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Energy Watchdog News

03 Dec 2023

ExxonMobil CEO Rebuffs IEA Criticism of Carbon Capture Strategy

Darren Woods (Source: ExxonMobil)

ExxonMobil CEO Darren Woods on Saturday rejected the International Energy Agency's recent claim that using wide-scale carbon capture to fight climate change was an implausible "illusion", saying the same could be said about electric vehicles and solar energy."There is no solution set out there today that is at the scale to solve the problem," Woods told Reuters on the sidelines of the COP28 climate summit in Dubai."So, you could say that about carbon capture today, you could say that about electric vehicles, about wind, about solar.

13 Apr 2020

OPEC, Russia Approve Biggest-Ever Oil Cut to Support Prices

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs.

17 Nov 2017

US Oil Rig Count Steady this Week -Baker Hughes

© Aneese / Adobe Stock

U.S. energy companies kept the oil rig count unchanged this week, General Electric Co's Baker Hughes energy services firm said on Friday, as some analysts expect a gradual decline in overall rigs in the fourth quarter and in 2018. The rig count, an early indicator of future output, held at 738 in the week to Nov. 17, still much higher than 471 rigs a year ago as energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash. The increase in drilling lasted 14 months before stalling in August…

02 Mar 2017

Peak Gasoline Demand Looms with Engine Efficiency Gains

Demand for gasoline in the United States, which accounts for a tenth of global oil consumption, is expected to peak next year as engines become more efficient, WoodMackenzie analysts said. Global demand for gasoline, which accounts for more than a quarter of the world's oil consumption, is set to peak as early as 2021 even in the face of relentless growth in the vehicle fleet, according to the Edinburgh-based consultancy. A rise in the number of hybrid and electric cars such as the Nissan Leaf, Toyota Prius and Tesla as well as tighter fuel standards in Europe and the United States will contribute to a historic shift in consumption.

11 Dec 2015

Oil Skidding Toward 11-year Low

Oil prices extended their freefall on Friday, flirting with 11-year lows, after the International Energy Agency (IEA) warned that global oversupply of crude could worsen next year. Brent and U.S. crude's West Texas Intermediate (WTI) futures fell as much as 5 percent on the day and 12 percent on the week as mild pre-winter weather and a plummeting U.S. stock market added to the toll on oil prices. Oil traders and analysts alike have been perplexed by oil's decline since the Dec. 4 meeting of the Organization of the Petroleum Exporting Countries which all but abandoned price support for crude by removing OPEC's production ceiling in an oversupplied market. "It's very tough to find a cause to get bullish here," said Peter Donovan, broker at Liquidity Energy in New York.

24 Feb 2015

Southern France Gas Trading Hubs to Merge

The two gas trading hubs in the south of France will merge on April 1, power trading group Powernext said on Tuesday, marking a first step towards a unified French gas platform aimed at preventing the large price swings currently seen in the market. France is divided into three gas hubs, but pipeline bottlenecks between the northern hub called Peg Nord and the southeastern Peg Sud prevent Norwegian and Russian pipeline imports from flowing to the south of the country. This makes Peg Sud, and the third gas hub, TIGF, in the southwest, more dependent on relatively more expensive liquefied natural gas (LNG) imports, weighing on local industry's competitiveness.

12 Sep 2014

Brent Holds Above $98 Despite Weak Demand

Brent crude held above $98 a barrel on Friday, heading for its worst week in six as concerns over weak demand outweighed geopolitical worries in the Middle East and Ukraine. Weaker oil demand in China and Europe had caused growth in global oil demand to soften at a remarkable pace, the International Energy Agency said in its monthly report released on Thursday. The West's energy watchdog cut its demand growth projections by 150,000 barrels per day (bpd) to 900,000 bpd for 2014 and by 100,000 bpd to 1.2 million bpd in 2015. Brent is down 3 percent for the week so far, headed for its biggest weekly loss since the week to Aug. 1. The October contract had fallen a cent to $98.07 by 0647 GMT after a 4-cent gain in the previous session snapped a 5-day losing streak. U.S.

11 Sep 2014

Oil Demand Growth Slowing at 'Remarkable' Pace

World oil demand growth is softening at a remarkable pace as the European and Chinese economies falter, the West's energy watchdog said on Thursday, while supplies grow steadily, particularly from North America. "The recent slowdown in demand growth is nothing short of remarkable," the International Energy Agency (IEA) said in its monthly report, revising down its oil demand growth projections for both 2014 and 2015. "While festering conflicts in Iraq and Libya show no sign of abating, their effect on global oil market balances and prices remains muted amid weakening oil demand growth and plentiful supply," it added. The IEA said demand growth in the second quarter of 2014 alone eased back to a near two-and-a-half year low.

31 Mar 2000

OPEC To Raise Output

OPEC has seemingly bowed to U.S. pressure for cheaper oil by agreeing to higher output limits, immediately agreeing to turn up the taps by 1.45 million barrels daily, or seven percent. Iran, OPEC's second largest producer, opted out of the deal, saying it feared a price plunge and complaining about interference from Washington. The action, which has been anticipated given the strong political pressures placed on the OPEC ministers, immediately sent petroleum prices into a tailspin, with Brent futures dropping $1.26 to $24.25 per barrel. OPEC won applause from the Clinton administration, which said there was now no need to release national emergency supplies to ease election year political pressure from consumers irate at high gasoline prices.

26 Oct 2000

IEA Will Convene If Baghdad Balks

The International Energy Agency (IEA) said it would convene immediately to respond if Iraq halts 2.3 million barrels per day (bpd) in exports and warned such a move by Baghdad would rattle oil markets. "I think we would immediately come together to decide what to do," IEA Executive Director Robert Priddle said. He was speaking hours after an Iraqi source told Reuters Baghdad is likely to suspend oil sales worth five percent of world crude exports from November 1 if Washington objects to a plan by Baghdad that it be paid in euros rather than dollars. The head of the West's energy watchdog said a disruption of Iraq's exports would rattle the oil market, which is already locked in a relentless price rally. "Iraq has 2.3 million barrels.

14 May 2001

Oil Prices Slip As Demand Drops

NYMEX crude oil futures slipped early Friday (May 11) as a report by the West's energy watchdog that world crude demand had been slower than expected so far this year fueled fears of lower consumption ahead. In choppy trade, June crude fell 22 cents to $28.30 a barrel, eating into Thursday's 29-cent advance. It subsequently recouped most of the early losses, showing a two-cent loss at $28.50 by 10:24 a.m. (1424 GMT). June Brent crude in London extended losses after the NYMEX opening, then trimmed the loss to 11 cents at $28.37 a barrel. In its monthly oil market report, the Paris-based International Energy Agency (IEA) said it had lowered its forecast for world oil demand growth by a further 300,000 bpd to just 1.02 million bpd.