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☆ One in five cars sold this year will be electric - IEA
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

Summary Electric car sales up 35% globally in 2022Shift to EVs to reduce global oil demand by 5 million barrelsLarge cars still dominate EV offeringTwo- or three-wheel EVs outnumber cars in emerging economiesBERLIN, April 26 (Reuters) - Electric cars are expected to make up nearly one-fifth of the global market this year, according to the International Energy Agency's (IEA) outlook report for the electric vehicle market released on Wednesday. The shift from combustion engine to electric cars will reduce global demand for oil by at least five million barrels a day, according to the IEA's projections. Over half of electric cars on the road so far worldwide are in China, which also dominates global battery production and was responsible for 60% of electric car sales in 2022. In emerging and developing economies, two- or three-wheel electric vehicles outnumber cars. Over half of India's three-wheeler registrations in 2022 were electric, according to the study.

☆ Oil inches up on tightening supply, IEA demand outlook to come
▼ + stars: | 2023-04-14 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

BEIJING, April 14 (Reuters) - Oil prices rose in early Asian trade on Friday, after falling 1% in the previous session, as the market weighed supportive supply conditions ahead of the International Energy Agency's monthly demand outlook. A tighter supply outlook due to lower expected production in Russia supported prices. On the demand side, investor attention is focused on the IEA's monthly oil market report to be released later in the day, with the possibility the agency might downgrade the global demand outlook over faltering macroeconomic growth. The weakening greenback makes dollar-denominated oil cheaper for investors holding other currencies, boosting demand. "It looks like the rally in crude prices has finally hit a wall," OANDA analyst Edward Moya said in a note.

☆ Oil climbs on tightening supply; IEA demand outlook awaited
▼ + stars: | 2023-04-14 | by ( ) www.cnbc.com time to read: +3 min

An oil pumpjack in the Inglewood Oil Field, seen from the Kenneth Hahn State Recreation Area, on July 13, 2022, in Los Angeles, California. Oil prices rose on Friday on signs of lower Russian output and tighter supplies, with the market looking ahead to the International Energy Agency's monthly report later in the day to clarify the global demand outlook. The possibility that the agency might downgrade the global demand outlook over faltering macroeconomic growth is helping to cap prices. "It looks like the rally in crude prices has finally hit a wall," OANDA analyst Edward Moya said in a note. Oil prices are expected to record an upward trend but the increments are expected to be capped at $90 a barrel, said CMC Markets analyst Leon Li.

Summary Fossil fuel-fired power output rises fastest in nearly 3 decadesEmissions from power gen rose nearly a sixth to 1.15 bln tonnesCoal-fired power output up 12.4%, gas-fired output down 29%Share of coal in overall power output rose to 73.1%Renewables output rose 21.7%, share up to 11.8%SINGAPORE, April 5 (Reuters) - India's power generation grew at the fastest pace in over three decades in the just-ended fiscal year, a Reuters analysis of government data showed, fuelling a sharp surge in emissions as output from both coal-fired and renewable plants hit records. In the new fiscal year that began April 1, Indian power plants are expected to burn about 8% more coal. That is 3.4% of the International Energy Agency's estimate of annual global emissions of 33.8 billion tonnes in 2022. The government has defended India's high coal use citing lower per capita emissions compared with richer nations and rising renewable energy output. The green energy output helped prevent as much as 32.5 million tonnes of CO2 emissions from power that would otherwise likely have been produced with coal, calculations show.

Summary Customs delays, tariff uncertainty and soaring global demand have hiked solar costs and delayed projects as the U.S. weans itself off Chinese dependence. The Biden administration's Uyghur Forced Labor Protection Act (UFLPA) prevents the import of goods produced using forced labour in China’s Xinjiang Province, including much of the polysilicon used in solar panels. UFLPA checks have blocked panel imports at the U.S. border, delaying projects and driving up project costs. CHART: Solar manufacturing capacity by country, regionSource: International Energy Agency's Report on Solar PV Global Supply Chains, August 2022The UFLPA requires visibility into labour practices along the solar value chain. Lightsource bp has contracted for more than 20 million solar panels through 2028 and is considering imports from Southeast Asia, Turkey and India, Smith said.

☆ China rebound is the biggest unknown facing oil markets, IEA chief says
▼ + stars: | 2023-02-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The International Energy Agency's executive director said Friday that the biggest uncertainty facing global energy markets is the extent to which China rebounds from its extended closure. Currently, oil markets are "balanced," Fatih Birol told CNBC's Hadley Gamble at the Munich Security Conference. But producers are awaiting signals on forthcoming demand from the world's second largest economy and largest crude oil importer. "For me, the biggest answer to the energy markets in the next months to come is [from] China," Birol said, noting a major drop-off in the country's oil and gas demand during its pandemic lockdowns. Oil deliveries are expected to rise by 1.1 million barrels a day to hit 7.2 million barrels a day over the course of 2023, with total demand reaching a record 101.9 million barrels a day, the IEA noted.

☆ Oil edges up as market shrugs off U.S. inventory surge
▼ + stars: | 2023-02-16 | by ( ) www.cnbc.com time to read: +1 min

Oil prices angled upward in early Asian trade on Thursday as the market shrugged off a giant U.S. crude inventory build and the International Energy Agency boosted its demand outlook. U.S. crude oil stocks soared last week by 16.3 million barrels to 471.4 million barrels, the highest level since June 2021, the Energy Information Administration said. The larger-than-expected build was largely due a data adjustment, which analysts said muted the impact to oil prices. China will account for almost half of 2023 oil demand growth after relaxing its Covid-19 curbs, the IEA said. The U.S. dollar , which generally moves inversely with crude prices, also supported oil.

