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☆ IEA downgrades oil demand growth forecast as prices heat up on elevated Middle East tensions
▼ + stars: | 2024-04-12 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

The International Energy Agency on Friday downgraded its forecast for 2024 oil demand growth, citing "exceptionally weak" OECD deliveries, a largely complete post-Covid-19 rebound and an expanding electric vehicle fleet. In its latest monthly oil market report, the IEA said it had revised down its 2024 oil demand growth forecast by around 100,000 barrels per day (bpd) to 1.2 million bpd. The IEA's report comes amid a rebound in oil prices on elevated Middle East tensions, with energy market participants closely monitoring the prospect of supply disruptions from the oil-producing region. Asked about some of the main concerns relating to oil supply security, Bosoni replied, "We are watching, obviously, the Middle East very closely. "So, there are several tension points in the oil market today that we're watching very closely that could have major impacts ... if there would be any significant outages," she added.

Persons: CNBC's, Bosoni Organizations: The International Energy Agency, Organization of, Petroleum, Brent, U.S, West Texas Locations: Monahans , Texas, Iran, Israel, Syrian, Damascus, London, China, Europe, United States, Russia, Ukraine

☆ Russia-Ukraine war updates: Zaporizhzhia nuclear plant struck by drones; Zelenskyy calls for more support amid Kharkiv bombardment
▼ + stars: | 2024-04-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The Russian-controlled Zaporizhzhia nuclear power plant in southern Ukraine on June 15, 2023. The United Nations' atomic energy watchdog sounded the alarm Sunday after drones struck a nuclear reactor at the Russian-held Zaporizhzhia nuclear plant in southern Ukraine. The International Atomic Energy Agency said the serious incident "endangered nuclear safety and security" as Europe's largest nuclear plant was directly targeted by military strikes for the first time since November 2022. Ukrainian President Volodymyr Zelenskyy on Sunday called for greater international support for his country's air defense systems, as Russia continues its aerial bombardment of Kharkiv and surrounding regions. Meanwhile, Russian Foreign Minister Sergei Lavrov arrived in China on Monday for talks over Ukraine and the situation in Asia-Pacific.

Persons: Volodymyr Zelenskyy, Sergei Lavrov Organizations: United Nations, International Atomic Energy Agency Locations: Russian, Ukraine, Russia, Kharkiv, China, Asia, Pacific, Odesa

“This is a clear violation of the basic principles for protecting Europe’s largest (nuclear power plant). No nuclear power plant in the world is designed to withstand full-fledged fire from the armed forces. Damage to infrastructure facilities may affect the safe operation of the NPP,” the statement added, using an acronym for the nuclear power plant. Petro Kotin, head of Ukraine’s nuclear power operator Energoatom, said they were initially forced to work at “gunpoint” by invading Russian troops. Grossi points on a map of the Zaporizhzhia nuclear power plant, March 2022 Joe Klamar/AFP/Getty Images/FileBut fighting continued to rage around the plant in the summer of 2022, to the grave alarm of the IAEA.

Persons: Rafael Grossi, ” Grossi, Dmitry Peskov, Andriy Yusov, ” Yusov, “, Petro Kotin, Joe Klamar, Grossi, Volodomyr Zelensky Organizations: CNN, United Nations, International Atomic Energy Agency, IAEA, Europe’s, Zaporizhzhia NPP, NPP, Defense Intelligence, Ukrainska Pravda, Ukrayinska Pravda, Ukrainian Armed Forces, Russian, Getty, Kremlin Locations: Ukraine, Russian, Russia, ”, Ukrainian, Europe, Zaporizhzhia, AFP, Nova, ZNPP

☆ Oil prices roughly flat as unclear demand scenario weighed
▼ + stars: | 2024-02-16 | by ( ) www.cnbc.com time to read: +2 min

Oil prices meandered on Friday as investors pondered slowing demand forecast by an influential group and weak U.S. retail sales data that sparked optimism about U.S. interest rate cuts. Oil prices meandered on Friday as investors pondered slowing demand forecast by an influential group and weak U.S. retail sales data that sparked optimism about U.S. interest rate cuts. The U.S. Commerce Department report showed retail sales dropped 0.8% in January, the biggest fall since February 2023. Economists polled by Reuters had forecast retail sales dipping 0.1%. OPEC on Tuesday stuck to its much steeper growth forecast at 2.25 million bpd.

