IEA: Global oil and gas production is declining rapidly, IEA reports
International Energy Agency (IEA) said Tuesday that the decline in oil and gas production from mature fields around the world is increasing due to a greater reliance on deep-ocean and shale resources. This means companies will need to invest even more to maintain output. Donald Trump's administration has criticized the IEA for its recent shift in focus to clean energy policy.
The IEA reports that the decline rates of global oil and gas fields are increasing.
International Energy Agency reported on Tuesday that the natural rate of decline for oil and gas production is increasing, due to a greater reliance on deep-ocean and shale resources. The International Energy Agency said on Tuesday that companies would need to increase their investment pace to maintain the same output. In a press release, the IEA…
Oil Prices Rise by Nearly 2% After Drone Strike on Russian Terminal
Oil prices rose by nearly 2% on Friday after a Ukrainian drone attack on a Russian port suspended loadings, outweighing pressure from oversupply concerns and weaker U.S. demand risks.The drone attack on Russia's northwestern port of Primorsk - one of the country's largest oil and fuel export terminals - led to a suspension of oil loading operations overnight…
IEA reduces 2030 low-emission hydrogen production forecast by almost a quarter
The International Energy Agency reported on Friday that a wave of cancellations as well as cost pressures and policy uncertainties have reduced the projected 2030 development by almost a quarter. The IEA's Global Hydrogen Review states that the IEA expects to produce 37 million metric tonnes of low-carbon fuel per year by 2030. This is down from 49 millions a year ago as developers have shelved plans or delayed them.
The IEA reports that Russia's oil export revenues fell in August.
The International Energy Agency reported on Thursday that Russia's revenues from crude oil and petroleum products fell in August, to the lowest level since the beginning of the conflict with Ukraine. The Russian energy industry is being challenged by drone attacks on oil refineries, export pipelines and Western sanctions. The IEA reported that revenues…
The IEA reports that Russia's oil export revenues fell in August.
The International Energy Agency reported on Thursday that Russia's revenues from crude oil and petroleum products fell in August, to the lowest level since the beginning of the conflict with Ukraine. The Russian energy industry is being challenged by drone attacks on oil refineries, export pipelines and Western sanctions. The IEA reported that revenues…
India offers large incentives for carbon capture as coal remains a major part of the energy mix
India is planning to launch a national initiative to capture carbon dioxide with significant government incentives as it tries to balance its rising energy demands with climate goals, while still relying heavily on coal. Rajnath Ram said that the initiative, which aims to promote carbon capture, utilisation, and storage (CCUS), could provide funding support ranging between 50% and 100% for selected projects.
Trump's options for easing Russia sanctions are limited in comparison to Europe
Donald Trump, the U.S. president, could lift some sanctions against Russia quickly as a way to reward Moscow for successful peace talks with Ukraine. However only Europe can make the larger steps necessary to ease Russia's cash crisis. Trump has threatened to impose additional sanctions and tariffs against Russia and its oil buyers if there are no signs of progress in the three-and-a-half-year long war in Ukraine.
Norway Oil Industry Investment to Peak in 2025: Survey
A survey by the Statistics Office of Norwegian industry participants showed that oil and gas investment in Norway is expected to peak this coming year and then start decreasing next year. Major projects will be completed. Norway produces around 2% of the world's oil and is now Europe's leading supplier of pipeline natural gas following Russia's invasion in Ukraine in February 2022.
OPEC raises its 2026 oil supply forecast and reduces the growth of rivals' supplies
OPEC raised its forecast of global oil demand for next year, and trimmed their estimate for the growth in supply coming from the United States and producers outside the larger OPEC+ Group. This indicates a tighter marketplace. The prospect of higher demand and a decline in supply growth outside OPEC+ (which groups OPEC, Russia, and other allies) would…
OPEC's oil production rose in July, led by the UAE and Saudi Arabia, according to a survey
A survey on Friday found that OPEC oil production increased in July following an OPEC+ deal to increase production. However, the rise was limited due to Iraq's additional cuts and drone attacks on Kurdish fields. According to the survey, the Organization of the Petroleum Exporting Countries (OPEC) pumped 27,38 million barrels of oil per day in June, an increase of 270,000 bpd over the revised total for the month.
French spot prices rise on the wind losses, but are still impacted by holidays.
The wholesale French power day-ahead rose on Thursday as the wind power supply in the region was forecast to decrease, while the week-ahead price fell due to the beginning of the main holiday season. In France, August is a major holiday month. This also applies to Germany. Schools are closing now in two of the most populous states in southern Germany: Baden-Wuerttemberg and Bavaria.
IEA forecasts the fastest increase in power demand since more than a decade
The International Energy Agency announced on Wednesday that global electricity demand will increase at the fastest rate in more than a decade. This is due to increased industrial use, data centres, and electric vehicles. The International Energy Agency said that demand will rise by 3.3% between 2025 and 2026. This is well above the 2.6% seen from 2015 to 2023.
Nickel demand in the Philippines is a major concern
The Philippines is ramping up its operations to meet the global demand for metals, minerals and other materials to support the green transition. "When you mine for nickel, you must remove topsoil, forest vegetation and wildlife, causing deforestation and displacement of wildlife," said Grizelda mayo-Anda. She is the director of Environmental Legal Assistance Center, a legal organization that promotes environmental rights.
China's naphtha imports will reach record levels in 2025 due to new plants and US trade concerns
Analysts and traders predict that China's imports of naphtha will reach record levels in 2018. New plants and the caution about U.S. propane, ethane and ethane will support demand for this petrochemical feedstock and improve refiners' margins. Sources said that cracker operators at the world's biggest petrochemical company, which has shifted in recent years from cheaper U.S.
Freeport-McMoRan is poised to benefit from Trump's tariff on copper against competitors with few options
Freeport-McMoRan's annual profit could increase by $1.6 billion if President Donald Trump’s proposed copper tariff is implemented. This benefit would be driven by Freeport-McMoRan's position as the United States' largest producer, with greater expansion options than its competitors. Freeport, based in Phoenix, is responsible for 60% of the U.S. output of copper. Since the 19th century it has developed U.S.
Saudi Arabia Complying With Voluntary OPEC+ Target
Saudi Arabia's energy ministry said on Friday the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi marketed crude supply in June was 9.352 million barrels per day, in line with the agreed quota.The statement follows a report this month by the International Energy Agency (IEA), which said that Saudi Arabia exceeded its oil output target for June by 430…
Palm oil rises two weeks in a row on the strength of rival oils
Malaysian palm futures rose Friday, logging its second weekly gain in spite of higher June stocks. This was due to stronger edible oils and the weaker ringgit. At closing, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery gained 29 ringgit (0.7%), to 4,175 Ringgit ($982.35) per metric ton. The contract increased by 2.78% in the past week.
India to increase energy security by adding new strategic reserves of oil
The head of the company responsible for strategic reserves, who spoke on Wednesday, said that India is looking at building three new strategic oil reserve to increase its emergency stockpile as well as strengthen energy security. India is the third largest oil consumer and importer in the world. It imports over 80% of the oil it consumes and constantly…
As Wars Rage, Middle East's Waning Influence on World Oil Prices Exposed
The contained move in oil prices during the Israel-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics will no longer be the dominant force in oil markets they once were.The jump in oil prices following Israel's surprise attack on Iran was meaningful but…