International Energy Agency News

13 Nov 2019

Prince Frederik to Address WindEurope Event

Photo: WindEurope

Crown Prince Frederik of Denmark will deliver the opening address at the WindEurope Offshore 2019, which is claimed to be the world’s largest event dedicated to offshore wind.The event, which will take place in Copenhagen from 26 to 28 November, will gather 9,000 participants and more than 400 exhibitors as the industry gears up to help deliver Europe’s goal of becoming carbon neutral by 2050.After Crown Prince Frederik of Denmark the Prime Minister of Denmark on 26, November, Mette Frederiksen, will address the event.

05 Nov 2019

SGRE Posts 10.9% Growth in Offshore Sector

Image: Siemens Gamesa

Spanish-based engineering company Siemens Gamesa Renewable Energy  (SGRE) closed the fiscal year ended September 30 with double-digit growth (+10.9%) in offshore unit due to new markets, mainly Taiwan, which contributed 1.5 GW in firm orders.Meanwhile, Service orders increased by 13.4% in FY 2019, to €2,715m. This business unit, which contributes with very profitable contracts, accounts for 47% of the company's order book.Wind power has strong potential and significant growth opportunities in the long-term.

25 Oct 2019

Reaping Wind at Sea: A $1 Trillion Industry

File Image (Credit Sparrow Group)

Offshore wind could become a cornerstone of the world's power supply as steep cost reductions and improved technology unleash the potential of the green energy source, said the International Energy Agency (IEA) on Friday.Renewables replacing fossil fuel is crucial to meet a globally-agreed goal of limiting temperature rise to below 2 degrees Celsius this century and the expansion of offshore wind could avoid 5-7 billion tonnes of CO2 emissions from the power sector globally, said the IEA.Power generated from wind turbines at sea only accounts for 0.3% of global electricity generation today…

11 Oct 2019

Iranian Tanker Hit by Missiles, Oil Rises

© PhotoGranary/AdobeStock

Oil prices jumped more than 2% on Friday, October 11, 2019, after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions weeks after attacks on Saudi oil plants.The Suezmax crude tanker Sabiti was ablaze and suffered heavy damage after being hit by two missiles, Iranian media reported.Both oil benchmarks recorded their biggest daily rise since Sept. 16, the first trading day after the…

15 Sep 2019

Non-Opec Supply Set to Surge

Graph: Rystad Energy

Liquid production growth for non-OPEC countries reached the highest rate on record in 2018, with a growth of almost 2.9 million barrels per day (bbl/d).For this year, the trend suggests that non-OPEC countries’ liquid production will reach above 2 million bbl/d once again, led by tight oil.Rystad Energy expects liquid production growth of non-OPEC countries will continue reaching record highs in 2020. However, despite strong tight oil production, offshore will have a much greater…

23 Aug 2019

FLNG Market to Touch $17.5Bln by 2026

Photo courtesy: Höegh LNG

The global floating liquefied natural gas (FLNG) market is estimated to grow at CAGR above 5.2% over the forecast time frame 2019 to 2026 and reach the market value around $17.5 billion by 2026.Increasing demand for clean fuel techniques and increasing concentrate on sustainable energy blend will boost FLNG market growth, said a report by Acumen Research and Consulting.Rapid depletion of fossil fuel, combined with continuing carbon footprint reductions, will promote favorable company development.According to the International Energy Agency (IEA)…

19 Jul 2019

Canada's FortisBC to Export LNG to China

Pic: FortisBC Energy Inc

FortisBC Energy Inc will export Canadian LNG produced by its small-scale LNG terminal in British Columbia to China starting in 2021.The Canadian natural gas utility, which has operated its Tilbury LNG plant since 1971, said in a press release that it has signed a two-year contract to ship 53,000 tonnes per year of super-cooled gas by the summer of 2021 to Chinese LNG distributor Top Speed Energy Corp.According to the agreement about 60 ISO containers (standard-sized shipping containers)…

16 Jul 2019

IEA: U.S., China to the LNG Lead by 2024

© Mike Mareen/Adobe Stock

The United States and China will become the world's biggest liquefied natural gas (LNG) exporters and importers, respectively, in five years, according to projections by the International Energy Agency (IEA).U.S. LNG exports are expected to rocket to over 100 billion cubic meters (bcm) in 2024, dislodging current market leaders Australia and Qatar, Jean-Baptiste Dubreuil, senior natural gas analyst at IEA, said on Tuesday.He was speaking at a presentation sponsored by Columbia…

10 Jul 2019

Total, IFPEN Join Forces to Cut Carbon

Photo: Total

The French Institute of Petroleum IFP Energies Nouvelles (IFPEN) and compatriot multinational integrated oil and gas company Total announced that they signed a strategic R&D partnership yesterday, that includes an agreement to endow a chair at the IFP School, on carbon capture, utilization and storage (CCUS) and technologies to curb CO2 emissions.According to a press note from the energy giant, the roughly EUR40 million partnership covers a period of five years.CCUS aims to reduce the cost of infrastructure and improve the CCUS chain’s energy efficiency to secure its large-scale deployment.