Persons: Hiroyuki Kikukawa Organizations: Brent, . West Texas, Reserve, U.S . Commerce Department, Reuters, NS, Nissan Securities, International Energy Agency, Organization of, Petroleum Locations: U.S, Paris, East, Lebanon, Gaza

☆ COP28: Exxon Mobil CEO rebuffs IEA criticism of carbon capture strategy
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +3 min

Darren Woods, CEO of ExxonMobil, reacts at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S., November 15, 2023. "So, you could say that about carbon capture today, you could say that about electric vehicles, about wind, about solar. The future role of carbon capture technology and fossil fuels is a key issue at the conference. Exxon has announced $17 billion of investment in its low carbon business, which includes carbon capture, and has argued that greenhouse gas emissions are the problem causing climate change, not the fossil fuels themselves. Woods declined to provide details of the contracts, but said U.S. subsidies in last year's Inflation Reduction Act of up to $85 a ton for carbon capture and sequestration would make the investments profitable.

Persons: Darren Woods, Carlos Barria, Woods, EVs, We're, Richard Valdmanis, Katy Daigle Organizations: ExxonMobil, Economic Cooperation, REUTERS, Rights, Exxon Mobil, International Energy, Reuters, Exxon, IEA, Thomson Locations: Asia, San Francisco , California, U.S, Dubai, Gulf of Mexico, United States

John Kerry, President Joe Biden's climate envoy, is expected to announce at COP28 a global strategy in nuclear fusion. If it is produced using renewables like wind or solar power, as opposed to fossil fuel generated power, it is called green hydrogen. Governments and companies think green hydrogen could be a way to clean up hard-to-decarbonize industries like steel and cement-making and other industrial manufacturing. PwC said technologies like green hydrogen and reducing food waste have relatively high emissions reduction potential, but are receiving a small share of start-up investment. In 2023, green hydrogen got 3.9% of global climate-tech venture funding, while food waste got 0.7%, it said.

Persons: PwC, John Kerry, Joe Biden's, David Schatsky, Schatsky, Timothy Gardner, Richard Valdmanis, Diane Craft Organizations: International Energy Agency, Fusion Industry Association, FIA, Companies, Deloitte, Entrepreneurship, Reuters, Thomson Locations: Olfus, Iceland, Dubai, United States, Texas, Louisiana, Australia, China, Germany, Japan, U.S, ASIA, AFRICA, France, India, Asia, Africa

☆ Explainer-Can Technology Solve the Global Climate Crisis?
▼ + stars: | 2023-12-01 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +6 min

Persons: Timothy Gardner, PwC, John Kerry, Joe Biden's, David Schatsky, Schatsky, Richard Valdmanis, Diane Craft Organizations: Reuters, International Energy Agency, Fusion Industry Association, FIA, Companies, Deloitte, Entrepreneurship Locations: Dubai, United States, Texas, Louisiana, Australia, China, Germany, Japan, U.S, ASIA, AFRICA, France, India, Asia, Africa

Greenhouse gas emissions from burning fossil fuels are the biggest cause of climate change. "We have a world which has more fossil fuels than ever," said Ani Dasgupta, president of the World Resources Institute, a climate NGO. U.S. officials and others are hopeful a recent climate deal between the U.S. and China may also set a positive tone for the talks. Another test is whether wealthy nations announce money for the fund at COP28 - to the tune of hundreds of millions of dollars. "Speaking from previous experience, unfortunately most of the global agreements, most of the global climate related pledges went uncompleted," said Najib Ahmed, National Consultant at Somalia's Climate Ministry.

