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Crude oil prices edge higher as IEA raises demand growth forecast

A US crackdown on Russian oil exports could also disrupt supply, supporting prices further.

India's power demand for ACs to exceed total consumption of Africa: IEA

India's demand for electricity for running household air conditioners is estimated to expand nine-fold by 2050 and will exceed total power consumption in the whole of Africa today, the International Energy Agency (IEA) said on Tuesday. In its latest World Energy Outlook, IEA said India will see the largest energy demand growth of any country or region in the world over the next three decades. It projected India's energy supply to rise from 42 exajoules (EJ) in 2022 to 53.7 EJ in 2030 and 73 EJ in 2050 under stated policies scenarios and 47.6 EJ by 2030 and 60.3 EJ by 2050 as per announced pledges. Oil demand is seen rising from 5.2 million barrels per day (bpd) in 2022 to 6.8 million bpd in 2030 and 7.8 million bpd in 2050 under stated policies scenario. Under announced pledges, this demand is seeking 6.2 million bpd in 2030 and 4.7 million bpd in 2050. IEA said over the past five decades, India witnessed over 700 heatwave events, which have claimed over 17,000 lives. Fuelled by it

18% electricity generated in India will be solar by 2030, says IEA

IEA's new World Energy Outlook 2023 published on Tuesday indicated that renewables would provide half of the world's electricity by 2030

Crude oil tracks global equities higher, IEA demand downgrade weighs

Lower U.S. bond yields are stoking risk appetite, which in turn is supporting equities and oil, UBS analyst Giovanni Staunovo said

India's natural gas demand to rise 4% in 2023: International Energy Agency

Global natural gas demand growth to slow to 1.6 % till 2026, down from 2.5%

OPEC+ cuts to tighten oil market sharply in fourth quarter, says IEA

OPEC and its allies, known as OPEC+, began limiting supplies in 2022 to bolster the market

India second country after China to burn one billion tonnes of coal: IEA

In 2023, China and India will account for 70 per cent of global coal consumption, or double the amount of coal burnt in the rest of the world combined

Global power demand growth to rebound in 2024 after slowdown: IEA

The global growth rate for energy consumption is set to slow to slightly less than 2% in 2023, down from 2.3% in 2022, which was also down from the five-year pre-COVID 19 average of 2.4%

Opec upbeat over oil demand outlook despite for next year despite slowdown

Opec will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year

India, China bought 80% of Russia's heavily discounted oil in May: IEA

India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80 per cent of the oil that Moscow exported in May, the International Energy Agency (IEA) said in a report. "Heavily discounted Russian crude oil has found new buyers primarily in Asia. India has increased purchases from almost nothing to close to 2 million barrels per day, while China has raised liftings by 500,000 barrels per day to 2.2 million barrels per day," the Paris-based energy agency said in its latest Oil Market Report. Russia-origin seaborne crude exports averaged 3.87 million barrels per day in May, the highest since Russia invaded Ukraine in February 2022. "In May 2023, India and China accounted for almost 80 per cent of Russian crude oil exports," IEA said. "In turn, Russia made up 45 per cent and 20 per cent of crude imports in India and China, respectively. With Russia's formerly main crude export markets in Europe banning import and G7 imposing .

India has firmly become centre of global energy affairs: IEA chief Birol

Birol highlighted that aligning with India's initiative could significantly expedite global climate goals while delivering economic benefits

In its 50th year, IEA and Opec's marriage is overcome with bickering

There's a level of natural antagonism between the two bodies

One in five cars sold globally this year will be electric, says IEA

Over half of electric cars on the road so far worldwide are in China, which also dominates global battery production and was responsible for 60% of electric car sales in 2022

OPEC+ output cut may cause higher prices, push up India's import bill: IEA

The International Energy Agency (IEA) on Tuesday termed the decision of OPEC+ to cut oil production as "risky for the global economy", saying it may push up already high prices, leading to higher import bills for nations like India. Global oil markets were already set to tighten in the second half of 2023, with the potential for a substantial supply deficit to emerge, said Fatih Birol, head of the Paris-based energy watchdog. Talking to reporters after a bilateral meeting with India's Commerce and Industry Minister Piyush Goyal here, he said, "The cut of the additional production would mean that we have all the reasons to believe that there could be an upward pressure on the prices". "At this juncture of time when the global economy is still very fragile and many emerging countries have difficulties with economic performance, I found this decision risky for the global economy," he noted. Asked if oil prices could go past USD 100 per barrel again, he said, "I think we are all the da

Carbon dioxide emissions reached a record high in 2022, says IEA

In Europe, electricity generation from wind, solar power exceeded gas or nuclear for the first time

Global CO2 emissions rose less than initially feared in 2022: IEA

Global energy-related carbon dioxide emissions rose by under one per cent in 2022 -- less than initially feared -- as the growth of solar, wind, EVs, heat pumps and energy efficiency

IEA will support India's green tech manufacturing roadmap: Fatih Birol

In a Q&A, the executive director of global agency outlines his plans to discuss with the govt measures to divert critical mineral production and refining

Oil prices up amid forecasts of 2023 demand uptick from OPEC, IEA

Brent crude futures rose 76 cents, or 0.9%, to $81.44 per barrel by 1144 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 80 cents at $76.19

Worldwide sales of heat pumps to soar to record levels in coming years: IEA

Worldwide sales of heat pumps are set to soar to record levels in coming years as the global energy crisis accelerates their adoption, IEA said

Rapidly mobilise massive financing for clean energy alternatives: IEA

A new IEA report says the world must move quickly to reduce carbon dioxide emissions from coal significantly in order to avoid severe impacts from climate change