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☆ The world has to add or replace 50 million miles of transmission lines by 2040, IEA says
▼ + stars: | 2023-10-17 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +4 min

That amount is roughly equivalent to the total number of miles of electric grid that currently exists in the world currently, according to the IEA. It will also require changes in how the electric grid in each country is operated and regulated. The consequences of falling further behind in building transmission lines is dire, the IEA says. Building new transmission lines takes between five and 15 years, with planning and permitting included. Building transmission lines globally needs to be an issue of international cooperation, the IEA says.

Persons: Clark, Fatih Birol, what's, Birol, Bill Gates Organizations: International Energy Agency, IEA, Microsoft Locations: Primm , Nevada, Paris

FRANKFURT, Germany (AP) — Stalled spending on electrical grids worldwide is slowing the rollout of renewable energy and could put efforts to limit climate change at risk if millions of miles of power lines are not added or refurbished in the next few years, the International Energy Agency said. The stalled projects could generate 1,500 gigawatts of power, or five times the amount of solar and wind capacity that was added worldwide last year, he said. Annual investment has been stagnant but needs to double to more than $600 billion a year by 2030, the agency said. The report cited the South Link transmission project to carry wind power from northern to southern Germany. First planned in 2014, it was delayed after political opposition to an overhead line meant it was buried instead.

Persons: —, Fatih Birol, “, ” Birol, ”, It's Organizations: International Energy Agency, Associated Press, Construction Locations: FRANKFURT, Germany, Paris, China, India, Biscay, Spain, France, New Mexico, Arizona, California, East Coast, Canada, New England, Maine

☆ Some demand for energy in Europe could be 'lost forever' after a terrible year for oil and gas, exec says
▼ + stars: | 2023-10-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Some of the lost demand for energy in Europe may be gone for good, the CEO of Vitol said. Global gas prices soared in 2022 after Russia cut off its gas supply to Europe, disrupting the energy sector. "We can expect some of that lost demand to stay lost forever." AdvertisementAdvertisementTurmoil and soaring prices in the energy sector have crimped demand in Europe, and the chief executive of Vitol warned that some of that demand may never return. Hardy, speaking at the Energy Intelligence Forum, added: "We can expect some of that lost demand to stay lost forever."

Persons: Vitol, —, Russel Hardy, Hardy, Fatih Birol, Birol Organizations: Global, Service, Reuters, Energy Intelligence, International Energy Agency, Financial Times Locations: Europe, Russia, London, Ukraine, Moscow, Israel

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo Acquire Licensing RightsLONDON/DUBAI, Oct 6 (Reuters) - OPEC has raised its medium- and long-term oil demand outlook in a forthcoming report, three OPEC sources said, despite the transition toward renewable energy, highlighting the oil exporting group's more bullish view compared to other forecasters. Higher oil demand would be a boost for producers and the 13-nation OPEC and would underscore the need for continued investment. It also highlights OPEC's more bullish view on the oil demand outlook compared to the International Energy Agency (IEA) and other forecasters. The 2022 version of OPEC's report sees oil demand reaching a plateau after 2035.

Persons: Ramzi Boudina, Haitham Al Ghais, Prince Abdulaziz bin Salman, Fatih Birol, Alex Lawler, Maha El, Simon Webb, Sharon Singleton Organizations: Organization of, Petroleum, REUTERS, OPEC, of, International Energy Agency, Saudi Energy, IEA, Financial Times, Thomson Locations: Algiers, Algeria, DUBAI, Riyadh, Saudi Arabia, OPEC, Vienna

☆ Head of OPEC warns of a 'dangerous' lack of investment in oil that risks raising oil prices
▼ + stars: | 2023-10-02 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —The head of the Organization of the Petroleum Exporting Countries — a group of the world’s major oil producers — told CNN Monday that a lack of investment in the oil industry posed a danger to global energy security and could send crude prices to $100 a barrel. “By underinvesting, we are actually endangering energy security… Without this [investment], I think there are serious possibilities that prices, the volatility, will be increasing as demand grows,” he said. “We have to make sure that the world has enough energy — stable, affordable, reliable, not intermittent sources of energy,” he added. The comments come just a week after the International Energy Agency predicted that global demand for oil, natural gas and coal was likely to peak by 2030. Al Ghais said hitting that reduction target would be a “monumental challenge” given that fossil fuel consumption as a proportion of global energy demand had barely budged in 30 years.