Persons: Sultan al, Jaber, ADNOC, Ani Dasgupta, Narendra Modi, Britain's King Charles, Joe Biden, Gayane, Najib Ahmed, Valerie Volcovici, Josie Kao Organizations: OPEC, United Nations, International Energy Agency, BBC, World Resources Institute, Indian, European Union, Reuters, U.S, FINANCE, EU, Climate Ministry, “, Thomson Locations: Paris, France, WASHINGTON, BRUSSELS, Dubai, UAE, U.S, China, India

Secretary General of Organization of the Petroleum Exporting Countries (OPEC) Haitham Al Ghais speaks during the Energy Asia conference in Kuala Lumpur, Malaysia June 26, 2023. "This presents an extremely narrow framing of challenges before us, and perhaps expediently plays down such issues as energy security, energy access and energy affordability," Al Ghais said in a statement. Al Ghais has said OPEC would be present at the climate talks. In Thursday's note, the IEA was also critical of carbon capture technologies. It is that the energy challenges before us are enormous and complex and cannot be limited to one binary question," Al Ghais said.

Persons: Haitham Al Ghais, Hasnoor Hussain, Al Ghais, facto, Maha El, Mark Potter Organizations: Organization of, Petroleum, Energy Asia, REUTERS, IEA, Dubai DUBAI, International Energy Agency, of the Petroleum, United Arab Emirates, Thomson Locations: Kuala Lumpur, Malaysia, Dubai, Paris, UAE, OPEC, Saudi Arabia, Egypt, U.N, Russia, Ukraine

☆ 'Fraught with uncertainty': IEA says oil markets to remain on tenterhooks as Israel-Hamas war persists
▼ + stars: | 2023-10-12 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

The International Energy Agency on Thursday said that oil markets are likely to remain on edge as the Israel-Hamas war persists, with investors closely monitoring the potential for output disruption in the Middle East. "The Middle East conflict is fraught with uncertainty and events are fast developing," the IEA said in its report. "Against a backdrop of tightly balanced oil markets anticipated by the IEA for some time, the international community will remain laser focused on risks to the region's oil flows," the energy agency added. Noting a "sharp escalation in geopolitical risk," the IEA said it would continue to closely monitor oil markets and "stands ready to act if necessary to ensure markets remain adequately supplied." Israel is not a major oil producer and no major oil infrastructure runs close to the Gaza Strip.

Organizations: International Energy Agency, IEA Locations: Kawasaki, Kanagawa Prefecture, Japan, Israel, Gaza

☆ OPEC hikes long-term oil demand outlook — in stark contrast to other predictions of peak crude
▼ + stars: | 2023-10-09 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

OPEC on Monday raised its medium- and long-term forecasts for global oil demand. OPEC's long-term forecast for global oil demand diverges from that of the International Energy Agency, the world's leading energy watchdog. OPEC and the IEA, both big names in the energy industry, are currently locked in a war of words over peak oil demand. For its long-term oil demand forecast to be met, OPEC said oil sector investments of $14 trillion, or around $610 billion on average per year, would be needed. In the medium term, OPEC said global oil demand was likely to reach a level of 110.2 million bpd in 2028, reflecting a jump of 10.6 million bpd when compared to 2022 levels.

Persons: Haitham, Ghais Organizations: International Energy Agency, OPEC, Oil Outlook Locations: Nolan , Texas, OPEC, India, China, Africa

☆ 'I would not forfeit the precautionary approach' to oil production policy, Saudi energy minister says
▼ + stars: | 2023-10-08 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Saudi Energy Minister Prince Abdulaziz bin Salman addresses the opening session of the Middle East and North Africa Climate Week in Riyadh, on Oct. 8, 2023. Fayez Nureldine | Afp | Getty ImagesThe influential Saudi and Russia-led oil producers' alliance is preventively prepared to wait months for guidance from "real numbers" before adjusting policies amid price volatility in the crude market, the Saudi energy minister said Sunday. A technical OPEC+ committee, the Joint Ministerial Monitoring Committee, convened Oct. 4 to review market fundamentals and individual country compliance with production obligations. Oil prices have been a key contributor to global inflation since Moscow's full-scale invasion of Ukraine, especially in Europe and G7 countries, where consumers have lost access to sanctioned Russian barrels. "We want to demonstrate to the world that we are going to be using every source of energy," Prince Abdulaziz reiterated on Sunday, noting that the kingdom is "dead serious about attending to the issue of climate change.