14 May 2019

Global Energy Investment Totals $1.8trln in 2018

Pic: International Energy Agency

Global energy investment totalled more than USD 1.8 trillion in 2018, a level similar to 2017, said the International Energy Agency (IEA).The investment stabilised in 2018, ending three consecutive years of decline, as capital spending on oil, gas and coal supply bounced back while investment stalled for energy efficiency and renewables.IEA's latest annual review said that for the third year in a row, the power sector attracted more investment than the oil and gas industry.The biggest jump in overall energy investment was in the United States…

14 May 2019

IEA to Push for Offshore Wind Energy

Participants from around the world discussed future development plans for offshore wind at the workshop. (Photo credit: IEA)

The International Energy Agency (IEA) held a high-level workshop on the outlook for offshore wind energy yesterday (May 13), bringing together 80 senior representatives from government, the private sector, research groups, academia and international organisations.Participants joined from countries around the world, including many from Europe, the United States, Japan and China, said a press release from the Paris-based autonomous intergovernmental organization which works to ensure reliable…

28 Apr 2019

Transition to a Hydrogen Future Has Begun

There is a growing international consensus that clean hydrogen will play a key role in the world’s transition to a sustainable energy future. Photograph: IEA/ Shutterstock

There is a growing international consensus that clean hydrogen will play a key role in the world’s transition to a sustainable energy future, said  Noé van Hulst, who chairs the High-Level Advisory Panel for the International Energy Agency (IEA)’s forthcoming hydrogen study.Hulst, the Hydrogen Envoy for the Ministry of Economic Affairs & Climate Policy, The Netherlands, said that it is crucial to help reduce carbon emissions from industry and heavy transport, and also to provide…

23 Apr 2019

IEA Says Oil Markets Adequately Supplied

Image: IEA/Shutterstock

The International Energy Agency is monitoring developments in global oil markets, and notes that markets are now adequately supplied, and that global spare production capacity remains at comfortable levels.Further tightening of sanctions on Iran will have an impact on its export capacity. Iranian shipments of crude and condensates are running around 1.1 million barrels a day (mb/d) in April, 300 000 barrels a day lower than March, and 1.7 mb/d lower than May 2018.As a result of OPEC’s high compliance rate with the agreed supply cuts in the OPEC+ group…

26 Mar 2019

Energy Demand Rose at a Record Rate

Pic: International Energy Agency

Global energy demand grew 2.3% last year, marking its fastest pace in a decade, amid a robust global economy and stronger heating and cooling needs in many regions, said the International Energy Agency (IEA).Natural gas emerged as the fuel of choice, posting the biggest gains and accounting for 45% of the rise in energy consumption. Gas demand growth was especially strong in the United States and China.Demand for all fuels increased, with fossil fuels meeting nearly 70% of the growth for the second year running.

26 Mar 2019

IMO 2020: Exxon Mobil Projects 25% Decline in High-Sulfur Fuels

© Nickolay Khoroshkov/AdobeStock

Exxon Mobil Corp expects high-sulfur fuel oil demand to fall 25 percent by 2025, as a new set of emission regulations from the International Maritime Organization capping sulfur content in shipping fuel at 0.5% kicks in in 2020, a top-level official at the U.S. oil and gas company said on Monday.The International Energy Agency has forecast high-sulfur fuel oil demand to fall 60 percent next year, while marine gas oil demand to more than double.Exxon's forecast comes as its refining business is struggling to find enough heavy crude to make fuel oil and other distillates, in the face of U.S.

