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    In this article @LCO.1Speaking to CNBC on Monday, the executive director of the International Energy Agency spoke about the intricacies of the energy transition and the competing challenges that will need to be balanced in the years ahead.Imaginima | E+ | Getty ImagesThe executive director of the International Energy Agency spoke of the current challenges facing global oil markets on Monday, highlighting the significant influence Chinese demand could have over the next few months. In an interview with CNBC at the World Economic Forum in Davos, Switzerland, Fatih Birol painted a stark picture of the current situation, describing oil prices as being "very high."   "They are risky for economic recovery around the world, but especially in the importing countries in the emerging world," he said. "It's a big risk, together with the food prices being very, very high, and I think that it may well trigger us, the world … step by step to a recession." With geopolitical tensions elevated following Russia's invasion of Ukraine and continued concerns about supply casting a shadow over oil markets, the price of...
    New York (CNN Business)The West is tapping more of its emergency oil reserves to help wean itself off Russian crude.The International Energy Agency announced Wednesday it would supply the oil market with 60 million additional barrels of crude from its emergency stockpiles. The Paris-based IEA, which monitors energy supplies for the world's leading developed economies, said details would be forthcoming. The news was enough to send oil prices down about 2.5%. US oil tumbled below $100 a barrel, and Brent crude, the global benchmark, fell to $104 a barrel.The 60 million barrels will come on top of the record 180 million barrels of oil President Joe Biden announced Thursday that the United States would release from its Strategic Petroleum Reserve. The United States plans to release 1 million SPR barrels a day over the course of the next six months. It's unclear if the IEA's plan will coincide with that time frame.Still, it will take time for that added supply to come to market, and the contributing countries will need to find buyers for their oil. Over the course of...
    by Rupert Darwall   The day after President Biden announced that the United States would ban imports of Russian oil and gas, a group of eleven powerful European investment funds that includes Amundi, Europe’s largest asset manager, outlined plans to force Credit Suisse, Switzerland’s second largest bank, to cut its lending to oil and gas companies. The juxtaposition of these two events dramatizes the fundamental disunity of the West. At the same time as the Biden administration is sanctioning Russian oil and gas producers, Western investors are sanctioning Western ones. Under the banner of ESG (environmental, social and governance) investing, the West’s capital is being deployed to create an artificial shortage of oil and gas produced by its companies and reward non-Western oil and gas producers such as Russia and Iran with higher prices. In doing so, the West is undermining its own security interests. Before Russia’s invasion of Ukraine, energy markets were already extremely tight. In the past, high oil and gas prices stimulated a supply-side response leading to increased output and to prices falling back. This relationship has broken down. According...
    Cyclists photographed in Lisbon, Portugal, in October 2018.Kamisoka | Istock Unreleased | Getty Images Speed limits on highways should be cut by at least 10 kilometers per hour (6.2 mph) to help lower oil demand, the International Energy Agency said Friday. The recommendation is part of a wider 10-point plan published by the Paris-based organization. "We estimate that the full implementation of these measures in advanced economies alone can cut oil demand by 2.7 million barrels a day within the next four months, relative to current levels," the IEA's report said. The 2.7 million figure equated to the oil demand of all cars in China, it added in a news release. Part or full adoption of the measures in emerging economies would amplify their effect, it also said. The plan comes at a time when oil markets are facing significant uncertainty and volatility following Russia's invasion of Ukraine in February. Russia is a major supplier of oil and gas, but its actions in Ukraine have caused several economies to try and find ways to reduce their reliance on Russian hydrocarbons.Read more...
    VIDEO3:2403:24Hess CEO John Hess: Oil and gas essential for a smooth, affordable energy transitionSquawk Box The CEO of Hess Corporation told CNBC on Tuesday he believes the U.S. and other nations should be doing more to help stabilize oil prices, as the Russia-Ukraine war continues to impact energy markets. "The oil market now is in the intensive care unit, and we need to act," John Hess said in an interview on "Squawk Box," before media reports surfaced that President Joe Biden planned to ban Russian oil imports to the U.S. as soon as Tuesday. Hess has overseen his company's transition from integrated oil company to a pure-play exploration and production firm. The International Energy Agency, which includes the U.S., needs to announce a "release of 120 million barrels from the strategic petroleum reserves this month [and] commit to another 120 million barrels" released in April, Hess said. "Basically, by doing that, you put a cushion in the system." Last week, the 31 members of the IEA said they would release 60 million barrels of oil from strategic petroleum reserves. While saying...