Persons: Prince Abdulaziz bin Salman, Fayez Nureldine, preventively, CNBC's Dan Murphy, Prince Abdulaziz, We're, — Organizations: Saudi Energy, North Africa Climate, Afp, Getty, Petroleum, OPEC, Energy Watchdog, United Arab Emirates Locations: East, North Africa, Riyadh, Saudi, Russia, OPEC, Saudi Arabia, Ukraine, Europe, Paris

☆ Net Zero Is Still Possible, but Clean Energy Spending Must Go Faster
▼ + stars: | 2023-09-26 | by ( Yusuf Khan | ) www.wsj.com time to read: +5 min

At least $4.5 trillion a year in clean-energy investments will be needed by the start of the 2030s to reach net zero by 2050, the IEA said. “We have the tools needed to go much faster,” the report said. It estimates that 80% of the emissions reduction needed by 2030 can come from increasing renewable generation, energy efficiency and electrification, as well as from cutting methane emissions. The new report comes as policies toward green energy globally are at a crossroads, with politicians balancing green ambitions with energy security and a cost-of-living squeeze. “Without efforts to reduce methane emissions from fossil fuel supply, global energy sector CO2 emissions would need to reach net zero by around 2045,” the report said.

Persons: Ajit Solanki, “, Yusuf Khan Organizations: Press, International Energy Agency, IEA, Business Locations: Surendranagar, Gujarat, India, Paris, Ukraine, China

☆ Saudi energy minister says oil supply cuts are not about 'jacking up prices,' as Brent hovers at $95 a barrel
▼ + stars: | 2023-09-19 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +5 min

Prince Abdulaziz bin Salman at the World Petroleum Congress in Calgary, Canada, on Sept. 18, 2023. Bloomberg | Bloomberg | Getty ImagesSaudi Arabia's energy minister said Riyadh and Moscow's decision to extend crude oil supply cuts is not about "jacking up prices," as Brent futures hover near $95 a barrel and analysts predict further rises into triple digits. The increases have rallied some analysts around speculation of a short-term return to oil prices at $100 per barrel. Asked on the possibility of hitting that threshold, Chevron CEO Mike Wirth on Monday admitted oil prices could cross into triple digits in a Bloomberg TV interview. Energy prices have repeatedly underpinned higher inflation in the months since the war in Ukraine and Europe's gradual loss of access to sanctioned Russian seaborne oil supplies.

Persons: Prince Abdulaziz bin Salman, Topping, Mike Wirth, We're, we're, Abdulaziz, Fatih Birol, they've, Amin Nasser Organizations: World Petroleum Congress, Bloomberg, Getty, Saudi, Brent, Saudi Energy, Organization of, Petroleum, Chevron, International Energy Agency, IEA, CNBC, United Arab Emirates Locations: Calgary, Canada, Riyadh, OPEC, Saudi Arabia, Russia, London, U.S, Ukraine, Paris, China, Saudi, Aramco, United Nations

CALGARY, Alberta, Sept 18 (Reuters) - The CEOs of top Saudi Arabian and U.S. oil producers Aramco (2222.SE) and Exxon Mobil (XOM.N) on Monday pushed back against forecasts that oil demand will peak, and said the transition to cleaner energy to fight climate change would require continuing investment in conventional oil and gas. Speaking at the World Petroleum Congress in Calgary, Aramco CEO Amin Nasser said talk of peak oil demand had come up often before. Current demand is around 100 million bpd. The Organization of the Petroleum Exporting Countries, which has also dismissed the IEA peak oil estimate, is more upbeat about demand, expecting growth of 2.44 million bpd this year to 102.1 million bpd, compared with the IEA's forecast of 2.2 million bpd of growth. This year's conference theme is the energy transition.