Persons: —, Haitham Al Ghais, CNN’s Becky Anderson, ”, Brent, Al Ghais, ” Al Ghais, Fatih Birol Organizations: London CNN, Organization of, Petroleum, CNN, International Energy Agency, IEA Locations: Abu Dhabi, Underinvestment, Saudi Arabia, Russia

☆ IEA says route to net zero requires more cash and less politics
▼ + stars: | 2023-09-26 | by ( Forrest Crellin | ) www.reuters.com time to read: +2 min

But it also said the world would need need to invest nearly $4.5 trillion per year in the transition to cleaner energy from the start of the next decade, up from spending of $1.8 trillion expected in 2023. Temperatures have hit record levels this year and global averages are around 1.1C higher compared with the pre-industrial average. In its update to its Net Zero Roadmap, which proposes scenarios to reach net zero emissions by the middle of the century, the IEA said an increase in solar power capacity and in electric vehicle (EV) sales since 2021 were in line with targets, as well as infrastructure plans in both fields. The IEA pathway to net zero will also require an equitable transition, taking into account national circumstances and requiring advanced economies to reach net zero sooner than developing economies, the report said. "Governments need to separate climate from geopolitics, given the scale of the challenge at hand," IEA Executive Director Fatih Birol said.

Persons: Fatih Birol, Forrest Crellin, Barbara Lewis Organizations: International Energy Agency, IEA, Thomson Locations: Paris

The window to limit human-caused warming to a globally agreed goal is narrowing but still open because of the huge growth of solar energy and electric vehicles sales worldwide, a report said Tuesday. For the last two years, the rate of the build up of solar energy and electric vehicle sales were in line with achieving emissions reductions targets that will help cap warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) above pre-industrial levels, the Paris-based International Energy Agency said. Methane is a powerful greenhouse gas that is up to 80 times more potent than carbon dioxide in the short term. Investments in climate action also need to rise, from $1.8 trillion in 2023 to $4.5 trillion annually by the early 2030s, the report said. But carbon dioxide emissions from the energy sector — which includes the production of coal, oil and gas — remain worryingly high, reaching a new record of 37 gigatons last year.

Persons: ”, Fatih Birol, “, Dave Jones, ” Jones Organizations: International Energy Agency, London, AP Locations: Paris, Ukraine, Dubai

China, the world's biggest fossil fuel consumer, is among those signalling that it intends to keep using them for decades. By inserting "unabated" before fossil fuels, the pledge targeted only fuels burned without emissions-capturing technology. "We cannot use it to green-light fossil fuel expansion," the countries said in a joint statement. We can't say we want to avoid 1.5 C ... and not say anything about phasing out fossil fuels," Cox said. The Alliance of Small Island States, whose members face climate-fuelled storms and land loss to rising seas, wants a fossil fuel phase-out and an end to the $7 trillion governments spend annually on subsidising fossil fuels.

Persons: Eduardo Munoz, General Antonio Guterres, Sultan Al Jaber, John Kerry, Teresa Ribera, Eamon Ryan, Ryan, Peter Cox, Cox, Fatih Birol, Valerie Volcovici, Kate Abnett, Katy Daigle, Emelia Organizations: U.S, REUTERS, United Nations General Assembly, United Arab Emirates, United, European Union, Reuters, Ireland's, American Petroleum Institute, University of Exeter, International Energy Agency, Rockefeller Foundation, Organization of, Petroleum, Small, States, United Nations, D.C, Thomson Locations: New York, New York City , New York, U.S, Dubai, China, United States, Saudi Arabia, Russia, France, Kenya, Chile, Colombia, Tuvalu, Vanuatu, Japan, Union, Washington, Brussels

☆ 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

☆ ‘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

☆ It's the beginning of the end for global oil demand, IEA chief says
▼ + stars: | 2023-09-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

New projections from the International Energy Agency suggest global oil demand will peak this decade. A peak in energy demand also means a peak in greenhouse gas emissions, the executive explained. That, in addition to a slowing economy, point to softer coal demand for the world's largest coal consumer, according to the IEA. To be sure, the forecasted declines in oil, gas, and coal demand still won't be enough to limit global warming to 1.5 degrees Celsius, in the IEA's view. AdvertisementAdvertisementMeanwhile, last week Brent crude, the international oil benchmark, soared above $90 a barrel for the first time in 10 months.