    London (CNN Business)The world needs more electricity. That will mean severe climate damage, unless something changes soon.A report published Friday by the International Energy Agency found that global demand for electricity surged 6% in 2021, fueled by a colder winter and the dramatic economic rebound from the pandemic. That drove both prices and carbon emissions to new records.The growth in demand was particularly intense in China, where it jumped by about 10%.IEA Executive Director Fatih Birol said the report contained a stark warning for the future. Electricity has a crucial role to play in the fight against climate change as countries ditch fossil fuels and more battery-powered cars hit the road. But so far, renewable sources of electricity — as opposed to power stations that burn coal or natural gas — haven't kept up.Read MoreElectricity generated by renewables grew by 6% globally last year, while coal-fired generation leaped 9% due to high demand and skyrocketing natural gas prices, which made it look like a more attractive option.Carbon dioxide emissions from power generation rose 7% as a result, reaching an all-time...
    London (CNN Business)A rise in global crude oil supply could put the brakes on surging gasoline prices that have hit record levels in parts of the United States and Europe.According to the International Energy Agency's latest market report, global oil supplies jumped by 1.4 million barrels per day in October, with the United States accounting for half that increase as Gulf of Mexico output recovered from the damage caused by Hurricane Ida in August. The Paris-based agency said it expected a further boost of 1.5 million barrels per day over November and December, with the United States forecast to provide more of that increase than any other country."The world oil market remains tight by all measures, but a reprieve from the price rally could be on the horizon," it said. Prices for US and Brent crude oil are trading near six-week highs at $80.15 and $81.62 a barrel. That's left drivers in California paying a record $4.68 per gallon for gasoline, according to AAA. Europe hasn't escaped either. Prices hit record highs in the United Kingdom last month. Read MoreThe...
    London (CNN Business)The shift to clean energy is sending the oil industry into decline. But the world needs a much more ambitious plan to save the climate and achieve net-zero emissions by 2050.That's according to the International Energy Agency, which said in its global energy outlook published Wednesday that more aggressive climate action is needed as world leaders prepare for the crucial COP26 summit in Glasgow in November."The world's hugely encouraging clean energy momentum is running up against the stubborn incumbency of fossil fuels in our energy systems," Executive Director Fatih Birol said in a statement. "Governments need to resolve this at COP26 by giving a clear and unmistakeable signal that they are committed to rapidly scaling up the clean and resilient technologies of the future."More than 50 countries and the European Union have pledged to meet net zero emissions targets. If they live up to those commitments, demand for fossil fuels will peak by 2025, but global CO2 emissions would only fall 40% by 2050, far short of net zero.In that scenario, the world would still be consuming 75...
    London (CNN Business)The failure by major oil producers to agree on supply increases could elevate fuel prices, stoking inflation and weighing on the recovery from the coronavirus pandemic, the International Energy Agency has warned.The Paris-based organization said in a report on Tuesday that the OPEC+ impasse, which is keeping production capped even as demand rises, could lead to a supply crunch."In that case, oil markets will tighten significantly as demand rebounds from last year's Covid-induced plunge," it added. Higher oil prices could accelerate the transition to greener forms of energy and transport, such as electric cars, but could also place a drag on the economic recovery, particularly in developing countries, the IEA said. Oil prices surge after OPEC+ calls off talksOil prices surged to multi-year highs last week after OPEC+ — which groups producers from the Organization of the Petroleum Exporting Countries with allies including Russia and Mexico — failed to come to an agreement on boosting production.Read MoreThe price of Brent crude, the global benchmark, came close to $78 a barrel, its highest level since October 2018. US oil...
