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Business

IEA forecasts first global oil demand decline since 2020

The International Energy Agency on Friday said global oil demand is expected to fall for the first time since 2020, as the Iran war disrupted production and exports across the Middle East. In its latest Oil Market Report, the agency projected that global oil demand will decline by 1 million barrels per day year-on-year in […]

featured

Oil prices rise as IEA warns of heightened market volatility

Oil prices climbed on Thursday after the International Energy Agency warned of rising market volatility, even as OPEC revised its demand outlook downward for the year. International benchmark Brent crude futures for July rose 0.34 per cent to $105.99 per barrel, while U.S. West Texas Intermediate crude futures for June increased 0.43 per cent to […]

Business

Europe has ‘six weeks’ of jet fuel left – IEA

Europe may have “perhaps six weeks of jet fuel remaining,” according to the head of the International Energy Agency. The organisation said in a report this week that fuel stocks could hit a tipping point in June if Europe fails to replace at least half of its Middle East imports. The Strait of Hormuz — […]

Business

IEA warns of global fallout as Middle East tensions rises

The Executive Director of the International Energy Agency, Fatih Birol,has cautioned that prolonged conflict in the Middle East and any closure of the Strait of Hormuz could have severe consequences for countries worldwide. He warned that no nation would be shielded from the effects of the war, urging governments to brace for “difficult times in […]

Business

Middle Eastern war severely damages 40+ energy facilities — IEA

International Energy Agency Executive Director Fatih Birol said more than 40 energy assets across nine Middle Eastern countries have been “severely or very severely” damaged by the war, warning that global supply chain disruptions could continue even after the conflict ends. Birol said over 40 energy facilities across nine Middle Eastern countries have been severely […]

Energy

IEA urges work from home as global energy crisis deepens

The International Energy Agency has called on people to work from home as the escalating conflict in Iran worsens the global energy crisis. The agency said commuting should be reduced where possible, warning that the worldwide energy shock is becoming “increasingly severe.” It also outlined a 10-point action plan, saying the measures could be quickly […]

Oil production: Angola, Libya overtake Nigeria, says OPEC
Business

IEA to release 400m barrels of oil to ease global shortage

The International Energy Agency has announced plans to release 400 million barrels of oil to help ease the global supply shortage. The agency’s Executive Director, Fatih Birol, disclosed this on Wednesday during a broadcast. Birol said the decision followed a unanimous agreement among member countries after supply disruptions linked to the ongoing conflict involving the […]

World

Global coal output to fall after historic 2024 peak — IEA

Global coal production is projected to move into a period of structural decline after reaching a historic plateau, according to the latest report released on Wednesday by the International Energy Agency. The agency noted that after attaining record output levels, global coal production is expected to fall back to 8.6 billion tonnes by 2030, reflecting […]

Oil and Gas

IEA warns of oil surplus in 2025 despite OPEC+ delay

The International Energy Agency has said that the global oil markets will face a glut next year, despite OPEC+’s decision last week to delay supply increases. The IEA predicted in its monthly report that world markets will be oversupplied by 1.4 million barrels a day if OPEC+ follows through with plans to resume output in […]

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