Persons: Fatih Birol, Birol, Brent Organizations: International Energy Agency, Financial Times, IEA, Service, Energy Locations: Wall, Silicon, China, Ukraine

☆ Demand for oil, gas and coal will peak by 2030, but that's not fast enough to keep global warming within 1.5 degrees, says IEA chief
▼ + stars: | 2023-09-12 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +2 min

Demand for fossil fuels like oil, gas and coal will hit an all-time high before 2030, according to Fatih Birol, executive director of the International Energy Agency. "Despite recurring talk of peak oil and peak coal over the years, both fuels are hitting all-time highs, making it easier to push back against any assertions that they could soon be on the wane. The IEA is a global intergovernmental energy agency founded in 1974 after the oil crisis in 1973, and which now includes in its energy charter clean energy and the global energy transition. Also, China's slowing economy will decrease its use of coal, Birol said. The surge in adoption of electric vehicles, including in China, contributes to the IEA's forecast that oil demand will peak before 2030.

Persons: Fatih Birol, Birol Organizations: International Energy Agency, AFP, Africa Climate, Kenyatta International Convention, Financial Times, IEA, World Energy Locations: Africa, Nairobi, China

☆ Africa’s Vast Solar and Mineral Resources at Risk of Being Left Untapped, IEA Warns
▼ + stars: | 2023-09-06 | by ( Will Horner | ) www.wsj.com time to read: +6 min

Energy investment in Africa needs to more than double by the end of the decade if the continent is to meet its energy and climate goals. “Energy investment on our continent has fallen short,” wrote William Ruto, president of Kenya, in the report’s foreword. Photo: Lucien Kahozi/Bloomberg NewsAll of these are pushing up the cost of capital which makes many African energy projects financially unviable despite ample local resources and proven technologies such as wind or solar power, the report said. PREVIEWCurrently, 600 million people across Africa lack access to electricity and almost one billion have no access to clean cooking fuels. African nations are seeking redress for the effects of climate change they experience despite contributing little to carbon emissions, the main driver of global warming.

Persons: ”, Fatih Birol, simon maina, William Ruto, Lucien Kahozi, Will Horner, william.horner@wsj.com Organizations: International Energy Agency, African Development Bank, IEA, Agence France, West, “ Energy, Democratic, Bloomberg, Sustainable Business, Africa Climate Locations: Africa, Paris, ” Africa, China, Kenya, Democratic Republic of Congo, Ukraine, Nairobi

That is by far the most ever spent on clean energy in a year. Solar and Wind Power Have Taken Off Electricity generation per year, in terawatt hours China 600 TWh 500 Solar Wind U.S. China 400 E.U. It would shred regulations designed to curb greenhouse gases, dismantle nearly every federal clean energy program and boost the production of fossil fuels. 1 2 3 4 5 Even Tulsa, with its strong links to oil and gas, is embracing clean energy. “But we also understand that energy is energy, whether it is generated by wind, steam or whatever it might be.”Around the country, clean energy is taking root in unlikely locales.

Persons: ”, Fatih Birol, Al Gore, Crews, Francis Energy, Dewey, Bartlett Jr, “, J.W, Peters, Mr, Lazard, Gregory Nemet, —, Biden, Tesla, Giovanni Bertolino, Jon Creyts, Steve Uerling’s, Uerling, Cathy Zoi, It’s, Mary Barra, ’, Barra Organizations: Buses, Port, International Energy Agency, India India, Energy, The New York Times, Heritage Foundation, Republican, Ford, University of Tulsa’s School of Petroleum Engineering, “ Oil, Drillers, Navistar, Public Service Company of Oklahoma, Francis, Solar Power, U.S . Steel, Gas, University of Wisconsin -, Panasonic, United, European Union, United States ’, General Motors, RMI, Ford Fusion, Tesla, Postal Service, Amazon, Peterbilt, Companies, Francis Energy, BMW Group, Honda, Hyundai, Kia, Benz Group Locations: Pittsburgh, Milwaukee, Port of Los Angeles, Houston, Europe, United States, America, China, Britain, terawatt, India, U.S, States, Beijing, London, Tokyo, Washington, Oslo, Dubai, Tulsa, Okla, Italian, Oklahoma, Oklahoma City, Texas, Galveston, In Arkansas, Republican, University of Wisconsin - Madison, Georgia, Korean, Nevada, tailpipes, California, New York, San Francisco, Canada, South Korea, Russia, Ukraine, Steve Uerling’s Tulsa, E.U, G.M

☆ Mining Deploys Innovative Tech to Find Copper, Other EV Metals
▼ + stars: | 2023-07-20 | by ( Yusuf Khan | ) www.wsj.com time to read: +8 min

By adding bio-surfactants along with the other chemicals during the soaking process, more copper floats to the surface and less is wasted. Locus says its bio-surfactants increase copper yields by 7%, and save energy because less rock needs to be crushed. It is also testing its process on iron ore and tailings waste. Photo: douglas magno/Agence France-Presse/Getty ImagesGroups concerned about the environment frequently talk about mining waste or so-called tailings, mining companies less so. “Long term we need to get more suppliers of these metals, rare earths in particular.”Phoenix finds mine sites where the tailings waste is free from radioactive elements such as thorium and uranium.

