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☆ The electric car revolution is on track, says IEA
▼ + stars: | 2024-04-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

“The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others,” IEA executive director Fatih Birol said in a statement. Last year, global EV sales grew 35% to almost 14 million. “Intensifying market competition and improving battery technologies are expected to reduce (EV) prices in the coming years,” the IEA said. “Growing electric car exports from Chinese automakers, which accounted for more than half of all electric car sales in 2023, could add to downward pressure on purchase prices,” it added. By 2030, almost one in three cars on the roads in China is set to be electric, according to the IEA.

Persons: —, Tesla, “, Fatih Birol, China’s BYD, Brandon Bell, EVs, ” Birol Organizations: London CNN — Global, International Energy Agency, IEA, Li, Getty, European Union, EV, Volkswagen, Audi, BMW Locations: China, Chinese, Germany, United States, Austin , Texas, EVs, Europe

☆ Big oil is racing to scale up carbon capture to slash emissions but the challenges are immense
▼ + stars: | 2024-04-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +14 min

Some climate activists accuse the industry of simply investing in carbon capture as way to extend the use of oil and gas. The technology typically uses chemical absorption to capture carbon dioxide emitted from the chimney of an industrial plant. "The economic viability of carbon capture and sequestration is a challenge today because the cost of building most plants in order to capture carbon dioxide are very significant," the executive said. About two-thirds of the industry's carbon dioxide emissions come from chemical reactions that occur when breaking down limestone. SLB this month announced a nearly $400 million investment in Aker Carbon Capture, a pure-play carbon capture company based in Norway, in an effort to accelerate deployment of the technology at commercial scale.

Persons: Chin Lee, Biden, SLB, Fred Majkut, Majkut, Adam Miklos, Miklos, Baker Hughes, Olivier Le Peuch, Alessandro Bresciani, Jeff Gustavson, Gustavson, steelmaker Nucor, Linde, Dan Ammann, Ammann, Fatih Birol, We're, SLB's Majkut Organizations: Chevron, Houston Chronicle, Hearst Newspapers, Department of Energy, RTI International, International Energy Agency, Exxon, Rystad Energy, Clean Investment Monitor, United Nations ., Gulf Coast, CF Industries, Talos Energy, Carbonvert, IEA Locations: Winnie, Mississippi, Vicksburg, Schlumberger, United States, Paris, Chevron, United Kingdom, U.S, Aker, Norway, Houston, Port Arthur , Texas, Gulf, Louisiana, Beaumont , Texas, Mississippi , Louisiana, Texas, Bayou, Port Arthur

☆ Republican lawmakers say green transition 'cheerleader' IEA has strayed from mandate
▼ + stars: | 2024-03-22 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Nick Oxford | ReutersSenior U.S. lawmakers believe the International Energy Agency has "strayed from its core mission" of safeguarding energy security and has emerged as a "cheerleader" for the green transition. "We would argue that in recent years the IEA has been undermining energy security by discouraging sufficient investment in energy supplies — specifically, oil, natural gas, and coal. Consequently, the IEA must conduct its energy security mission in an objective manner. "It should disturb you that biased parties are exploiting the IEA's forecasts and other products to advocate for policies that undermine energy security." The IEA on Thursday confirmed receipt of the letter to CNBC and stressed that its mandate remains maintaining energy security and accelerating clean energy transitions.

Persons: Nick Oxford, Republican Sen, John Barrasso, Cathy McMorris Rodgers, Fatih Birol Organizations: Midland , Texas U.S, Reuters Senior U.S, International Energy Agency, Republican, U.S ., Energy, Natural Resources, U.S . House, Commerce, IEA, U.S, CNBC, U.S . Congress, Organization of, Petroleum, OPEC, Congress Locations: Midland , Texas, Wyoming, Saudi Arabia

☆ IEA criticizes 'major gap' between Big Oil’s fossil fuel and clean energy investments
▼ + stars: | 2024-02-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIEA criticizes 'major gap' between Big Oil’s fossil fuel and clean energy investmentsFatih Birol, executive director at the International Energy Agency, discusses the transition strategies of oil and gas majors.