    While the Conservative Party has enjoyed over 11 years in power and the left-wing Labour Party continues to flounder at the ballot box, a new study has shown that socialism appears to have gained a strong foothold with the younger generations of Britons. Research conducted by the Institute of Economic Affairs (IEA) has found that over two-thirds of Millenials and Generation Z in the UK would prefer to live under a socialist economic system than the free market system currently enjoyed in Britain. According to the report, Left Turn Ahead? Surveying Attitudes of Young People Towards Capitalism and Socialism, 67 per cent of younger Brits said they would rather have socialist rule and 75 per cent agree with the statement that “socialism is a good idea, but it has failed in the past because it has been badly done”. “The cliché that ‘real socialism has never been tried’ is not just a cliché: it is also the mainstream opinion among Millennials and Zoomers,” the report noted. The younger Brits, many of whom were born after the fall of the Soviet Union, associate the...
    Patrick Pleul | picture alliance | Getty Images The world's pathway to developing an energy sector with net-zero emissions by the middle of the century is a viable but narrow one, the International Energy Agency said Tuesday. In a statement released alongside the publication of a major new report, the Paris-based organization said achieving the net-zero target would require an "unprecedented transformation of how energy is produced, transported and used globally." And, in a stark sign of how much work needs to be done, the IEA's report said current pledges fell "well short of what is necessary to reach net‐zero emissions globally by 2050." According to the IEA's roadmap to net-zero, over 400 "milestones" will need to be achieved if the 2050 goal is to be met. These include scrapping new sales of fossil fuel boilers by 2025 and ending sales of new internal combustion engine cars by 2035. In addition, from now on there should be "no investment in new fossil fuel supply projects, and no further final investment decisions for new unabated coal plants." Under the IEA's scenario,...
    London (CNN Business)The International Energy Agency, which was founded by rich industrial nations after oil shocks in the 1970s to promote secure and affordable energy supplies, says the world needs to stop drilling for oil and gas right now to prevent a climate catastrophe. In order to reach net zero carbon emissions by 2050, the influential group said in a report Tuesday that investment in new fossil fuel supply projects must stop immediately, and no new coal-fired plants should be approved.The dramatic recommendations are part of a detailed strategy that the IEA says would result in the world achieving the Paris climate agreement goal of limiting global warming to 1.5 degrees Celsius above preindustrial levels.Why 1.5 degrees? Experts have repeatedly warned that exceeding the threshold will contribute to more extreme weather, greater sea level rise, wildfires, floods and food shortages for millions of people.To prevent that, the IEA says these milestones must be hit:Read More Immediate stop to new gas and oil projects. No new sales of fossil fuel boilers starting in 2025. Electric vehicles make up more than 60%...
    London (CNN Business)The world won't be able to tackle the climate crisis unless there is a sharp increase in the supply of metals required to produce electric cars, solar panels, wind turbines and other clean energy technologies, according to the International Energy Agency.As countries switch to green energy, demand for copper, lithium, nickel, cobalt and rare earth elements is soaring. But they are all vulnerable to price volatility and shortages, the agency warned in a report published on Wednesday, because their supply chains are opaque, the quality of available deposits is declining and mining companies face stricter environmental and social standards. Limited access to known mineral deposits is another risk factor. Three countries together control more than 75% of the global output of lithium, cobalt and rare earth elements. The Democratic Republic of Congo was responsible for 70% of cobalt production in 2019, and China produced 60% of rare earth elements while refining 50% to 70% of lithium and cobalt, and nearly 90% of rare earth elements. Australia is the other power player. In the past, mining companies have responded...
    Marin Tomas | Moment | Getty Images The number of electric cars, buses, vans and heavy trucks on roads is expected to hit 145 million by 2030, the International Energy Agency said on Thursday. According to the IEA's Global Electric Vehicle Outlook, if governments ramp up their efforts to meet international energy and climate goals, the global electric vehicle fleet could increase further still, hitting 230 million by the end of the decade. Both of these projections exclude two- and three-wheeled electric vehicles.  The Paris-based organization said roughly three million new electric cars were registered last year, a record amount and a 41% rise compared to 2019. This jump pushed the total number of electric cars on the road to over 10 million, a figure supplemented by approximately 1 million electric buses, vans and heavy trucks. The rise in electric car sales in 2020 came even as the worldwide automobile market contracted by 16% due to the effects of the coronavirus pandemic. In the first quarter of 2021, electric car sales were almost two and a half times higher than...
