S.

Ørsted Tops World's Sustainable Companies

Image: Ørsted

The global leader in offshore wind Ørsted becomes the first-ever energy company to top a index.The Denmark-based global power company has outperformed more than 7,300 global companies with billion-dollar revenues to rank #1 in Corporate Knights' 2020 index of the Global 100 most sustainable corporations in the world.Henrik Poulsen, CEO of Ørsted, said: "We're immensely proud to rank as the world's most sustainable company.

Offshore Energy Outlook for 2020

Equinor’s Hywind Tampen project will use floating wind turbines to provide power to the Snorre and Gullfaks oil and gas production facilities.  (Image: Equinor)

The “new normal” is a phrase tossed around often in offshore energy circles today as those servicing and operating in the sector grapple with the harsh realities of the prolonged industry downturn. Operators, service companies and equipment suppliers have been forced to adjust to oil selling at prices well below the $100+ per barrel mark seen in years past.

Eneco Buys Power from GE Haliade-X 12

Image:  GE Renewable Energy

Dutch energy company Eneco is set to purchase all the electricity generated by GE Renewable Energy's 12MW Haliade-X offshore wind turbine prototype.The announcement was made during a ceremony to inaugurate the prototype that was recently installed at the port of Maasvlakte-Rotterdam in the Netherlands.The prototype set a new world record this past…

SGRE's 1,000th Offshore Wind Turbine Up

Image: Siemens Gamesa Renewable Energy

Spanish-based manufacturer of wind turbines Siemens Gamesa Renewable Energy (SGRE) has reached a milestone with the installation of its 1000th offshore direct drive wind turbine as it embarks on the 10MW-plus era.The company reached the milestone by recently installing turbine 51 on Iberdrola's 714MW East Anglia One project off the UK – eight years…

Offshore: OSV Market Report

Photo courtesy Ulstein Group/Marius Beck Dahle

The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.The fate of Offshore Service Vessels (OSVs) is…