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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

Emissions to hit a peak by 2025, demand for fossil fuel to reduce: IEA

Global greenhouse emissions will peak in 2025 as the world goes through a "profound reorientation" in terms of energy use, said the World Energy Outlook 2022 report

India likely to see biggest jump in energy demand globally, says IEA

India is likely to see the world's biggest rise in energy demand this decade, with demand climbing 3 per cent annually due to urbanisation and industrialisation, the International Energy Agency (IEA) said in its World Energy Outlook released on Thursday. While the push for renewable energy will see it meeting as much as 60 per cent of the growth in demand for power, coal will continue to meet a third of overall energy demand by 2030 and another quarter will be met by oil. "India becomes the world's most populous country by 2025 and, combined with the twin forces of urbanisation and industrialisation, this underpins rapid growth in energy demand, which rises by more than 3 per cent per year in the Stated Policies Scenario (STEPS) from 2021 to 2030," IEA said. "It sees the largest increase in energy demand of any country." Even though India continues to make great strides with renewables deployment and efficiency policies, the sheer scale of its development means that the combined ...

Oil prices slip as IEA warns of global recession, dented fuel demand

Brent crude futures fell 23 cents, or 0.3%, to $92.22 a barrel by 1349 GMT. U.S. West Texas Intermediate crude was down 52 cents, or 0.6%, at $86.75 a barrel

Oil prices rise on tight supplies, as IEA warns of global recession

The IEA downgraded its oil demand growth estimates slightly for this year to 1.9 million bpd and by 470,000 bpd in 2023 to 1.7 million bpd

Shortage of LNG tankers beginning to affect supplies to India: Industry

Tightening Russian gas supplies to Europe has led to scramble for tankers before winter sets in

Oil prices set for weekly climb, uncertain demand outlook cap gains

Brent crude futures were down 9 cents, or 0.1%, to $99.51 a barrel 0900 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 38 cents or 0.4% to $93.96 a barrel.

After a dip, oil prices on track for weekly gain as recession fears ease

Oil prices dipped in early trade on Friday amid uncertainty on demand outlook based on contrasting views from OPEC and IEA, but benchmark contracts headed for weekly gains as recession fears eased.