The global oil and gas industry will require $600 billion to achieve its target of cutting emissions this decade, which is only a fraction of the record windfall income that producers accrued in 2022, according to International Energy Agency.
OPEC warned the International Energy Agency (IEA) last week that it should be “very careful” about discouraging oil investments. This comes following reports the previous month about the severe underinvestment in oil and gas, as demand for fossil fuels remains high. While organizations such as the IEA and IRENA are calling on companies to shift their funding away from oil and gas to renewable alternatives, to accelerate the green transition, many energy experts are concerned about the lack of funding for fossil fuels, which will still be needed to bridge the gap to green energy security.
In response to the IEA’s warning made on Wednesday that OPEC should be careful not to cut too much production lest they jack up prices too high, the Organization of the Petroleum Exporting Countries (OPEC) issued a warning of its own to the IEA: your calls to stop investing in oil and gas is what could lead to future price volatility, OPEC said in a Thursday statement.
A tightening oil market could prompt higher prices in the second half of the year, the head of the International Energy Agency, Fatih Birol, has said.
Russia’s oil and gas revenue plunged 40% in January, a sign that the nation’s exports are feeling the squeeze of western sanctions, the International Energy Agency said.
Global oil demand is set to increase by 2 million barrels per day (bpd) this year, pushed up by growth in Chinese consumption after the reopening, the International Energy Agency (IEA) said on Wednesday as it raised its 2023 demand growth estimate by 100,000 bpd from last month’s forecast.
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.