    VIDEO6:3206:32Three tailwinds should drive bullish oil demand this year, says KPMG analystTrading Nation The recovery from the pandemic is quickly accelerating, at least based on red-hot demand in the oil market. The International Energy Agency and OPEC forecast bullish demand for oil in 2021 – the IEA this week said producers may need to increase supply by 2 million barrels per day to catch up to demand, while OPEC raised its own forecasts to 5.95 million barrels per day for the year.    Regina Mayor, global head of energy at KPMG, says the forecasts are on the money. She sees three tailwinds that should continue to fuel demand into the summer and beyond. "One is the accelerated pace of vaccinations. Particularly in countries like the U.S. and the U.K., we're really seeing vaccine rollouts exceed our expectations. Number two, we're continuing to see strong stimulus spending from governments to encourage consumer activity and consumer spending," Mayor told CNBC's "Trading Nation" on Thursday. The third reason? Mayor says it's basic human behavior. "We're all really sick and tired of being quarantined...
    Global emissions of heat-trapping gases fell dramatically last year as the pandemic forced much of the world to a halt. But new data has shown they are bouncing back -- fast.Lockdown measures to contain the spread of the coronavirus caused a 7% drop in CO2 emissions over the course of 2020 -- the biggest drop ever recorded -- a study published Wednesday in the scientific journal Nature Climate Change estimates.But its authors warn that unless governments prioritize green investment in their attempts to boost their struggling economies, the world is going to see a strong rebound in emissions -- with potentially catastrophic consequences.Corinne Le Quéré, one of the authors of the study and a professor of climate change science at the University of East Anglia, said the big, pandemic-induced drop in emissions in April was short-lived.Once lockdowns started to lift, emissions bounced back strongly."Because nothing has changed around us," she said. "The confinement measures are a forced behavior change, they are not lasting."And while the world's battle with COVID-19 is far from over, emissions have already recovered.New data from the...
    The rebalancing of the oil market will soon lay the foundations for a greater supply from OPEC +, according to the IEA
    EFE Latam Videos Nissan loses 2.9 billion euros from April to December Tokyo, Feb 9 (EFE) .- The vehicle manufacturer Nissan recorded from April to December, the first nine months of its fiscal year, a net loss of 367,721 million yen (2,900 million euros), when in the same period of the The previous year it had earned 39,273 million yen (310 million euros), as reported today. However, it registered an improvement in its performance in the most recent quarter, explained the Japanese group, which on Tuesday cut its forecast of annual losses to 530,000 million yen (4,190 million euros) in its latest financial report, in which it noted some improvement despite continuing to be deficient. The amount contrasts with the net loss of 615 billion yen (4.86 billion euros) that it forecast in November, when it made another improvement to its projections, and which reflects the recovery of sales and cost reduction measures in the framework of its Nissan Next strategic plan. The automotive group registered an operating deficit of 131,631 million yen (1,039 million euros) in the period, in...
    Rail wagons for oil, fuel and liquefied gas cargo stand in sidings at Yanichkino railway station, close to the Gazprom Neft PJSC Moscow refinery in Moscow, Russia, on Monday, April 27, 2020.Andrey Rudakov | Bloomberg | Getty Images LONDON — The International Energy Agency (IEA) on Thursday cut its 2020 global oil demand forecast and said it does not expect the prospect of a coronavirus vaccine to significantly boost demand "until well into next year." In its latest closely-watched monthly report, the IEA said it now expects world oil demand to contract by 8.8 million barrels per day this year. That reflects a downward revision of 0.4 million barrels from last month's assessment. The Paris-based energy agency trimmed its near-term outlook on weak historical data and a resurgence of Covid-19 cases in Europe and the U.S. For 2021, the IEA said world oil demand growth will rise by 5.8 million barrels per day, representing an upward revision of 0.3 million barrels from last month. Oil prices have notched three consecutive trading sessions of gains since Pfizer and BioNTech said Monday...
    Acciona’s floating photovoltaic solar plant in Zorita (Cáceres). . / Ana Isabel Crespillo / Archive Paris, Nov 10 . .- Renewables, with a progression of 1% this year, will not only resist the fall in global energy demand, the steepest since the end of World War II, but also 2021 will see a takeoff of almost 10%, the highest since 2015, and that movement will continue later.“In 2025, renewables are destined to become the largest source of electricity generation in the world and end five decades of coal as the first supplier,” said Fatih Birol, the executive director of the International Energy Agency (IEA). , in the agency’s annual report on this sector.Birol pointed out that renewables will represent a third of global electricity production by 2025, thanks in the first place to hydroelectric plants, but also to solar and wind plants that are going to take on more and more weight.This push is due to the rapid reduction in the costs of these technologies, which in many countries generate electricity at prices lower than...