Persons: Amin Nasser, Nasser, Prince Abdulaziz bin Salman, Prince Abdulaziz, Julia Levin, Darren Woods, Woods, Nia Williams, Rod Nickel, Christina Fincher, Marguerita Choy Organizations: Saudi Arabian, Aramco, Exxon Mobil, Monday, International Energy Agency, World Petroleum Congress, of, Petroleum, Congress, Saudi Arabia's Energy, IEA, Environmental Defence, Exxon, Thomson Locations: CALGARY, Alberta, Saudi, U.S, Calgary, Environmental Defence Canada

☆ The US-Iran prisoner deal is a diplomatic breakthrough, but the bad blood persists
▼ + stars: | 2023-09-18 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +7 min

The carefully choreographed agreement was years in the making and is being seen as a major diplomatic breakthrough for the two foes. The Biden administration is unlikely to engage in “meaningful revival” of the 2015 nuclear deal, said Sanam Vakil, director of the Middle East and North Africa program at the Chatham House think tank in London. Production is the highest it’s been since 2018, when Trump withdrew from the 2015 nuclear deal and reimposed sanctions on Iran. The Islamic Republic’s oil exports have also increased, averaging 1.9 million bpd in August, Reuters reported, citing shipping firm TankerTrackers.com. “Those claiming that Biden is ignoring Iran’s exports are assuming that Biden can just shut down Iran’s exports through sanctions,” he said.

Persons: “, ”, Biden, Trump, Sanam Vakil, Ali Vaez, That’s, Ali Ahmadi, there’s, Rafael Mariano Grossi, Nasser Kanaani, Ebrahim Raisi, Raisi, ” Raisi, Trita Organizations: CNN, Five, Biden, Chatham House, Group, International Atomic Energy Agency, IAEA, Petroleum, Trump, Reuters, US Energy, Geneva Centre, Security, Islamic, Sunday, US Republican Party, US Treasury Department, NBC, Quincy Institute Locations: Iran, Qatar, United States, Washington, Tehran, East, North Africa, London, China, Islamic Republic, Russia, Ukraine, Washington ,

☆ ‘Extremely risky’: OPEC criticizes IEA forecast that fossil fuel demand will peak before 2030
▼ + stars: | 2023-09-14 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Oil producer group OPEC on Thursday sharply criticized the IEA's forecast that demand for fossil fuels like coal, oil and gas will peak before the end of the decade, describing such a narrative as "extremely risky," "impractical" and "ideologically driven." The IEA, the world's leading energy watchdog, said Tuesday that the world was now at the "beginning of the end" of the fossil fuel era. His assessment is based off of the IEA's World Energy Outlook, an influential report which is due out in October. OPEC, a multinational group of mainly Middle Eastern and African nations, published a statement Thursday to outline its objections to the IEA chief's forecast. OPEC said that previous predictions of peak fossil fuel demand had failed to materialize.

Persons: Biden, Fatih Birol, Birol, Haitham, Ghais Organizations: Trans, Trans Alaska Pipeline System, National Petroleum Reserve, Financial Times, Energy, OPEC, IEA Locations: Trans Alaska, Alaska, Delta Junction

☆ Gas markets are becoming 'extremely difficult' to predict. It's a big problem for Europe this winter
▼ + stars: | 2023-09-12 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

Aerial view of the LNG storage and vaporization vessel "Höegh Esperanza" at the Wilhelmshaven LNG terminal. European gas markets have been constantly fluctuating in recent months, owing to extreme heat, maintenance at gas plants and, most recently, industrial action at major liquefied natural gas (LNG) facilities in Australia. "Gas markets are becoming riskier — gas and LNG prices are increasingly volatile and greatly affected by global factors," Jaller-Makarewicz said. The EU reached its target of filling gas storage facilities to a 90% capacity roughly 2 1/2 months ahead of its Nov. 1 deadline. It means that we've got a pretty good buffer," Malek said, referring to Europe's filling of its gas storage facilities.

