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IEA: Europe Should Prepare For Complete Russian Gas Shutdown
IEA: Europe Should Prepare For Complete Russian Gas Shutdown IEA chief Birol said that Europe should prepare for a complete suspension of Russian gas supplies. Birol advised European governments to keep nuclear power stations running and take other contingency measures. Germany, Austria, and the Netherlands are restarting coal power plants. Europe should prepare for a […]
Oil markets are pricing in long-term supply deficits and OPEC+ will face historic lows in spare capacity, warns IEA
Oil markets are pricing in long-term supply deficits and OPEC+ will face historic lows in spare capacity, warns IEA IEA Executive Director Fatih Birol. Anadolu Agency/Getty Images The IEA issued a warning for global oil markets Wednesday, saying supply challenges will persist. Three million barrels per day of Russian crude will disappear as sanctions set in, […]
IEA: Current Energy Crisis Is “Much Bigger” Than 1970s Oil Crunch
IEA: Current Energy Crisis Is “Much Bigger” Than 1970s Oil Crunch IEA Chief Birol: The world faces a “much bigger” energy crisis than the one of the 1970s. Back in the 1970s, the crisis was just about oil. Birol: The world, especially Europe, could face a summer of shortages of gasoline, fuel, and jet fuel. […]
The world has a major crude oil problem; expect conflict ahead
The world has a major crude oil problem; expect conflict ahead Media outlets tend to make it sound as if all our economic problems are temporary problems, related to Russia’s invasion of Ukraine. In fact, world crude oil production has been falling behind needed levels since 2019. This problem, by itself, encourages the world economy […]
IEA calls for driving restrictions and air travel curbs to reduce oil demand
IEA calls for driving restrictions and air travel curbs to reduce oil demand Energy agency warns 2.5mn barrels a day of Russian oil exports could cease from next month The International Energy Agency has called for member countries to adopt “emergency measures” to cut oil demand in the wake of Russia’s invasion of Ukraine, including […]
Oilfield Approval Off Newfoundland Coast Would Undercut Climate Commitments, Harm Biodiversity, Experts Warn
Oilfield Approval Off Newfoundland Coast Would Undercut Climate Commitments, Harm Biodiversity, Experts Warn Berardo62/flickr Anxiety is running high in Newfoundland and Labrador as the province waits on a federal decision about a proposed offshore oil project about 500 kilometres east of St. John’s. Equinor’s Bay du Nord project would open a fifth oilfield for the […]
Nuclear Power Is No Solution For the World’s Energy Problems
NUCLEAR POWER IS NO SOLUTION FOR THE WORLD’S ENERGY PROBLEMS Nuclear power is no solution to the world’s energy problems. Not even close. It’s important for electric power but electric power is not even 40% of the world’s energy supply—nor is it expected to increase much over the next 30 years. IEA projects that nuclear […]
Peak oil is here!
Peak oil is here! Preface. Peak oil is here! The global production of crude oil happened in November of 2018 (EIA 2020), and has declined for four years, enough time to officially declare global peak oil production. Conventional crude oil production leveled off in 2005, and peaked in 2008 at 69.5 million barrels per day (mb/d) […]
Germany To Become Net Power Importer For The First Time Since 2002
Germany To Become Net Power Importer For The First Time Since 2002 Europe’s largest economy, Germany, is expected to become a net importer of electricity in 2023 for the first time since 2002 due to retiring coal plants and the nuclear phase-out, the International Energy Agency (IEA) said on Friday. Germany plans to switch off all its […]
Global Coal Power Demand On Track For Record As Green Energy Transition Crumbles
Global Coal Power Demand On Track For Record As Green Energy Transition Crumbles There’s no question that the ‘greenification’ of the global economy has returned many industrial countries to coal in 2021. New data from the International Energy Agency (IEA) shows that the amount of electricity generated worldwide from coal is on track to hit a […]
Here’s the Fracking Truth About America’s Last Fossil-Fueled Hurrah
Here’s the Fracking Truth About America’s Last Fossil-Fueled Hurrah In order to recover the abundance of these fuels that the EIA claims will be there for the taking, between now and 2050 the industry will need to drill something on the order of 700,000 new wells at a total cost of over $5 trillion. As […]
One Bank Crunches The Numbers On Oil Supply/Demand Dynamics, Reaches A Shocking Conclusion
One Bank Crunches The Numbers On Oil Supply/Demand Dynamics, Reaches A Shocking Conclusion With oil prices surging amid a broader global energy crisis, many are hoping that this particular price spike is truly transitory as incremental supply – whether from OPEC+ or shale – kicks in and resets the market lower. But maybe not so […]
Europe’s Soaring Natural Gas Prices To Persist For “Weeks To Come,” IEA Warns
Europe’s Soaring Natural Gas Prices To Persist For “Weeks To Come,” IEA Warns IEA Executive Director Fatih Birol delivered some unwelcoming news for commercial and residential natural gas buyers during an interview on Bloomberg TV Friday morning. He said European natural gas prices might push higher in the coming weeks as the heating season begins. “We may still […]
IEA, OPEC Slash Oil Demand Outlook Amid “Headwinds” From Spreading Delta Variant
IEA, OPEC Slash Oil Demand Outlook Amid “Headwinds” From Spreading Delta Variant The International Energy Agency and Goldman Sachs are both warning that global oil demand is facing headwinds due to the spread of the COVID-19 Delta variant: “Growth for the second half of 2021 has been downgraded more sharply, as new COVID-19 restrictions imposed in […]