Organizations: IEA, Fatih, International Energy Agency

☆ Oil prices edge higher on OPEC demand estimate, while cold hits U.S. output
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: +1 min

Oil prices edged higher on Thursday as OPEC forecast relatively strong growth in global oil demand over the next two years and a cold blast in the U.S. disrupted some oil production. OPEC, in a monthly report, said world oil demand will rise by a robust 1.85 million barrels per day (bpd) in 2025 to 106.21 million bpd. For 2024, OPEC saw demand growth of 2.25 million bpd, unchanged from its forecast in December. Meanwhile, in North Dakota, a top oil-producing U.S. state, below-zero degrees Fahrenheit temperatures caused oil output there to fall by 650,000 to 700,000 bpd, to less than half its typical output, the state said. Domestic crude stockpiles rose last week by 480,000 barrels, according to market sources citing American Petroleum Institute figures on Wednesday.

Persons: Fatih Birol Organizations: Brent, U.S . West Texas, American Petroleum Institute, International Energy Agency, Reuters Global Locations: U.S, North Dakota, Africa, United States, Yemen, Iran, Gaza

☆ IEA chief welcomes ‘unstoppable’ growth of clean energy
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIEA chief welcomes ‘unstoppable’ growth of clean energyIEA Executive Director Fatih Birol discusses the state of play in the energy transition and his reflections on the COP28 climate talks.

Persons: Fatih Birol Organizations: IEA

☆ U.S. leads coalition to triple nuclear power by 2050 in effort to address climate change
▼ + stars: | 2023-12-04 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The United States and more than 20 other countries plan to triple nuclear power by 2050 to achieve net-zero carbon emissions and limit climate change. The declaration is the most concrete step taken yet by major nations to place nuclear power at the center of the push to transition to clean energy. The head of the International Energy Agency, Fatih Birol, said last month that nuclear energy is making a "very strong comeback," but government support is needed for projects. More than 40% of the 61 nuclear plants currently under construction are in China, according to the World Nuclear Association. India and Russia are also investing heavily in nuclear power.

Persons: John Kerry, Rafael Mariano Grossi, Fatih Birol Organizations: United Arab Emirates, International Atomic Energy Agency, International Energy Agency, World Nuclear Association . India, CNBC PRO Locations: Dubai, United Arab, United States, U.S, Canada, France, United Kingdom, Japan, China, Finland, Korea, Pakistan, Russia

☆ ‘Backtracking:’ A year of climate failures ahead of a crucial summit
▼ + stars: | 2023-11-30 | by ( Laura Paddison | ) edition.cnn.com time to read: +11 min

And yet, even as the climate crisis inserts itself viscerally into people’s lives, experts say the year has seen alarming backsliding on climate action. Green policies have been watered down, huge new oil and gas projects have been greenlit and coal has had something of a resurgence. As countries gather in Dubai for the UN’s COP28 climate summit, there are “high expectations,” said Harjeet Singh, the head of global political strategy at nonprofit Climate Action Network International. It sent worrying signals about climate backtracking, said Elisa Giannelli, a senior policy advisor at climate think tank E3G. Around 50% of its total capital spending needs to go toward clean energy projects by 2030, according to the report.

Persons: ”, Harjeet Singh, Kaveh Guilanpour, Singh, Biden, “, Erik Grafe, Joe Biden, Countess, Norway —, Elisa Giannelli, “ It’s, Rishi Sunak, Joeri Rogelj, Flora Champenois, It’s, Bernd Lauter, ” Rogelj, Darren Woods, Bernard Looney, Fatih Birol, Guilanpour, Claire Fyson, ” Fyson, “ we’re, ” CNN’s Ella Nilsen, Ivana Kottasová, Gan Organizations: CNN, United Nations, Action, “, Climate, Energy Solutions, US Department of Interior, Imperial College London, Global Energy Monitor, GEM, Getty, BP, Chevron, ExxonMobil, Shell, Exxon, IEA, Climate Analytics Locations: Canada, Libyan, Dubai, Alaska, Washington ,, Australia, Norway, Europe, Germany, China, Asia, Ukraine, Eschweiler, COP28

☆ OPEC says oil industry unjustly vilified ahead of COP28 climate talks
▼ + stars: | 2023-11-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

The Organization of Petroleum Exporting Countries on Monday said the oil and gas industry is being unjustly vilified ahead of a pivotal United Nations conference on the climate crisis later this week. OPEC Secretary General Haitham Al Ghais pushed back against accusations that the industry is not doing enough to reduce carbon emissions. The industry was taken to task last week for its role in the climate crisis and its commitment to clean energy by the Paris-based International Energy Agency (IEA). Just 1% of global investment in clean energy comes from the oil and gas industry, according to the IEA. Al Ghais also said oil and gas companies are making major investments in renewables and technologies that reduce emissions.