12 Mar 2019

IMO 2020: Shell, HES to Resurrect Refinery

Royal Dutch Shell has struck a deal with Dutch tank terminal firm HES International to partially restart a German oil refinery mothballed since 2011 in response to new restrictions on marine fuels, two trading sources told Reuters.A new cap set by the International Maritime Organization (IMO) that will cut the sulfur content in shipping fuel to 0.5 percent from 3.5 percent from next year is set to be one of the biggest fundamental events to hit oil markets in years.HES Wilhelmshaven Tank Terminal is in the process of reinstalling the vacuum distillation unit (VDU) at Wilhelmshaven to produce low-sulfur bunker fuels ahead of the implementation of the IMO rules…

11 Mar 2019

US to Lead Oil Supply Growth to 2024

Dr Fatih Birol (center) and IEA Oil Analyst Toril Bosoni (right) present the findings from Oil 2019 in Houston at CERA Week on 11 March 2019 (Photograph: Getty Images)

The United States is set to drive the global oil supply growth over the next 5 years, thanks to the strength of its shale industry, triggering a rapid transformation of world oil markets, according to the International Energy Agency (IEA).IEA said that oil exports from the United States will overtake Russia and close in on Saudi Arabia, bringing greater diversity of supply, by the end of the forecast.While global oil demand growth is set to ease, in particular as China slows down, it still increases an annual average of 1.2 mb/d to 2024, according to the report, Oil 2019.

01 Feb 2019

Deepwater Oil Output to Reach 10 mb/d in 2019

Graph: Rystad Energy

Global deepwater oil production was expected to grow 700,000 barrels  per day (b/d) this year to hit a record high of more than 10 million b/d.Norwegian research group Rystad Energy said that it "expects global deepwater production to reach record high level and surpass 10 million bb/d.""With new fields starting up in Brazil and Gulf of Mexico, we expect the total deepwater liquid production to reach 10.3 million bbl/d in 2019. This is an increase of 700 kbbl/d compared to 2018…

19 Jan 2019

IMO 2020: Oil Refining Capacity to Grow at Record Pace

© beerphotographer/AdobeStock

Global oil refining capacity is set to increase at its fastest pace on record this year, possibly boosting stocks of products such as diesel, gasoline and marine fuel, the International Energy Agency said.Oil refining capacity will rise by 2.6 million barrels per day (bpd) and demand for refined products by around 1.1 million bpd, the IEA said in a monthly report.It was not clear yet what that meant for margins, which slumped as the price of crude rose last year, said the Paris-based IEA…

16 Nov 2018

Frontline Beats Street as Tanker Market Improves

CEO says increasingly upbeat on tanker profits. OPEC cuts, Iran sanctions may impact tanker demand.Frontline, one of the world's largest oil tanker firms, posted a surprise third-quarter profit on Friday, helped by rising rates for its fleet.The Oslo-listed shipper, controlled by billionaire investor John Fredriksen, said the outlook was improving due to rising global demand for crude after a lengthy downturn for shippers."We are increasingly optimistic that the tanker market will generate profits going forward," Chief Executive Robert Hvide Macleod told an investor call.Net earnings for July to September swung to a profit of $2.2 million from a $24.1 million loss in the same period last year.Adjusted for one-off gains…

13 Nov 2018

Wind to be EU's Largest Power Source in Ten Years

Image: WindEurope

Wind power is set overtake coal, nuclear and gas to become the EU’s largest power source well before 2030. This is according to the International Energy Agency’s (IEA) 2018 World Energy Outlook.According to the IEA’s projections, wind energy will become the EU’s largest power source in 2027, overtaking coal, nuclear and then gas in the process. This is compared to the IEA’s last projection made in its 2017 World Energy Outlook, where it said this would happen “soon after 2030”.According to the IEA…

25 Oct 2018

Maritime Rule Change Stirs Fears of Diesel Shortage: Kemp

© dbvirago / Adobe Stock

The International Maritime Organization (IMO) has so far resisted pressure to soften or postpone the implementation of new regulations requiring ships to use bunker fuels with a lower sulphur content from the start of 2020.That has prompted warnings from some analysts that the regulations will squeeze the availability of low-sulphur diesel and jet kerosene required by trucks, trains, aircraft, farmers and industry, resulting in big price increases.The regulations and any associated rise in fuel prices will occur in the run up to the next U.S.

24 Oct 2018

IEA Calls for Enhancing Global Natural Gas Security

Image: IEA

The evolution of the global natural gas market, which has been driven by the growth in liquefied natural gas (LNG) demand, continues to change the relationship between buyers and sellers, and raises new challenges for the global security of energy supplies.Global natural gas markets are being reshaped by the development of major emerging LNG buyers led by China, and the rising production and exports from the United States. The third annual edition of the International Energy Agency’s…

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