DIRS.INFO The most relevant business & tech news

☆ China's COVID-19 reopening set to push 2023 oil demand to new high -IEA
▼ + stars: | 2023-01-18 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

"Two wild cards dominate the 2023 oil market outlook: Russia and China," the Paris-based energy watchdog said in its monthly oil report. "Russian supply slows under the full impact of sanctions (while) China will drive nearly half this global demand growth even as the shape and speed of its reopening remains uncertain." World total oil demandWeak industrial activity and mild weather helped cut oil demand by nearly a million barrels per day in the OECD developed countries in the last quarter of 2022. Demand/supply balance"The preeminent driver of 2023 GDP and oil demand growth will be the timing and pace of China’s post-lockdown recovery," the IEA said. Russia's oil exports increased by just under 5% last year, the IEA said on Wednesday, though prices were far lower.

☆ China’s Covid reopening set to push 2023 oil demand to new high, IEA says
▼ + stars: | 2023-01-18 | by ( ) www.cnbc.com time to read: +1 min

The lifting of COVID-19 restrictions in China is set to boost global oil demand this year to a new record high, the International Energy Agency (IEA) said on Wednesday, while price cap sanctions on Russia could dent supply. "Two wild cards dominate the 2023 oil market outlook: Russia and China," the Paris-based energy watchdog said in its monthly oil report. "Russian supply slows under the full impact of sanctions (while) China will drive nearly half this global demand growth even as the shape and speed of its reopening remains uncertain." Weak industrial activity and mild weather helped cut oil demand by nearly a million barrels per day in the OECD developed countries in the last quarter of 2022. But despite possible but likely mild recessions in Europe and the United States, China's expected reopening is set to fuel rebounds in nearby Asian economies and see it take the lead from India as the world's leader in oil demand growth.

☆ French PM: more confident about France's energy supplies for the coming weeks
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

PARIS, Jan 3 (Reuters) - French Prime Minister Elisabeth Borne said on Tuesday that she was more confident over the situation of French energy supplies for the next few weeks, citing lower consumption and an increase in nuclear output capacity. Borne confirmed plans to help French bakers cope with rising energy bills, allowing them to spread the payment of their taxes over time and possibly "the payment of their energy bills for the first months of the year". "I am more confident over the coming weeks," Borne told Franceinfo radio, when asked about energy supplies, adding that she had discussed the situation with energy company EDF (EDF.PA). Last week, the head of the country's CRE energy watchdog, Emmanuelle Wargon said there was no risk to power supplies until at least mid-January as French households and businesses had heeded calls to cut their energy consumption. French grid operator RTE said last week electricity consumption dropped by 8.7% over the past four weeks compared to an average of the same period in 2014-2019.

☆ France's energy watchdog sees no risk to power supplies until at least mid-January
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

PARIS, Dec 28 (Reuters) - There is no risk to power supplies in France until at least mid-January, the head of the country's CRE energy watchdog, Emmanuelle Wargon, said on Wednesday. The government has set a target of cutting France's energy consumption by 10% by 2024 from 2019 levels, as part of a wide ranging plan that includes turning off lights and lowering thermostats to avoid power and gas cuts over the winter amid the war in Ukraine. "We remain attentive and vigilant" in case temperatures drop, she said, adding that "until mid-January, we know we won't have problems". Wargon also said that France's nuclear fleet, currently hit by maintenance and repair works, is expected to reach a production capacity of 45 gigawatts (GW) in January. Reporting by Dominique Vidalon; Writing by Ingrid Melander; Editing by Louise Heavens, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ EU could face gas shortage next year, IEA warns
▼ + stars: | 2022-12-12 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, Dec 12 (Reuters) - The European Union has enough gas for the winter but could face a shortage next year if Russia cuts supplies further, the International Energy Agency (IEA) said on Monday, urging governments to act faster to save energy and expand renewables. Despite Russia slashing gas deliveries this year, Europe has averted a severe shortage and started the winter with brimming gas storage tanks - thanks in part to emergency EU measures to fill storage, plus a lucky spell of mild weather and high gas prices that dampened demand for the fuel. If Russia was to cut the small share of gas it still delivers to Europe, and Chinese gas demand rebounded from COVID-19 lockdown-induced lows, the EU could face a gas shortfall of 27 billion cubic metres (bcm) in 2023, the IEA said. Total EU gas consumption was 412 bcm in 2021, according to EU data. European Commission President Ursula von der Leyen said the bloc's gas supply was "safe for this winter" and the 27-country EU was preparing for the next one.