Persons: Haitham Al Ghais, who's, Al Ghais, Fatih Birol, Birol Organizations: OPEC, of Petroleum, United Nations, International Energy Agency, Change, United Arab, UAE, Exxon, Chevron, Natural Resources, IEA, Producers, Occidental Petroleum, U.N Locations: Russia, Paris, Kuwaiti, United Arab Emirates, U.S, Al

☆ Oil-and-Gas Companies Account for Only 1% of Clean-Energy Investment Globally, IEA Says
▼ + stars: | 2023-11-24 | by ( Giulia Petroni | ) www.wsj.com time to read: +4 min

Less than half of oil-and-gas output globally comes from companies that have set targets to reduce emissions from operations, the IEA said. In addition, cutting emissions from oil-and-gas companies’ operations and energy usage is “one of the cheapest options to reduce GHG [greenhouse gases] emissions generally,” the IEA said. As of today, less than half of oil-and-gas output globally comes from companies that have set targets to reduce emissions from operations, the IEA said. Total energy investment is estimated at $2.8 trillion in the current year, with around $1.8 trillion on clean energy and $1 trillion on oil, gas and coal. In its net-zero scenario, the IEA forecasts annual fossil fuel investment dropping by $500 billion to 2030 and clean-energy investment increasing by more than $2 trillion.

Persons: turar, Fatih Birol, “, ” Birol, Giulia Petroni Organizations: Reuters, United Arab, International Energy Agency, IEA, giulia.petroni@wsj.com Locations: United Arab Emirates, decarbonization, Paris

☆ Oil and gas industry needs to let go of carbon capture as solution to climate change, IEA says
▼ + stars: | 2023-11-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

The Gorgon liquefied natural gas (LNG) and carbon capture and storage (CCS) facility, operated by Chevron Corp., on Barrow Island, Australia, on Monday, July 24, 2023. The oil and gas industry needs to let go of the "illusion" that carbon capture technology is a solution to climate change and invest more in clean energy, the head of the International Energy Agency said Thursday. Just 1% of global investment in clean energy has come from oil and gas companies, according to Birol. The industry needs to face the "uncomfortable truth" that a successful clean energy transition will require scaling back oil and gas operations, not expanding them, the IEA chief wrote. One of the major pitfalls in the energy transition is excessive reliance on carbon capture, according to the report.

Persons: Fatih Birol, Birol, Hess Organizations: Chevron Corp, International Energy Agency, United Nations, IEA, Exxon Mobil, Chevron, Shell, BP, Exxon, Resources Locations: Barrow Island, Australia, Dubai

☆ ‘Moment of truth’ for oil industry: Deepen the climate crisis or help fix it
▼ + stars: | 2023-11-23 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +4 min

London CNN —Oil and gas producers must confront a “pivotal” choice: continue to accelerate the climate crisis or become part of the solution, the International Energy Agency said in a report Thursday. “The oil and gas industry is facing a moment of truth at COP28 in Dubai,” IEA Executive Director Fatih Birol said in a statement. This pollution needs to be cut by more than 60% by 2030 from today’s level, the IEA report says. The industry invested around $20 billion in clean energy projects last year — only around 2.5% of its total capital spending, the IEA found. Such an increase would mean a radical change in how oil and gas firms spend their cash.

Persons: Fatih Birol, Birol, ” Birol, what’s, Kaisa Kosonen Organizations: London CNN —, International Energy Agency, United, and Gas Industry, IEA, Greenpeace International Locations: COP28, United Nations, Dubai

Oil and gas companies, as well as other people and organizations connected to fossil fuels, often attend the meeting, drawing criticism from environmentalists and climate experts. “Oil and gas producers need to make profound decisions about their future place in the global energy sector." Political Cartoons View All 1265 ImagesThe energy sector is responsible for over two-thirds of all human activity-related greenhouse gas emissions, and oil and gas is responsible for about half of those, according to the IEA. It found that if countries deliver on all climate pledges, demand for oil and gas will be 45% lower than today’s level by 2050. Earlier this year, another IEA report found that the world’s oil, gas and coal demand will likely peak by the end of this decade.