    On September 23rd, Governor Gavin Newsom directed the California Air Resources Board to phase out the sale of vehicles with internal combustion engines by 2035. The sensible move to battle climate change was met with predictable criticism from naysayers claiming that a fifteen year transition to electric vehicles is unworkable. They’re dead wrong. Doing nothing about the buildup of carbon dioxide in the atmosphere is unworkable. Newsom’s timetable is in step with global environmental efforts and automotive trends. Experts at the International Energy Agency understand that global EV adoption is accelerating rapidly and has the potential to provide desperately needed emission reductions. Their recent publication, “Global EV Outlook 2020”, points out that the total number of EVs on the world’s roads grew from 17,000 in 2010 to 7.2 million in 2019. EVs currently account for less than 3% of global car sales, but sales have increased about 30% each year since 2016 and are poised to skyrocket. Charging infrastructure is also expanding rapidly, outpacing the sale of electric vehicles in many markets. Cynical arguments exaggerating the impracticality of EVs are...
    London (CNN Business)Renewable energy, led by solar power, could make up 80% of the growth in electricity generation over the next decade, according to a report published Tuesday. The International Energy Agency said it is now consistently cheaper to generate electricity by capturing the sun's energy than by burning coal or natural gas in most countries.Solar photovoltaic cells are now one of the cheapest sources of electricity in history thanks to maturing technologies and policies that have reduced the cost of investments, the Paris-based agency said. Photovoltaic systems can be installed as panels on homes or businesses, as well as deployed at solar parks. The agency's report lays out three scenarios for the future development of global energy markets, which have been roiled by the coronavirus pandemic. While fossil fuels face a precarious future, the prospects for renewable sources of power generation range from "strong to spectacular," with solar leading the charge. According to the International Renewable Energy Agency, an intergovernmental body, electricity costs from large-scale solar photovoltaic installations have fallen from roughly 38 cents per kilowatt-hour in 2010 to...
    Peter Cade | Stone | Getty Images The world's response to Covid-19 can "reshape the future of energy" for years to come, the International Energy Agency said Tuesday in its annual World Energy Outlook report. The IEA report underscored that most important of all is how the crisis will ultimately affect the transition to clean energy. The report noted that while the clean energy transition continues to gain momentum, faster and bolder structural changes are needed if the world is to reach net-zero carbon emissions. "The Covid-19 crisis has caused more disruption than any other event in recent history, leaving scars that will last for years to come," the Paris-based agency said in a statement. "Covid-19 unleased a crisis of exceptional ferocity on countries around the world ...The crisis is still unfolding today — and its consequences for the world's energy future remain highly uncertain." Going forward, IEA believes that renewables will take "starring roles," and solar will take "center stage," driven by supportive government policies and declining costs. "I see solar becoming the new king of the world's electricity...
    Global carbon emissions will rebound in 2021 after an unprecedented fall in 2020 due to the pandemic, potentially putting the world out of reach of overall climate goals, the International Energy Agency says. The next decade is a make-or-break moment for governments to address rising emissions, the IEA says in its latest World Energy Outlook released Tuesday. How aggressively governments promote shifts to cleaner energy will essentially determine whether or not the world has a chance of limiting warming temperatures to 1.5 degrees Celsius, the more ambitious of the Paris climate agreement’s targets, the report says. And despite the pandemic driving emissions down, current policies, both in the United States and abroad, aren’t robust enough to bring about a “decisive downward turn” in emissions, the IEA finds. Emissions fell 7% in 2020 amid coronavirus lockdowns, but they are likely to rebound in 2021, the IEA says. By 2027, without any changes to current policies, emissions will already be higher than pre-pandemic levels and will continue to rise. In addition, the pandemic hasn’t had the same downward effect on emissions of...
