Tag: IEA

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.

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.

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.

The resurgence in oil and gas production from the United States, deep declines in the cost of renewables and growing electrification are changing the face of the global energy system and upending traditional ways of meeting energy demand, according to IEA's World Energy Outlook 2017. 

Global energy demand rose by 2.1% in 2017, more than twice the previous year’s rate, boosted by strong economic growth, with oil, gas and coal meeting most of the increase in demand for energy, and renewables seeing impressive gains, according to IEA. As a result, energy-related carbon emissions increased by 1.4% in 2017, after three years of remaining flat.

After renewable energy production experienced its uptake in 2016, 165 gigawatts of new capacity are now supplied from clean sources. In this new reality there are three countries which will responsible for two-thirds of global renewable energy expansion to 2022: China, USA, and India.

In 2018, global oil demand is expected to increase by 1.5 mb/d, reaching 99.3 mb/d, from the estimated 97.8 mb/d in 2017, IEA said on its new Oil Market Report. The demand growth increase was the only significant change in the past month, with crude oil prices relatively stable for several weeks.

Scrubbers will only play a minor role by the implementation date of the IMO 0.5% sulphur cap, in 1 January 2020. With this view in mind, there will be a significant demand shift across the barrel in less than two years’ time and fuel oil trade will be fundamentally affected, Gibson said in its weekly report.

American energy company ExxonMobil joined a consortium of European oil companies, including BP, Eni, Repsol, Shell, Statoil, Total and Wintershall, with the aim to further reduce methane emissions from the natural gas assets they operate around the world.

IEA released its World Energy Outlook 2017, on 14 November, which includes a detailed focus on natural gas. It also addresses matters regarding the environmental case for gas and the issue of methane emissions from oil and gas operations.