Persons: ”, Fatih Birol, Vibhuti Organizations: International Energy Agency, United Nations, IEA, “, Associated Press, Abu Dhabi National Oil Company, IEA ., Institute for Energy Economics, Twitter, AP Locations: United, COP28, Dubai, Egypt, Abu Dhabi, New Delhi

☆ Keeping 1.5 alive? IEA lists 'crucial ingredients' to keep worst effects of climate change at bay
▼ + stars: | 2023-11-09 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +3 min

The U.N. has previously noted that 1.5 degrees Celsius is viewed as being "the upper limit" when it comes to avoiding the worst consequences of climate change. The COP28 climate change summit is fast approaching, with a host of world leaders and high-profile public figures — including Pope Francis and King Charles III — set to attend. The IEA's report also mentioned the importance of "ramping up electrification" before touching upon the need to find solutions that benefit all. But "this package of global measures provides crucial ingredients for any successful outcome from the COP28 climate change conference in Dubai in December." "I encourage decision makers around the world to take this report's findings into account — in the lead-up to the COP28 climate change conference in Dubai later this year and beyond."

Persons: —, COP28, Pope Francis and King Charles III —, Fatih Birol Organizations: International Energy Agency, COP21, United Arab Emirates, Energy, World Energy, Fatih Locations: Germany, Paris, Dubai

WASHINGTON (AP) — The World Bank reported Monday that oil prices could be pushed into “uncharted waters” if the violence between Israel and Hamas intensifies, which could result in increased food prices worldwide. The World Bank report simulates three scenarios for the global oil supply in the event of a small, medium or large disruption. But during a “medium disruption” — equivalent to the disruptions experienced during the Iraq war — the global oil supply would decline by 3 million to 5 million barrels per day, driving oil prices up possibly by 35%. Ayhan Kose, the World Bank’s deputy chief economist, said higher oil prices will inevitably result in higher food prices. Overall, oil prices have risen about 6% since the start of the conflict.

Persons: Benjamin Netanyahu, Indermit Gill, ” Gill, Ayhan Kose, Kose, —, Janet Yellen, Biden, ”, Fatih Birol Organizations: WASHINGTON, World Bank, Hamas, Israel, Bank, Bloomberg, ” International Energy Agency Locations: Israel, Gaza, Iran, Lebanon, Iraq, Ukraine, U.S

☆ Peak fossil fuel demand is coming, IEA chief Birol says — and China will be key
▼ + stars: | 2023-10-27 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

China has changed the world's energy system before and is set to do so again, as a peak in demand for fossil fuels nears, according to the International Energy Agency's Executive Director. Fatih Birol said that there was one country behind the substantial increase in global fossil fuel consumption over the last decade: China. "China changed the global energy system in the last 10 years. He described this as one of two "important drivers" behind the IEA's belief that global demand for fossil fuels will peak by 2030. The comments come after the IEA published its World Energy Outlook 2023, a major report on the global energy system.

Persons: Fatih Birol, CNBC's Julianna Tatelbaum Organizations: International Energy Agency's, IEA, Energy Locations: China

But a couple of the world’s largest oil companies beg to differ – or at least for the future that extends out about three decades. This month, Exxon Mobil and Chevron have together bet heavily on a future their CEOs think will still need a lot of black gold. Hess also has considerable oil and gas assets in the U.S., including the Bakken area of western North Dakota, eastern Montana and southern Saskatchewan in Canada. But equally critical, the moves are important statements that the age of oil remains, despite the release on Tuesday of the annual world energy outlook from the International Energy Agency that forecasts global demand for fossil fuels will peak in 2030. Although he has championed many green energy policies, President Joe Biden also has done little to block the advancement of domestic oil and gas production.

Persons: Hess, ” Chevron, “ Hess, ”, Dan Pickering, we’re, it’s, ’ –, Fatih Birol, Mike Wirth, “, Pickering, Joe Biden Organizations: White, Exxon Mobil, Chevron, Natural Resources, Republican Party, “ Investors, Pickering Energy Partners, Hamas, International Energy Agency, Financial Times, French, U.S . Energy, Administration, Republicans Locations: Brussels, Chevron, U.S, Guyana, North Dakota, Montana, Saskatchewan, Canada, Texas, New Mexico, Saudi Arabia, Russia, Israel, Iran, Europe

☆ Why Exxon and Chevron are doubling down on fossil fuel energy with big acquisitions
▼ + stars: | 2023-10-25 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +6 min

The largest oil and gas producers in the United States see a long pathway for oil demand," Cahill told CNBC. "There's a major difference between what the big oil companies believe the future of oil is and the governments around the world." "The large companies — nongovernment companies — do not see an end to oil demand any time in the near future. Oil and gas are relatively cheap and easy to move around, particularly in comparison with building new clean energy infrastructure. "By the way, that means the large financial oil companies will be able to weather that environment better than the smaller companies."