Persons: Nico Cuevas, Tesla, Cuevas, ”, Fatih Birol, Urbix, “, ” Cuevas, Luke Sharrett, Gabi Knesel, Knesel, douglas magno, Vale, Nicholas Myers, Myers, Yusuf Khan Organizations: SK, South, Sustainable Business, International Energy Agency, Miners, EV, Bloomberg, “ Mining, BHP, Agence France, Getty Locations: Mexican, Arizona, U.S, Mexico, Mesa, South Korean, China, America, Madagascar, Tanzania, Northern Europe, Solon , Ohio, Brazil, Woburn, Mass, New York, yusuf.khan

☆ 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

☆ Peak oil demand could be hit this decade, IEA says
▼ + stars: | 2023-06-14 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Global oil demand is projected to peak in the next few years even as some major energy companies announce plans to reinvigorate their fossil fuel businesses. “The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade,” said IEA Executive Director Fatih Birol. The agency expects global oil demand to reach nearly 106 million barrels per day in 2028. The IEA’s latest forecasts update its prediction in October that demand for oil would plateau by the mid-2030s. BP now plans to slash oil output by 25% by 2030 from 2019 levels, whereas it previously aimed to cut output by 40% against this benchmark.

Persons: ”, Fatih Birol, Birol, “ Organizations: London CNN — Global, International Energy Agency, Investment, IEA, Shell, CNN, BP, “ Oil Locations: Paris, Ukraine

Global oil demand growth will trickle nearly to a halt in the coming years and peak this decade, according to the International Energy Agency, with Chinese consumption set to slow down after an initial pent-up recovery. "The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade as electric vehicles, energy efficiency and other technologies advance," IEA Executive Director Fatih Birol said in a statement. Annual demand growth, however, will thin down from 2.4 million barrels per day this year to 400,000 barrels per day in 2028. Global supply capacity will rise by 5.9 million barrels per day to 111 million barrels per day by 2028 in IEA estimates, with growth lulling amid a U.S. slowdown. This will lead to a spare capacity cushion of 4.1 million barrels per day, focused in OPEC heavyweights Saudi Arabia and the UAE.

Persons: Fatih Birol Organizations: International Energy Agency, Organization of, Petroleum, U.S, Global, Saudi, IEA Locations: OPEC, Saudi Arabia, UAE, Russian, Russia

☆ Climate change: The world's biggest companies have made almost no progress on limiting greenhouse gas emissions since 2018
▼ + stars: | 2023-06-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —The vast majority of the world’s biggest companies have done almost nothing in the past five years to cut their planet-heating pollution enough to avoid catastrophic climate change. Large companies are either more likely to contribute to extreme levels of warming or are not disclosing their greenhouse gas emissions at all, according to a new report from ESG Book, seen by CNN. Slow progressIn its analysis, ESG Book assigned “temperature scores” to companies based on publicly reported emission data and factors such as emission reduction targets to determine firms’ contribution to global climate goals. It accounted for direct emissions from operations as well as indirect emissions from use of the companies’ products. Still, slightly more than $1 trillion is expected to flow toward oil, gas and coal this year, significantly above the level consistent with the world reaching net-zero emissions by 2050, the IEA said.

Persons: ”, Daniel Klier, we’re, ” Klier, Fatih Birol Organizations: London CNN, CNN, Shell, BP, European Union, EU, International Energy Agency, World Meteorological Organization Locations: Paris, United States, United Kingdom, China, India

PREVIEWBirol pointed to a “powerful alignment of major factors,” driving clean-energy spending higher, while spending on oil and other fossil fuels remains subdued. The Covid-19 pandemic appears to have marked a turning point for global energy spending, the IEA’s data shows. While clean-energy spending has boomed, spending on fossil fuels has been tepid. Investments in clean energy and fossil fuels were largely neck-and-neck in the years leading up to the pandemic, but have diverged sharply since. “If there is not enough investment globally to reduce the oil demand growth and there is no investment at the same time [in] upstream oil we may see further volatility in global oil prices,” Birol said.