    New York, Aug 13 . .- The intermediate oil of Texas (WTI) closed this Thursday with a decrease of 1%, to 42.24 dollars a barrel, in a day marked by the downward revision of the International Agency of Energy (IEA) on the forecasts of global oil demand. At the end of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in September were down $ 0.43 from the previous session on Wednesday. The price of the US benchmark barrel fell after the correction of the IEA, based in Paris, which estimated in a report that the demand for 2020 will be at 91.9 million barrels of crude per day (bpd), about 8.1 million less than the previous year and 140,000 barrels a day less than in its previous forecast, a decrease that this agency attributes to the weakness of the airline sector and the reduction in mobility as a result of the coronavirus pandemic. “Crude prices fell after better-than-expected economic data from the United States on employment did not act as a catalyst for oil to...
    The International Electrical power Company sounded the alarm Thursday about the “critical want” to promptly speed up thoroughly clean electrical power innovation. That’s simply because the local climate plans set by governments and organizations about the earth depend on technologies that have not nevertheless reached the market. “The concept is pretty distinct: in the absence of a great deal quicker clean up electrical power innovation, acquiring net-zero ambitions in 2050 will be all but extremely hard,” Fatih Birol, the IEA’s government director, said in a assertion. Main elements of the entire world economic climate don’t have clean energy choices as however. Energy corporations are dumping coal in favor of progressively inexpensive photo voltaic and wind power. And all the important automobile makers are racing to establish the greatest electric vehicles to compete with Tesla. However there are couple technologies readily available to bring emissions down to zero in locations these types of as delivery, trucking and aviation, the IEA mentioned. The exact challenge exists in heavy industries like steel, cement and chemicals. “Decarbonizing these sectors will mostly need the progress...
    New York (CNN Business)Solar and wind power are booming. Electric vehicles are so promising that Tesla is now worth more than ExxonMobil. Coal is collapsing. And yet energy watchdogs are warning that not nearly enough is being done to fight climate change. The International Energy Agency sounded the alarm Thursday about the "critical need" to rapidly accelerate clean energy innovation. That's because the climate goals set by governments and corporations around the world depend on technologies that have not yet reached the market. China is storing an epic amount of oil at sea. Heres why"The message is very clear: in the absence of much faster clean energy innovation, achieving net-zero goals in 2050 will be all but impossible," Fatih Birol, the IEA's executive director, said in a statement. Major parts of the world economy don't have clean energy options as yet. Power companies are dumping coal in favor of increasingly affordable solar and wind power. And all the major auto makers are racing to develop the best electric vehicles to compete with Tesla. Read MoreYet there are few technologies...
    London (CNN Business)Can the global economy and environment be rescued at the same time? The answer is yes, according to the International Energy Agency, which is calling on governments to invest $3 trillion in a green recovery from the coronavirus pandemic.The agency on Thursday released a blueprint produced with the International Monetary Fund that recommends governments spend big over the next three years on technology and infrastructure projects to create millions of jobs and make 2019 "the definitive peak in global emissions.The collapse in travel and other activity triggered by pandemic lockdowns could slash carbon emissions this year by a record amount. But they're already rising fast again as economies begin to open up. Failure to act now risks a repeat of the aftermath the 2008 global financial crisis, when governments did not prioritize stimulus spending on climate, allowing CO2 emissions to bounce back with what the IEA describes as the largest increase ever recorded. The IEA and IMF say governments could overhaul electricity grids, upgrade hydropower facilities, promote electric cars, extend the life of nuclear power plants and retrofit...
    Cuts in oil supply and a record rebound in demand in 2021 will help put the fossil fuel industry on better footing even as the pandemic hammers oil demand, the International Energy Agency said Tuesday. Demand for oil will rebound by a record 5.7 million barrels per day even as world demand for crude drops by 8.1 million barrels in 2020, the IEA reported. The report comes as city officials ease up on economic lockdowns, which is spurring a recovery in crude demand. Officials began instituting strict stay-at-home orders in early March to slow the spread of a pandemic that originated in China before spreading across the world, killing a reported 116,000 people in the United States, according to the Centers for Disease Control and Prevention. Millions of Americans filed for unemployment benefits as a result of the lockdowns. President Donald Trump played a big role in getting Russia and the Organization of the Petroleum Exporting Countries to drop output in April, bringing production to 9.7 million barrels a day. (RELATED: ‘Give Me The Price’: Trump Ignores Journalist For Not...
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