Persons: Cahill, Ben Cahill, Goldstein, Larry J, Birol, Fatih Birol, Shon Hiatt, Hiatt, Marianne Kah, Kah, Amy Myers Jaffe, Jaffe Organizations: CNBC, Center for Strategic, International Studies, Petroleum Industry Research Foundation, Energy, Research Foundation, Chevron, Exxon, International Energy Agency, IEA, USC Marshall School of Business ., Columbia University's Center, Global Energy, ConocoPhillips, New York University, Climate Justice, Sustainability, NYU's School, Professional Studies, Exxon Mobil Locations: United States, Africa, Asia, America, U.S, Russia, Venezuela, Iran

☆ World oil, gas, coal demand to peak by 2030, IEA says
▼ + stars: | 2023-10-24 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

The report from the IEA, which advises industrialised countries, contrasts with the view of oil producer group the Organization of the Petroleum Exporting Countries, which sees oil demand rising long after 2030 and calls for trillions in new oil sector investment. In its annual World Energy Outlook released on Tuesday, the IEA said peaks in oil, natural gas and coal demand were visible this decade in its scenario based on governments' current policies - the first time this has happened. "The transition to clean energy is happening worldwide and it's unstoppable. "Governments, companies and investors need to get behind clean energy transitions rather than hindering them." The IEA also sees China's role as a key source of energy demand growth changing.

Persons: Sun, Siphiwe, Fatih Birol, Alex Lawler, Jonathan Oatis Organizations: Kendal Power, REUTERS, International Energy Agency, Organization of, Petroleum, trillions, Energy, IEA, U.S, Thomson Locations: Kendal, Witbank, Mpumalanga, South Africa, Paris, China, OPEC

☆ Energy Agency Sees Peaks in Global Oil, Coal and Gas Demand By 2030
▼ + stars: | 2023-10-24 | by ( Brad Plumer | More About Brad Plumer | ) www.nytimes.com time to read: +1 min

If that all came to pass, oil and gas demand would most likely plateau at slightly above today’s levels for the next three decades, expanding in developing countries and shrinking in advanced economies. “The transition to clean energy is happening worldwide and it’s unstoppable,” said Fatih Birol, executive director of the International Energy Agency. After Mr. Birol first suggested the possibility in September, the oil cartel OPEC warned that such forecasts were highly uncertain and could lead countries and companies to underinvest in oil and gas drilling. If demand for fossil fuels did not fall as expected, the cartel said, the lack of supply could lead to “energy chaos.”OPEC issued its own outlook last year projecting that global demand for oil and natural gas would keep rising until 2045. “I have a gentle suggestion to oil executives, they only talk among themselves,” Mr. Birol said in an interview.

Persons: ”, Fatih Birol, “ It’s, ’ it’s, ’ —, Birol, “, ” Mr, — Organizations: International Energy Agency, OPEC

“Today we are again facing a crisis in the Middle East that could once again shock oil markets," said IEA Executive Director Fatih Birol. That comes on top of the stress on energy markets from Russia's cutoff of natural gas to Europe over its invasion of Ukraine, he said. Political Cartoons View All 1215 ImagesFossil fuel prices are down from 2022 peaks, but “markets are tense and volatile," said the IEA in the report. “Some of the immediate pressures from the global energy crisis have eased, but energy markets, geopolitics, and the global economy are unsettled and the risk of further disruption is ever present,” it said. “We have solar, wind, nuclear power, electric cars.