REUTERS/Denis BalibousePARIS, Dec 9 (Reuters) - France's state-controlled utility EDF said on Friday three of its nuclear reactors were "ramping up" production after repairs, while a power outage tested nerves in Paris and cold weather added to the strain on supplies across Europe. EDF (EDF.PA) is racing to get nuclear reactors back online following work to tackle corrosion problems as the whole of Europe struggles to cope with the impact on its energy supplies of the Ukraine war. Compounding the impact of disrupted energy imports from Russia, a record number of outages at EDF's 56-strong nuclear fleet has taken France's nuclear output to a 30-year low, increasing the country's reliance on other country's depleted energy reserves. Later on Friday, EDF Chief Executive Luc Remont and French Finance Minister Bruno Le Maire are due to hold a news conference at a nuclear site. POWER CUTSGrid operator RTE, however, says the country's power supplies will be stretched even if EDF manages to stick to its repair schedule, and partial load-shedding measures cannot be ruled out this winter on cold days.

☆ Britain's energy watchdog proposes power price controls
▼ + stars: | 2022-11-30 | by ( Bozorgmehr Sharafedin | ) www.reuters.com time to read: +2 min

SummarySummary Companies Price controls begin on April 1Proposals are subject to statutory consultationShould increase use of renewable powerGreen energy would be backed up by nuclear, hydrogenLONDON, Nov 30 (Reuters) - Britain’s energy watchdog has proposed price controls for electricity distribution network companies for the next five years that it said would drive investment in homegrown supplies and deliver cheaper power without increasing consumer bills. The controls, which will run from April 1, 2023, to 2028, require six electricity distribution network companies to focus investment towards "more homegrown, cleaner, cheaper, and secure sources of energy". Ofgem said it expected the proposal to increase the use of renewables, including wind and solar energy, backed up by expanded nuclear and hydrogen-generated energy. Known as RIIO-ED2 (Revenue = Incentives + Innovation + Outputs for electricity distribution), the proposal sets the level of investment Ofgem allows local electricity distribution networks to make in the five-year period. The total allowed expenditure for the six companies was around 22 billion pounds, Ofgem said.

☆ The huge OPEC+ oil output cuts could push the global economy into recession, IEA warns
▼ + stars: | 2022-10-13 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

OPEC+'s decision to slash output could tip the global economy into recession, the IEA warns. The agency said higher oil prices from reduced supply combined with inflation will be damaging. The IEA added that market volatility and energy security are set to worsen as a result of higher prices. "With unrelenting inflationary pressures and interest rate hikes taking their toll, higher oil prices may prove the tipping point for a global economy already on the brink of recession," the agency said. The IEA's forecast speaks to concerns felt by the US which previously warned that an OPEC+ output cut would be a "total disaster."

☆ Russian oil exports dip 4% in Sept. ahead of EU sanctions- IEA
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

Russian oil exports fell by 230,000 barrels per day (bpd) in September to 7.5 million bpd, the energy watchdog said in its monthly report. Crude exports were down 260,000 bpd to 4.8 million bpd from a recent peak of 5.5 million bpd in April. Register now for FREE unlimited access to Reuters.com RegisterShipments to the European Union by 390,000 bpd to 2.6 million bpd. EU crude oil imports fell to 1.6 million bpd. Loadings to China, the largest importer of Russian crude oil since June, were down by 115,000 bpd.

Search resuls for: "Energy Watchdog"

9 mentions found