☆ Solar investment set to overtake oil production and attract over $1 billion a day in 2023, IEA says
▼ + stars: | 2023-05-25 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +2 min

According to the IEA's Executive Director, Fatih Birol, investment in solar is "set to overtake the amount of investment going into oil production for the first time." In a sign of how the energy transition is progressing, the IEA's World Energy Investment report said solar investments were expected to attract over $1 billion a day in 2023. In a statement, Fatih Birol, the IEA's executive director, said investment in solar was "set to overtake the amount of investment going into oil production for the first time." Speaking to CNBC's Arabile Gumede Thursday morning, Birol said there was a "growing gap between the investment in fossil energy and investment [in] clean energy." Firstly, the cost of clean energy such as solar and wind was "getting cheaper and cheaper," he said.

☆ Saudi oil minister warns market speculators to 'watch out' ahead of OPEC+ meeting
▼ + stars: | 2023-05-23 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Abdulaziz bin Salman, Saudi Arabia's energy minister, speaks during a panel session at the Qatar Economic Forum in Doha, Qatar on May 23, 2023. Saudi Oil Minister Prince Abdulaziz bin Salman on Tuesday told market speculators to "watch out," reiterating his warning that they could face pain ahead. The Saudi oil minister has previously struck out against price speculators looking to profit off predicting the output decisions of OPEC+, which next meets on June 4. The organization's executive director, Fatih Birol, nevertheless on Sunday told CNBC that a potential — if unlikely — U.S. debt default could trigger a drop in oil demand and prices. "With several OPEC+ member countries voluntarily removing barrels from the market, and amid rising demand during the Northern Hemisphere's summer, we expect larger inventory draws to materialize and bring investors back to the oil market," they said.

Persons: Abdulaziz bin Salman, Prince Abdulaziz bin Salman, …, —, Abdulaziz, Fatih Birol Organizations: Qatar Economic Forum, Saudi Oil, Tuesday, ICE Brent, International Energy Agency, Sunday, CNBC, Swiss, UBS Locations: Saudi, Qatar, Doha, OPEC, London, Saudi Arabia, U.S, Beijing, China, Paris

☆ Oil slips as U.S. debt caution offset supply concerns
▼ + stars: | 2023-05-22 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Companies Baker Hughes Co FollowSINGAPORE, May 22 (Reuters) - Oil prices slipped on Monday as caution around the U.S. debt ceiling talks and concerns about demand recovery in China offset support from lower supplies from Canada and OPEC+ producers. The resumption of U.S. debt ceiling negotiations later on Monday will remain a key driver for crude and risk sentiment this week, IG's Sydney-based analyst Tony Sycamore said. "If the housing market continues to fall and policymakers fail to respond, the risk of a double-dip China slowdown increases, which spells bad news for crude oil consumption and demand," Sycamore said. Last week, both oil benchmarks gained about 2%, their first weekly gain in five, after wildfires shut in large amounts of crude supply in Alberta, Canada. Total exports of crude and oil products from the group plunged by 1.7 million barrels per day (bpd) by May 16, JP Morgan said, adding that Russian oil exports will likely fall by late May.

The G7, the European Union and Australia agreed to impose a $60-per-barrel price cap on Russian seaborne crude oil and also set an upper price limit for Russian oil products to deprive Moscow of revenues for its invasion of Ukraine. The IEA, which provides analysis and input to the G7 on energy, does not see the enhanced enforcement of the price caps affecting the global oil and fuel supply, Birol told Reuters in an interview on the sidelines of the summit. According to Birol, the price cap reached two main objectives: it did not trigger tightness in the markets as Russian oil continued to flow but at the same time Moscow's revenues were reduced. But there are some loopholes, some challenges for the better functioning of the oil price cap," Birol said. "There is no determination of any time frame there, but I think the main issue is because of the reliance of especially European countries on Russian gas almost for decades.

☆ Europe may have averted an energy crisis for now but is 'not out of the woods,' says IEA chief
▼ + stars: | 2023-05-21 | 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 EmailEurope may have averted an energy crisis for now but is 'not out of the woods,' says IEA chiefFatih Birol, Executive Director of the International Energy Agency, speaks to CNBC's Martin Soong on the sidelines of the G-7 leaders' summit in Hiroshima, Japan. He says 60% of the increase in oil demand is expected to come from China, and outlines the energy risks that Europe faces.

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