Persons: Ana Maria Jaller, seesaw, Makarewicz, Christyan Malek, Malek, CNBC's, we've, Filippo Monteforte Organizations: Getty Images Energy, Workers, LNG, Makarewicz Energy, Institute for Energy Economics, Gas, EU, Gas Infrastructure, International Energy Agency, European Union, Eurasia Group, JPMorgan, Afp, Getty Locations: Wilhelmshaven, Australia, Western Australia, Japan, China, South Korea, Asia, Europe, U.S, skyrocketing, Gas Infrastructure Europe, wean, Ukraine, Eurasia, Tuscany

☆ Amazon built a data center empire in northern Virginia. Exclusive filings reveal it's using as much energy as a major city.
▼ + stars: | 2023-08-16 | by ( Daniel Geiger | Ellen Thomas | ) www.businessinsider.com time to read: +16 min

Amazon does not disclose how many data centers it occupies, where they are located, or how much electricity they consume. Many of Amazon's data centers listed in the permits have been built recently and some may still be under construction. "You cannot run a data center based on the variability of solar and wind," Boston said. Any producer of renewable energy can sell one REC for every megawatt hour of renewable energy it generates. Brady, the Cushman & Wakefield data center executive, said that data centers often match their backup generation to the capacity of a data center's power supply.

Persons: Shaolei Ren, David Ward, Abraham Silverman, Sean Brady, Glenn Youngkin, Steve Helber, Terry Boston, –, Ben Hertz, Wood Mackenzie, Andy Jassy Mike Blake, Amazon's, Priya Barua, We've, Barua, Blackstone, Weston Swenson, Brady, Swenson, Josh Levi Organizations: Amazon, Washington DC, Amazon Web Services, UC Riverside, Columbia University's Center, Global Energy, Cushman & Wakefield, Dominion Energy, France's, AP, Greenhouse Gas Initiative, Republican, State Corporation Commission, Boston, state's Department, Environmental, Reuters, Microsoft, Google, Apple, Clean Energy Buyers Association, Virginia's Department, Industry, Cushman &, Dominion, Data Center Coalition Locations: Virginia, New York City, Washington, Seattle, France, Ward, Northern Virginia, West Coast, Cushman & Wakefield, CBRE

"Deepening OPEC+ supply cuts have collided with improved macroeconomic sentiment and all-time high world oil demand," the Paris-based energy watchdog said in its monthly oil market report. The IEA said that in July, global oil supply plunged by 910,000 bpd in part due to a sharp reduction in Saudi output. But Russian oil exports held steady at around 7.3 million bpd in July, the IEA said. Next year, demand growth is forecast to slow sharply to 1 million bpd, the IEA said, citing lacklustre macroeconomic conditions, a post-pandemic recovery running out of steam and the burgeoning use of electric vehicles. The IEA's demand growth forecast is down by 150,000 bpd from last month and contrasts with that of OPEC, which on Thursday maintained its forecast that oil demand will rise by a much stronger 2.25 million bpd in 2024.

Persons: Alexander Manzyuk, Brent, Natalie Grover, Alex Lawler, Jason Neely, David Evans Organizations: REUTERS, International Energy Agency, IEA, of, Petroleum, for Economic Co, Development, OPEC, Thomson Locations: Republic of Tatarstan, Russia, OPEC, Paris, China, London

LONDON, Aug 11 (Reuters) - The International Energy Agency (IEA) on Friday said demand growth for oil next year will be slower than previously forecast, citing lacklustre macroeconomic conditions, a post-pandemic recovery running out of steam and the burgeoning use of electric vehicles. Growth is forecast to slow to 1 million barrels per day (bpd) in 2024, the Paris-based energy watchdog said in its August monthly oil market report, down by 150,000 bpd from its previous forecast. In 2023, global oil demand is set to expand by 2.2 million bpd, buoyed by summer air travel, increased oil use in power generation and surging Chinese petrochemical activity. Demand is forecast to average 102.2 million bpd this year, with China accounting for more than 70% of growth, despite concerns about the economic health of the world's top oil importer. Demand hit a record 103 million bpd in June.

