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…
Brazil increases biofuels, sees self-sufficiency in gasoline
The Brazilian National Energy Policy Council approved an increase in the amount of biofuels blended into fossil fuels on Wednesday. This move was also hailed by renewable energy lobbyists who had earlier claimed that the blends wouldn't be changed this coming year. Pietro Mendes from the Energy Ministry's Oil and Gas Department announced the changes during a press conference.
JERA and Woodside Energy reach agreement on winter supply during the winter months
The companies announced on Friday that Japan's largest power generator, JERA and Australia's Woodside Energy, have signed an agreement for Woodside Energy to supply JERA only with liquefied gas during the winter. The Heads of Agreement were signed in Tokyo at the LNG Producer-Consumer Conference. This event was co-hosted jointly by the Japanese industry ministry and International Energy Agency.
Japan returns to long term LNG deals on AI boom and national energy plan
The liquefied gas industry in Japan is once again in the spotlight, as artificial intelligence booms and rising costs of cleaner energy drive the appetite for long-term LNG contracts. Japan, which is the second largest LNG importer in the world, has secured long-term deals with Qatar, and other buyers are also securing such agreements. Japan's LNG exports have been falling for over a decade…
Tighter Emissions Regulations, Slower Economy to Soften Marine Fuel Demand
Stricter environmental regulations and slower global economic growth will soften marine fuel demand in the coming years, the International Energy Agency said in its annual report on Tuesday.Marine fuel sales jumped last year due to Red Sea disruptions that made shipping companies take longer routes.But demand for those fuels, also called bunkers, could flatline at around 5 million barrels per day (bpd) in 2024-2030…
IEA: World oil demand will continue to grow this decade despite China's peak in 2027
The International Energy Agency (IEA) said that global oil demand will continue to grow until the end of the decade, despite a peak in China, the top importer, in 2027. This is because cheaper gasoline in the United States and a slower adoption rate for electric vehicles in this country support consumption. The IEA (which advises industrialised nations)…
Commodity Report: Meeting Oil Demand a Challenge if Israel Hits Iran Oil
Oil market participants have switched to dreading a shortage in fuel from focusing on impending oversupply in just two days this week.After Israel attacked Iran and Tehran pledged to retaliate, oil prices jumped as much as 13% to their highest since January as investors price in an increased probability of a major disruption in Middle East oil supplies.Part…
The IEA predicts that global energy investment will reach a record $3,3 trillion by 2025.
The International Energy Agency (IEA), said Thursday, that despite geopolitical tensions and economic uncertainty, a surge in clean energy expenditure is expected to lead to a record $2.89 trillion in global energy investments in 2025. The IEA's annual World Energy Investment Report stated that clean energy technologies such as renewables, nuclear and energy storage are expected to attract $2.2 trillion…
Industry warns that high energy costs are a threat to the future of UK manufacturing
Make UK, an industry group, said that Britain must reduce its industrial energy bills which are among the highest in advanced economies to achieve its goal of a healthy manufacturing sector. The government of Keir starmer is developing an industrial strategy that will put British manufacturing, which has been hit by Brexit and soaring energy prices as well as global trade wars, on a firm footing in the coming years.
Upgrades to the EU's power grid are needed at a cost of trillions of dollars in order to avoid blackouts similar to those that occurred in Spain
To cope with the increasing demand for electricity, and the growing green energy production in Europe, and to prevent blackouts, trillions of dollars will be needed to invest. Spain and Portugal experienced their worst power outages in a week. Analysts and industry representatives believe that infrastructure investment will be essential, regardless of the results. Authorities are currently investigating the cause.
Upgrades to the EU's power grid are needed at a cost of trillions of dollars in order to avoid blackouts similar to those that occurred in Spain
To cope with the increasing demand for electricity, and the growing green energy production in Europe, and to prevent blackouts, trillions of dollars will be needed to invest. Spain and Portugal experienced their worst power outages in a week. Analysts and industry representatives believe that infrastructure investment will be essential, regardless of the results. Authorities are currently investigating the cause.
Britain Emphasizes Collaboration on Energy Security at Global Summit
Britain urged closer international cooperation to improve energy security on Thursday, telling dozens of other governments and business leaders that they would otherwise be vulnerable to those who were willing to weaponise supplies.Security of energy supply shot up the agenda of countries around the world after Russia's full-scale invasion of Ukraine…
EU to Present a Roadmap in May for the Phase-out of all Russian Fossil Fuel Imports
Ursula von der Leyen, the President of the European Commission, said that in two weeks it will present a roadmap outlining how it plans to eliminate all Russian fossil fuel imports. She made this announcement at a London energy event on Thursday. In response to Moscow's invasion of Ukraine in 2022, the European Commission has committed to stop using Russian fossil fuels before 2027.
UK launches energy security summit by investing in offshore wind supply chain
The UK will host a summit on energy security in London, starting the event by promising to invest 399 million pounds (399 million dollars) into the domestic supply chain of offshore wind projects. After the Russian invasion of Ukraine, 2022, which led to price spikes around the globe and saw the EU try to reduce its dependence on Russian fuels. The UK Government…
Sources say India is considering scrapping the import tax on US LNG to boost purchases.
Four government and industry sources have said that India is considering scrapping the import tax on U.S. LNG to increase purchases and reduce the trade surplus, which is a major irritation for President Donald Trump. Both sides want to increase volumes in order to meet the energy needs of India's fast-growing economy. Qatar is India's top LNG supplier.
Russian central bank expects low oil prices to continue for a while
The Russian central bank warned Kremlin policymakers that the United States and OPEC could flood the oil markets and cause a similar price collapse to what occurred in the 1980s, which led to the fall of the Soviet Union. The warning was issued weeks before Russian President Vladimir Putin and U.S. president Donald Trump began negotiations to end the conflict in Ukraine.
German contracts for the front year are affected by lower gas prices
German power contracts for the year ahead fell on Monday as gas contracts and carbon permit prices dropped. By 0957 GMT, the German baseload power for the year ahead fell by 1.1% to $85.24 per megawatt-per-hour (MWh), while its French counterpart rose 0.2% to $63.85/MWh. Dutch and British wholesale prices of gas fell on Monday morning, despite mild weather conditions and the beginning of talks between U.S.
Russell: Renewables and gas are gaining ground on coal and oil
The latest review of the International Energy Agency shows that renewables and gas are the most popular energy sources. In its Global Energy Review published on Monday, the IEA described this growth rate as "faster-than-average". Electricity, the fastest growing sector, grew 4.3% by 2024 or almost twice the average annual growth rate of the last decade.
Russell: OPEC and IEA are focused on China's oil demand but it is the crude imports that matter.
What is more important to the crude oil market? Which is more important: the growth forecasts by major agencies of Chinese oil demand or the actual weakness of imports? The International Energy Agency (IEA), as well as the Organization of Petroleum Exporting Countries, (OPEC), both talk about the demand for oil when they forecast the future of the oil industry in China, the largest crude importer of the world.
