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IEA comments on current oil market conditions

Oil market has been shaped by strong growth in demand, compliance by countries party to the Vienna agreement to cut output, and the crisis in Venezuela, leading to tighter overall market conditions. The restoration of sanctions on Iran, which exports 2.5 million barrels of oil a day and is the world’s fifth-largest exporter, may affect the market balance.

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Offshore wind a viable option for renewable energy

IEA reports that policy support, technology advances and a maturing supply chain are making offshore wind a viable option for renewables-based electricity generation, leveraging the consistent and higher wind speeds available offshore. Investment has increased in recent years and, with less restrictions on size and height than their onshore counterparts, offshore wind turbines became giants.

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IEA predicts a comeback of offshore projects

IEA released its Offshore Energy Outlook, saying that the energy produced offshore is a major component of global oil and natural gas supply and could provide an increasingly important source of renewable electricity. Resources are vast, but offshore projects have to prove that they have to be sustainable, amid a variety of pressures on the world’s oceans.

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