The United States will overtake Russia as the world’s biggest oil producer, if not this year, but by 2019 at the latest, the International Energy Agency (IEA) has decleared. This was even as US oil imports dropped to its lowest level since 2001. IEA Executive Director, Fatih Birol, said this at an event in Tokyo […]
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Global coal demand will be subdued over the next five years, growing at just 0.5 percent a year, marginally higher than current levels, due to lower consumption in China, the International Energy Agency (IEA) said on Monday. Coal consumption fell last year by 1.9 percent to 5.357 billion tonnes from a year earlier as lower […]
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Oil prices on Thursday held most of their gains of around 2 percent from the previous session, buoyed after the International Energy Agency raised its forecast for growth in global oil demand. London Brent crude for November delivery was down 11 cents at $55.05 a barrel by 0035 GMT, after settling Wednesday up 89 cents, […]
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OPEC pumped more oil in July as global oil supplies rose for the third straight month, the IEA said Friday, giving figures that cast further doubt on the cartel’s pledge to cut output to raise prices. In its monthly report on the global oil market, the International Energy Agency said, however, that it believes the […]
Read More Oil prices fell slightly on Friday after the International Energy Agency said weak OPEC compliance with production cuts was prolonging a rebalancing of the market despite strong demand growth. Brent crude was down 11 cents at $51.79 a barrel at 11:53 a.m. EDT (1553 GMT), having earlier fallen 50 cents, or around 1 percent, to […]
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A massive oil glut may weigh on world markets deep into next year unless the OPEC producer cartel makes good on its promise to cut output, the International Energy Agency (IEA) said on Tuesday. The oil price has recovered steadily since OPEC said last month that it would reduce production, with details to be hammered […]
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