Persons: Natalie Grover, Alex Lawler, Jason Neely Organizations: International Energy Agency, IEA, Thomson Locations: Paris, China, London

☆ IEA flags risk of higher oil prices, cuts 2024 demand view
▼ + stars: | 2023-08-11 | by ( ) www.cnbc.com time to read: +1 min

The International Energy Agency (IEA) on Friday said OPEC+ supply cuts could erode inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024. Tighter supply driven by OPEC+ oil output cuts and rising global demand has underpinned a rally in oil prices, with Brent crude hitting highs of over $88 a barrel on Thursday, the highest since January. "Deepening OPEC+ supply cuts have collided with improved macroeconomic sentiment and all-time high world oil demand," the Paris-based energy watchdog said in its monthly oil market report. The IEA said that in July, global oil supply plunged by 910,000 bpd in part due to a sharp reduction in Saudi output. But Russian oil exports held steady at around 7.3 million bpd in July, the IEA said.

Persons: Brent Organizations: International Energy Agency, IEA, of, Petroleum Locations: OPEC, Paris

☆ Oil markets set to tighten, economic headwinds to hit growth, IEA says
▼ + stars: | 2023-07-13 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

REUTERS/Agustin Marcarian/File PhotoLONDON, July 13 (Reuters) - Oil demand is set to hit a record high this year and the market is tightening but economic headwinds and interest rate hikes have deflated growth expectations slightly, the International Energy Agency (IEA) said on Thursday. Still, the Paris-based energy watchdog sees demand growth next year rising by more than anticipated despite the rise being less than half that of this year. The oil market is tightening, the IEA projected, with demand set to outstrip supply for the rest of 2023. China is due to make up more than two-thirds of this year's demand growth as its post-pandemic economic rebound is set to gain pace, especially later in the year, the IEA said. Oil demand growth is set to halve next year to 1.1 million bpd, the IEA said, reflecting vehicle electrification and energy efficiency, though it raised its view from a 860,000 bpd rise it forecast last month.

Persons: Agustin Marcarian, halve, Noah Browning, Jason Neely Organizations: REUTERS, International Energy Agency, IEA, OECD, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Paris, China, Europe

☆ IEA trims oil demand forecast for the first time this year on 'persistent' economic headwinds
▼ + stars: | 2023-07-13 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Two large oil tankers unload at the 300,000-ton crude oil terminal in Yantai Port, Shandong Province, China, July 9, 2023. The International Energy Agency on Thursday cut its global oil demand growth forecast for the first time this year, primarily citing a worsening economic outlook that weighs "especially heavy" on wealthy countries. The world's leading energy watchdog said global oil demand is now on track to climb by 2.2 million barrels per day in 2023 to reach an average of 102.1 million barrels per day. China is set to account for 70% of the demand growth increase, the IEA said. This forecast nevertheless represents a downward revision of 220,000 barrels per day from last month's report, when the IEA predicted an increase of 2.4 million barrels per day of worldwide growth.

Organizations: International Energy Agency, IEA, Federal, Brent, U.S, West Texas Locations: Yantai Port, Shandong Province, China, London

☆ IEA says critical minerals supply could pull close to demand by 2030
▼ + stars: | 2023-07-11 | by ( Eric Onstad | ) www.reuters.com time to read: +3 min

But after investment in critical minerals production jumped 30% last year to $41 billion, having gained 20% in 2021, that picture is looking brighter, the IEA said. In key battery mineral lithium, the IEA forecasts supply by 2030 will reach 420,000 metric tons - only a touch short of demand estimated at 443,000 to meet government pledges, though well below the 702,000 required for net zero. Critical mineral start-up firms raised a record $1.6 billion in 2022, up 160% from the previous year, the IEA said. Demand for critical minerals has surged over the past five years, including a tripling in consumption of lithium and a jump of 70% for cobalt, with the total critical mineral market now worth $320 billion, it said. Mining companies needed to make more progress in curbing greenhouse gas emissions and water use, the IEA said.

Persons: Fatih Birol, Pratima Desai Organizations: Miners, International Energy Agency, Consultants, Reuters, . Mining, Thomson Locations: Paris, China, Indonesia, Congo

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