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☆ Europe's energy market faces 3 key challenges this year, the IEA's chief says
▼ + stars: | 2023-05-21 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +4 min

Birol warned that the region's energy market still has three main hurdles to overcome this year, however. China's exit from its zero-Covid policy in December has caused energy demand to increase, with the IEA forecasting that global oil demand will increase by more than 2 million barrels per day this year. Birol said a U.S. debt default would cause oil demand and prices to drop, but agreed that such a scenario was unlikely. And I don't see a major risk for the global oil markets. But of course, oil markets are always involved with risks."

☆ IEA should be 'very careful' about undermining key oil investments -OPEC chief
▼ + stars: | 2023-04-27 | by ( Maha El Dahan | ) www.reuters.com time to read: +3 min

Such comments could lead to oil market volatility in future, he said. Oil prices rose above $80 a barrel on the back of the decision, having fallen as low as $70 per barrel last month. Birol, in an interview with Bloomberg on Wednesday, said OPEC should be careful about pushing oil prices up as that would translate into a weaker global economy. OPEC+ and the IEA have jousted in recent months over their outlooks for global oil supply and demand. OPEC+ decided last year it would stop using data from the West's energy watchdog when assessing the state of the oil market.

☆ OPEC says IEA should be 'very careful' with repeated calls to stop investing in oil
▼ + stars: | 2023-04-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

OPEC Secretary General Haitham Al Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." OPEC Secretary General Haitham al-Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." He added that the influential group of 23 oil-exporting exporting nations was not targeting oil prices, but instead focusing on market fundamentals. In a Bloomberg TV interview on Wednesday, IEA Executive Director Fatih Birol used similar language in warning OPEC about boosting oil prices. "Other energy markets have been far more volatile," al-Ghais said, "with oil markets less so, mainly due to the stabilizing role of OPEC and the OPEC+ group."

☆ Smaller EV prices to come down as EV sales climb, IEA says
▼ + stars: | 2023-04-26 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

The agency raised its EV sales forecasts in part because of the U.S. Inflation Reduction Act, which supports green industry and subsidises consumers' purchase of electric vehicles (EVs), IEA executive director Fatih Birol said on a media call. China features prominently, making up half the EVs on the road worldwide including battery-electric cars and plug-in hybrids, and with 60% of EV sales last year taking place there, according to the IEA's annual outlook on EVs. The country has also seen prices for some smaller EV models edging lower towards those of their combustion engine equivalents, said the IEA's energy technology policy head, Timar Guell. SUVs and large cars account for nearly two-thirds of EVs in China and Europe and a greater proportion in the United States. In emerging and developing economies, two- or three-wheel electric vehicles outnumber cars.

☆ Premarket stocks: The world's biggest banks are still pouring money into fossil fuels
▼ + stars: | 2023-04-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Banks have pledged to go green, but last year they poured billions of dollars into expanding the capacity of fossil fuel production despite the accelerating climate crisis. While Canadian banks are providing a rising share of the money, US lenders still dominate the market and accounted for 28% of all fossil fuel financing in 2022, said the report. High prices have swelled profits for energy companies, leaving them flush with cash. The record profits come after the world’s 60 largest private banks provided $5.5 trillion in finance for fossil fuels over the past seven years, according to the report. The Banking on Climate Chaos report, which has been published for 14 years, examines the fossil fuel funding of the 60 largest banks in the world.

☆ The US still waits for its high-speed rail revolution
▼ + stars: | 2023-04-18 | by ( Ben Jones | ) edition.cnn.com time to read: +15 min

So why doesn’t the United States have a high-speed rail network like those? Many Americans have no concept of high-speed rail and fail to see its value. William C. Vantuono, editor-in-chief of Railway Age“Many Americans have no concept of high-speed rail and fail to see its value. Corridors for the greatest potentialBrightline West and CHSR offer templates for the future expansion of high-speed rail in North America. “Where those conditions apply in Europe and Asia, high-speed rail reduces air’s share of the market from 100% to near zero.

☆ Oil falls as investors cautious about U.S. recession risk
▼ + stars: | 2023-04-13 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoSINGAPORE, April 13 (Reuters) - Oil prices retreated on Thursday after rising for two sessions, with investors still showing lingering concern over a possible U.S. recession and weaker oil demand. The Biden administration plans to refill the U.S. Strategic Petroleum Reserve soon, and hopes to do it at lower oil prices, U.S. Energy Secretary Jennifer Granholm said on Wednesday. Still, the oil market was jolted higher two weeks ago after the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia agreed to curtail output. As a result, the global oil market could see tightness in the second half of 2023, which would push prices higher, said Fatih Birol, executive director of the International Energy Agency.

