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World Energy Outlook 2018 examines future patterns of global energy system at a time of increasing uncertainties

While the geography of energy consumption continues its historic shift to Asia, WEO 2018 finds mixed signals on the pace and direction of change. Oil markets, for instance, are entering a period of renewed uncertainty and volatility, including a possible supply gap in the early 2020s.

Major transformations are underway for the global energy sector, from growing electrification to the expansion of renewables, upheavals in oil production and globalization of natural gas markets. Across all regions and fuels, policy choices made by governments will determine the shape of the energy system of the future.

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Global energy system likely to shift in near future, according to IEA

Global energy system likely to shift in near future, according to IEA

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 the World Energy Outlook 2017. A cleaner and more diversified energy mix in China is another major driver of this transformation.

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IEA releases oil market report for April

The April OMR features in-depth articles on slowing Chinese production and how the slump in oil prices has affected North Sea projects.

Growth in global oil demand will ease to around 1.2 million barrels per day (mb/d) in 2016, below the 1.8 mb/d expansion of last year, the newly released IEA Oil Market Report (OMR) for April informs subscribers, as notable decelerations take hold across China, the United States and much of Europe. Preliminary data for the first quarter of 2016 reveal that this is already occurring, with year-on-year growth down to 1.2 mb/d, after gains of 1.4 mb/d in the final quarter of 2015 and 2.3 mb/d in the prior quarter.

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Global oil supply growth plunging, with US taking biggest hit for now

Global oil supply growth plunging, with US taking biggest hit for now

Global oil supply growth is plunging as an extended period of low prices takes its toll, the International Energy Agency (IEA) said in its annual Medium-Term Oil Market Report (MTOMR) just released. While U.S. light, tight oil (LTO) output is falling steeply for now, the market will begin rebalancing in 2017 – and by 2021 the United States and Iran are seen leading production gains among non-OPEC and OPEC countries, respectively.

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Global oil demand expected to continue slowing through 2016: IEA

Global oil demand expected to continue slowing through 2016: IEA

Having peaked at a five-year high of 1.6 million barrels per day (mb/d) in 2015, global oil demand growth is forecast to ease back considerably in 2016, to 1.2 mb/d, pulled down by notable slowdowns in Europe, China and the United States, the newly released IEA Oil Market Report (OMR) for February informs subscribers. Early elements of the projected slowdown surfaced in the last quarter of 2015.

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IEA January oil market report shows continued downward demand

World oil demand

Exceptionally mild temperatures in the early part of the winter in Japan, Europe and the United States – alongside weak economic sentiment in China, Brazil, Russia and other commodity-dependent economies – saw global oil demand growth flip from a near five-year high in the third quarter of last year, at 2.1 million barrels per day (mb/d), to a one-year low in the fourth quarter of 1.0 mb/d, the IEA Oil Market Report (OMR) for January informed subscribers.

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IEA releases Oil Market Report for October

World oil supply held steady near 96.6 mb/d in September.

Global demand growth is expected to slow from its five-year high of 1.8 mb/d in 2015 to 1.2 million barrels per day (mb/d) in 2016 – closer towards its long-term trend as previous price support is likely to wane, the IEA Oil Market Report for October informed subscribers. Recent downgrades to the macroeconomic outlook are also filtering through.

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