Persons: Fatih Birol, “, ” Birol, Birol, ” Organizations: International Energy Agency, Associated Press, Hamas, Israel, Nations, IEA, AP Locations: FRANKFURT, Germany, Gaza, Europe, Ukraine, Israel, China

☆ Clean Energy’s Powerful Momentum
▼ + stars: | 2023-10-24 | by ( Manuela Andreoni | More About Manuela Andreoni | ) www.nytimes.com time to read: +1 min

For the past few months, we’ve been telling you all about the U.S. energy transition that’s arriving faster than you think. But the move toward solar is global: the study’s authors expect solar to be the cheapest source of electricity in almost all countries by 2027. “The transition to clean energy is happening worldwide and it’s unstoppable,” Fatih Birol, executive director of the International Energy Agency, told Brad. Between 2010 and 2020, the study found, the cost of solar cells fell by 15 percent each year. “The pace of decline in price initially surprised many people,” my colleague Ivan Penn, who covers the energy sector, told me.

Persons: we’ve, Fatih Birol, Brad, Ivan Penn Organizations: International Energy Agency

☆ IEA: 'Unstoppable' energy transition means demand for oil, gas, and coal to peak by 2030
▼ + stars: | 2023-10-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Global demand for oil, natural gas and coal — and the carbon pollution they generate — are expected to peak later this decade, according to a new report by the International Energy Agency. Driving the shift will be the “phenomenal rise” of clean sources of energy, the Paris-based agency said in its annual World Energy Outlook report, published Tuesday. The world’s second biggest economy — and largest energy consumer — has reached an “inflection point,” the IEA said, with its total energy demand set to peak around the middle of the decade. “We are today facing a major geopolitical crisis in the Middle East that could shock oil markets once again and deeply, because many oil producing countries are in that region,” Birol told reporters. “This comes on top of the insecurity that we had in the natural gas markets… after the invasion of Ukraine by Russia,” he added.

Persons: it’s, ’ —, Fatih Birol, —, Hess, Brent, Birol, ” Birol, ” Organizations: London CNN — Global, International Energy Agency, Energy, ”, Organization of, Petroleum, —, ExxonMobil, Chevron, IEA Locations: Paris, China, Israel, Ukraine, Russia, Northern Hemisphere

Fluctuations since the attack pushed oil prices as high as $96. Until something like that happens, “the oil market is going to be like everyone else, monitoring the events in the Middle East,” Lipow said. One reason 1970s-style gas lines are unlikely: U.S. oil production is at an all-time high. Weekly domestic oil production has doubled from the first week in October 2012 to now. Lawmakers from both parties have urged Biden to block Iranian oil sales, seeking to dry up one of the regime’s key sources of funding.

Persons: ” Fatih Birol, ”, Andrew Lipow, ” Lipow, Mike Sommers, Sommers, “ America’s, “, Joe Biden's, Israel, Biden, Sofia Guidi Di Sante, Wyoming Sen, John Barrasso, “ Joe, Barrasso, ____ McHugh, Choe Organizations: WASHINGTON, International Energy Agency, ”, Associated Press, Brent, Lipow Oil Associates, U.S . Energy Information Administration, Energy Department, American Petroleum Institute, Hudson Institute, Commerzbank, Oil, Rystad Energy, Republican, Senate Energy, Natural Resources Committee, Democratic, Keystone XL, Strategic Petroleum Reserve, The Energy Department, The Treasury Department, Treasury Locations: East, Israel, Saudi Arabia, Russia, China, Paris, Gaza, Iran, Houston, Hormuz, U.S, Europe, Washington, OPEC, Lebanon, Venezuela, The U.S, Wyoming, America, Frankfurt, Germany, New York

But when excluding both fresh food and fuel prices, inflation was 4.2%, still close to the 40-year peak of 4.3% recorded earlier this year. As the reference point for much of the financial world, the 10-year yield helps set prices for all kinds of investments and loans. The yield on the 10-year Treasury touched 4.99%, up from 4.91% late Wednesday, before paring its gain to 4.98%. Early Friday, the 10-year Treasury yield was 4.94%. A higher 10-year yield makes mortgages more expensive, knocks down prices for investments and makes it costlier for companies to borrow and grow.

Persons: Biden, ” Fatih Birol, Hong, Australia’s, India’s Sensex, Tesla, Jerome Powell, That’s, It’s, Brent Organizations: Treasury, ., Department of Energy, Strategic Petroleum Reserve, ”, Associated Press, Nikkei, China, Dow Jones, Nasdaq, Big Tech, Netflix, New York Mercantile Exchange, U.S Locations: HONG KONG, Paris, Shanghai, Seoul

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