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoTOKYO, April 13 (Reuters) - Oil prices eased in early trading on Thursday after rising for the previous two sessions as investors remained cautious due to lingering concerns over a U.S. recession and weaker oil demand. Brent crude fell 19 cents, or 0.2%, at $87.14 a barrel by 0116 GMT, while U.S. West Texas Intermediate slid 16 cents, or 0.2%, to $83.10. However, the Fed's staff assessing the potential fallout of banking stress projected a "mild recession" later this year. Markets on Wednesday shrugged off a small build in U.S. crude oil stocks, attributing it in part to a congressionally mandated release of oil from the U.S. emergency reserve and lower exports at the start of the month.

☆ IEA chief says the OPEC+ production cut came at an 'unfortunate time'
▼ + stars: | 2023-04-13 | 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 chief says the OPEC+ production cut came at an 'unfortunate time'Fatih Birol, executive director of the International Energy Agency, says it comes as a "bad surprise" because the global economy is still "fragile."

☆ Oil rises 2% on lower-than-expected US inflation data
▼ + stars: | 2023-04-12 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +4 min

Prices rose about 2% on Tuesday. The CPI rose 6% year-on-year in February. Markets shrugged off a small build in U.S. crude oil stocks, attributing it in part to a congressionally mandated release of oil from the U.S. emergency reserve and lower exports at the start of the month. Meanwhile, the global oil market could see tightness in the second half of 2023, which would push oil prices higher, said Fatih Birol, executive director of the International Energy Agency. In a negative for oil demand, the International Monetary Fund on Tuesday trimmed its 2023 global growth outlook, citing the impact of higher interest rates.

☆ The EU is buying up Russian liquefied natural gas at the highest level in 3 years, think tank says
▼ + stars: | 2023-03-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

The EU is purchasing Russian liquefied natural gas at the highest level in three years, according to Bruegel data. Though the bloc has sanctioned Russian oil and fuel oil, LNG imports are still free-flowing. The EU snapped up 19.2 billion cubic meters of Russian LNG last year, a 35% increase from 2021. It also makes the EU Russia's second-largest LNG customer, despite efforts from European nations to cut off other Russian energy imports. Birol said the continent still needed to put more effort into diversifying away from Russian energy, or potentially risk blackouts later on in the year when storages are depleted.

☆ Carbon emissions hit a record last year, but rapid growth in renewable energy kept the increase from being far bigger
▼ + stars: | 2023-03-02 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +3 min

Global carbon emissions rose in 2022 from an increase in air travel and coal power, a report found. A spike in clean power like solar and wind kept the growth in emissions from being worse. Still, the growth of solar, wind, electric vehicles, and heat pumps helped prevent a massive spike in emissions. Without the increase in clean technologies, the year-over-year increase in energy-related emissions would have been almost triple, the report found. Meanwhile, China's emissions stayed flat in 2022 compared with previous years because industrial production slowed amid strict COVID-19 policies.

☆ Global clean energy growth offset rise in CO2 emissions last year, IEA says
▼ + stars: | 2023-03-02 | by ( Emma Newburger | ) www.cnbc.com time to read: +1 min

Global energy-related emissions of carbon dioxide rose less than anticipated in 2022 thanks to the growth of clean energy sources like solar, wind, electric vehicles and heat pumps, the International Energy Agency (IEA) said Thursday. Global emissions from energy rose by less than 1% last year to a new high of over 36.8 billion tons, as renewables helped limit the impacts of a global rise in coal and oil consumption, according to the IEA analysis. By comparison, global emissions from energy rose by 6% in 2021. The agency's analysis comes amid a major disruption within global energy markets following Russia's invasion of Ukraine last February. Without the clean energy growth, the rise in emissions last year would have been nearly three times as high, the IEA said.

☆ Premarket stocks: How oil and gas companies think about their shareholders
▼ + stars: | 2023-02-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Two days later, a report found that the soaring energy prices could push 141 million people worldwide into extreme poverty. High prices have swelled profits for energy companies, leaving them flush with cash. Commitment to shareholders has certainly helped bolster stock prices — the S&P 500 ended 2022 down nearly 20%, while the energy sector grew by about 60%. And how do companies navigate appeasing shareholders who want immediate profit while also thinking about ways to invest in sustainable energy? GDP, inflation and retail earnings: What investors are watching this week▸ Investors have a busy week of new data readings ahead of them.

Methane is the main component of natural gas, so captured emissions can be sold as fuel. The energy sector accounts for about 40% of all methane emissions from human activity, second to agriculture. Dozens of oil companies have also voluntarily committed to reduce emissions through the Oil and Gas Methane Partnership, and the Oil and Gas Climate Initiative. Altogether, the coal industry was responsible for about 40 million tonnes of methane emissions in 2022. Coal-related methane emissions in China are equivalent to total CO2 emissions from the whole of sub-Saharan Africa," Gould said.

