Europe must drastically cut gas consumption in the coming months to prepare for what is likely to be “a long, hard winter,” the head of the International Energy Agency (IEA) said, as reported by Bloomberg. While the European Union has made some progress in diversifying its supplies from third-party suppliers, moving away from its main […]
Tag: International Energy Agency (IEA)
We have yet to see the worst of the energy crisis, the IEA warns
Conditions that have squeezed global energy supplies, leading to severe shortages that have sent energy and fuel costs soaring may worsen, the head of the International Energy Agency (IEA) has warned. In particular, as reported by Bloomberg, speaking at a global energy forum in Sydney, Fatih Birol emphasized that “the world has never experienced such […]
IEA: Problems in the economy will affect oil demand
Higher oil prices and lower economic forecasts are expected to boost demand, the International Energy Agency (IEA) said, although the global thirst for oil is set to reach pre-pandemic levels in 2023. “Economic fears persist, as various international institutions have recently published negative outlook,” the IEA said in its monthly oil report, in its first […]
Fears of fuel shortages in Europe in the summer
Europe could face fuel shortages in the summer due to pressures on the oil market, the head of the International Energy Agency (IEA), Fatih Birol, told Germany’s Spiegel. “Once the major holiday season begins in Europe and the US, fuel demand will increase. During this time we could see shortages. For example in diesel, petrol […]
International Energy Agency: There will be no shortage of oil in the short term
Oil will not run out of oil in the short term despite Russia’s growing isolation as demand slows and production rises in other countries, the International Energy Agency (IEA) announced today. “A steady increase in production elsewhere (outside Russia), combined with a slowdown in demand growth, especially in China, is expected to prevent any acute […]
OPEC ‘gets a divorce’ from the International Energy Agency
The Organization of the Petroleum Exporting Countries (OPEC) has said it will stop using International Energy Agency (IEA) data to assess compliance with OPEC member production quotas. According to the Anadolu agency, the decision was made after an extraordinary meeting held via video conference on Thursday. OPEC has agreed to replace the ILO with consulting […]
IEA: Ready to release as much oil as needed from stocks
The head of the International Energy Agency (IEA) told the Financial Times that its members were ready to release more oil from emergency reserves to curb its ever-rising prices. In particular, Fatih Birol said the coordinated release of 60 million barrels last week from the US and other countries was an “initial response” corresponding to […]
New appeal by the head of the IEA to OPEC + for an increase in oil production
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC +, need to reduce the gap between their targets and actual production, International Energy Agency (IEA) chief Fatih Birol said today. “There is a significant difference between the goals set by OPEC + countries in terms of their production […]
Oil: IEA (International Energy Agency) chief calls on OPEC + to reduce differences between words and deeds
The head of the International Energy Agency (IEA) Fatih Birol called on the oil producers of the OPEC + alliance to reduce the difference between their words and deeds, while prices today rose to the highest level in more than seven years. Speaking at an industry event in Cairo, which was broadcast on Egyptian state […]
IEA: Saudi Arabia and UAE could mitigate oil market volatility
Saudi Arabia and the United Arab Emirates (UAE) could help calm oil markets by pumping more crude, the International Energy Agency (IEA) said on Friday, according to Reuters. It should be noted that the United Arab Emirates and Saudi Arabia are the two oil producers with the largest surplus capacity. “Oil prices are rallying once […]