China’s reopening is set to drive global oil demand to a record high of 101.7 million barrels per day (bpd) this year, up by 1.9 million bpd from 2022, the International Energy Agency (IEA) said on Wednesday, raising its demand growth estimate for 2023 by 200,000 bpd from 1.7 million bpd growth expected in December.
The new drive for energy security prompted by the fossil fuel price crisis will accelerate the development of renewable energy, the International Energy Agency has said in a new report.
The world is investing hundreds of billions of U.S. dollars every year in renewable energy and other clean energy solutions, but it needs more than a trillion U.S. dollars in investments annually if it still stands a chance of reaching net-zero emissions by 2050.
“The world is in the middle of the first truly global energy crisis,” the executive director of the International Energy Agency, Fatih Birol, said today in Singapore.
Fossil fuel consumption is expected to peak or plateau within this decade, accelerated by the policy and trade flow shifts following the Russian invasion of Ukraine, the International Energy Agency (IEA) said on Thursday.
Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis”, the head of the International Energy Agency (IEA) said on Tuesday.
Of all of the optimistic futuristic dreams, a world of clean, renewable energy to combat climate change is perhaps the closest to realisation, thanks to the growing acceptance of and demand for renewable energy (RE).
Oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rates hikes from central banks may lead to a global economic slowdown and soften fuel demand.
Organization of the Petroleum Exporting Countries (OPEC) on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia’s invasion of Ukraine, high inflation and efforts to contain the coronavirus pandemic.
researchers have carried an extensive root cause analysis, and have identified the major driver of climate change