☆ Oil and gas industry could slash methane emissions by 75% with barely a hit to income, says IEA
▼ + stars: | 2023-02-21 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +3 min

The Biden administration pledged to cut methane emissions from oil and gas production today. In California, 35,000 oil and gas wells sit idle, many of which are unplugged and could leak methane gas. For the oil and gas industry, fixing methane emissions mostly comes down to finding and repairing leaks. More than 150 countries have signed on to the Global Methane Pledge launched at the COP 26 conference in 2021 to address methane emissions. Those signatories represent 55% of anthropogenic methane emissions and 45% of methane emissions from the fossil fuel industry.

☆ IEA's Birol warns of tighter energy supply next winter
▼ + stars: | 2023-02-19 | by ( Andreas Rinke | ) www.reuters.com time to read: +2 min

BERLIN, Feb 19 (Reuters) - International Energy Agency (IEA) head Fatih Birol has warned of possible energy shortages next winter as relatively little new liquefied natural gas (LNG) is coming to the market while China's consumption set to rise this year. European governments made many correct decisions over the last year to ensure energy supply, such as building more LNG terminals to replace pipeline deliveries of Russian gas, Birol told Reuters on the sidelines of the annual Munich Security Conference on Saturday. If there are no last minute surprises, we should get through...maybe with some bruises here and there," said Birol. Households and firms therefore need to continue efforts to reduce gas usage while renewable energy output needs to expand faster, he said. "We need all energy sources to help us for the next winter," he said.

☆ China's rebound is the biggest unknown that oil markets face, IEA chief says
▼ + stars: | 2023-02-17 | 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 EmailChina's rebound is the biggest unknown that oil markets face, IEA chief saysFatih Birol, executive director of the International Energy Agency, says China's rebound is the biggest unknown that oil markets face.

☆ 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.

☆ Analysis: Oil rebound more likely this year, $100 a barrel possible, OPEC sources say
▼ + stars: | 2023-02-10 | by ( Alex Lawler | ) www.reuters.com time to read: +5 min

OPEC and OPEC+ do not publish oil price forecasts and do not have a price target. Officials and ministers from OPEC and OPEC+, are often reluctant to discuss the direction of prices on the record. Reuters spoke privately to five more OPEC country officials about the prospect of $100 oil. The IEA, which represents 31 countries including top consumer the United States, did not immediately reply on Friday to a request for comment on what $100 oil would mean for its members. In November, Birol said $100 oil was a real risk for the global economy.

"Judging by the customs statistics, some of the benefit was captured by refiners in India and China, but the main beneficiaries must be oil shippers, intermediaries and the Russian oil companies," he added. As a further complication, some Russian oil grades, including Pacific grade ESPO, are also worth more than Urals. After decades of low profits or losses, sections of the global shipping industry are enjoying a financial boom from moving Russian oil. A year ago, a similar journey would have cost a seller of Russian oil $0.5-$1.0 million depending on shipping rates. Nayara is 49%-owned by Russian state oil major Rosneft, run by Putin's ally Igor Sechin, meaning some of the profits are indirectly captured by Russia.

☆ Oil prices edge higher as IEA's Birol talks up China demand outlook
▼ + stars: | 2023-02-06 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

MELBOURNE, Feb 6 (Reuters) - Oil prices inched up in early trade on Monday after falling around 8% last week to more than three-week lows as jitters over major economies outweighed signs of a demand recovery in China, the world's top oil importer. While recession fears dominated the market last week, on Sunday International Energy Agency (IEA) Executive Director Fatih Birol highlighted that China's recovery remains a key driver for oil prices. The IEA expects half of global oil demand growth this year will come from China, where Birol said jet fuel demand was surging. "Nevertheless, OPEC's continued constraint on supply should keep the market tight," they said. Reporting by Sonali Paul in Melbourne; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

[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.

☆ Oil prices fall but remain buoyed by China outlook
▼ + stars: | 2023-01-23 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

MELBOURNE, Jan 23 (Reuters) - Oil prices drifted lower in early trade on Monday, thinned by the Lunar New Year holiday in east Asia, but held on to most of last week's gains on the prospect of an economic recovery in top oil importer China this year. The jump in China's traffic ahead of the Lunar New Year holiday bodes well for fuel demand after the two-week vacation. "The expected surge in demand comes as the market braces for further sanctions on Russian oil," ANZ analysts said. The European Union and Group of Seven (G7) coalition will cap prices of Russian refined products starting on Feb. 5, in addition to their price cap on Russian crude in place since December and an EU embargo on imports of Russian crude by sea. The G7 has agreed to delay a review of the level of the price cap on Russian oil to March, a month later than originally planned, to give time to assess the impact of the oil products price caps.

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