[1/2] A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. REUTERS/StringerBENGALURU, India, Feb 5 (Reuters) - Oil producers may have to reconsider their output policies following a demand recovery in China, the world's second-largest oil consumer, the International Energy Agency's Executive Director Fatih Birol said on Sunday. "We expect about half of the growth in global oil demand this year will come from China," Birol told Reuters on the sidelines of the India Energy Week conference. He added that China's jet fuel demand is exploding, putting upward pressure on demand. OPEC+ rolled over the group's current output policy at a meeting on Wednesday, leaving production cuts agreed last year in place.

☆ When it comes to the energy transition, one analyst sees the market making a big mistake
▼ + stars: | 2023-01-24 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

Thomas Hohne-Sparborth, head of sustainability research at Lombard Odier, highlighted the huge shifts taking place in the field of low and zero-carbon technologies and, by extension, wider society. "We've seen past industrial revolutions, including past energy transitions," Hohne-Sparborth said. We were, Hohne-Sparborth said, "looking at investment needs in the trillions of dollars." When it comes to the energy transition, the sums being discussed are indeed significant. Last year, the International Energy Agency's "World Energy Outlook 2022" report said clean energy investment could be on course to exceed $2 trillion per year by 2030, an increase of over 50% compared to today.

Summary OPEC says Chinese oil demand to rebound in 2023 after dropU.S. shale oil output set to rise in Feb to record -EIARussia sees sanctions impact on oil products -senior sourceJan 18 (Reuters) - Oil prices rose on Wednesday, extending the previous session's gains, driven by optimism that the lifting of China's strict COVID-19 curbs will lead to a recovery in fuel demand in the world's top oil importer. U.S. West Texas Intermediate (WTI) crude futures rose 68 cents, or 0.85%, to $80.56, having risen 0.4% on Tuesday. China's economic growth slowed sharply to 3% in 2022, missing the official target of "around 5.5%" and marking its second-worst performance since 1976. But OPEC kept its 2023 global demand growth forecast unchanged at 2.22 million bpd. Russia, meanwhile, expects Western sanctions to have a significant impact on its oil product exports and its production, likely leaving it with more crude oil to sell, said a senior Russian source with knowledge of the nation's outlook.

☆ Oil drops by over $2 per barrel, bogged down by recession fears
▼ + stars: | 2022-12-16 | by ( ) www.cnbc.com time to read: +2 min

Brent crude futures fell by $2.17, or 2.7% to $79.04 a barrel. U.S. West Texas Intermediate crude futures slipped $1.82, or 2.4%, to $74.29 a barrel. The U.S. Federal Reserve indicated it will raise interest rates further next year, even as the economy slips toward a possible recession. On Thursday, the Bank of England and the European Central Bank raised interest rates to fight inflation. However, while the Keystone outage is supportive for prices of heavier crude oil grades, it is "doing nothing" for lighter global benchmarks, such as WTI and Brent, said Matt Smith, lead oil analyst at Kpler.

LONDON, Oct 26 (Reuters) - Oil prices were broadly stable on Wednesday, moving in and out of negative territory after industry data showed U.S. crude stockpiles rose more than expected, though supply concerns and a weaker dollar gave support. Brent crude futures for December were down 4 cents, or 0.04%, to $93.48 a barrel by 0849 GMT. U.S. West Texas Intermediate (WTI) crude futures for December were up 25 cents, or 0.3%, to $85.57 a barrel. But ongoing supply constraints, highlighted by the International Energy Agency's head warning of the "first truly global energy crisis", gave prices a floor. Meanwhile Biden, facing criticism over high inflation, has warned that Saudi Arabia would face consequences for aligning with Russia and agreeing to reduce crude supply.

☆ Asia's energy supply looks secure — even as Europe scrambles
▼ + stars: | 2022-10-21 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +4 min

On Tuesday, the EU steered away from a proposed price cap on Russian gas as it laid out new measures to tackle high energy prices. Overall LNG imports fell 7% year-on-year. Overall LNG imports fell 7% year-on-year. The decrease in LNG imports for Japan, Pakistan and India were 17%, 73% and 22% respectively, the IEA said. However, there is a clear increase month on month of coal power generation," IEEFA energy finance analyst Ghee Peh said.

☆ Inside the only lithium producer in the U.S., which provides critical mineral used in batteries by Tesla, EV makers
▼ + stars: | 2022-10-14 | by ( Pippa Stevens | ) www.cnbc.com time to read: +14 min

The town's mining roots are still on display, but the action has shifted to the country's largest lithium brine operation 45 minutes away. Specialty chemicals company Albemarle acquired the site in 2015 from Foot Mineral Company, and has owned it ever since. Under the International Energy Agency's most ambitious climate scenario, lithium supply will have to grow 40-fold by 2040 from today's levels. The U.S. used to be a leader in lithium production, but it's since ceded that position to foreign nations, including China. Albemarle's Silver Peak lithium plant spans 13,000 acres.

☆ Use less air con, drive slower to shun Russian energy and save money, IEA urges
▼ + stars: | 2022-04-21 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

Illuminated house is pictured near the air conditioning as a family stand in Barcelona, Spain September 14, 2021. REUTERS/Nacho DoceBRUSSELS, April 21 (Reuters) - Raise your air conditioner's temperature, adjust your boiler settings, drive slower and swap short-haul flights for trains: some of the International Energy Agency's advice on how consumers can help reduce reliance on Russian energy and cut their bills. If done EU-wide, the measures could save 220 million barrels of oil per year and 17 billion cubic metres of gas, the IEA said. If Russia were to cut off gas supplies, or if the EU sanctioned Russian gas, far wider emergency measures would be needed to slash use of the fuel, such as factory closures and potential energy rationing. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kate Abnett; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

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