Shipping and insurance costs have passed one-third of crude's value this year, OPEC's Secretary General told an online workshop that OPEC, the IEA and the IEF convened on 4 November. For producing and consuming economies…
Electricity could cost effectively meet 33 percent of the world's final energy consumption by 2035, against 23 percent today, and faster electrification…
Shipping and insurance costs have passed one-third of crude’s value this year, OPEC’s Secretary General told an online workshop that OPEC, the IEA and the IEF convened on 4 November. For producing and consuming economies alike, that puts the cost of moving and insuring a cargo at more than a third of what the crude…
The International Energy Agency projects a 3% fall in global LNG supply in 2026, the steepest on record, and warns low European storage could keep markets tight into 2027. For gas importers in Europe and Asia, the review warns that competition for a small pool of flexible cargoes could intensify this winter. Prices are already…
Brent’s front month settled at 109.86 dollars a barrel on 16 October, 3.72 percent higher on the day and its highest settlement since 19 May, capping a rebuild from the 22 September trough of 99.45 that is worth 10.41 dollars, or 10.5 percent, across the late September contract roll, on our calculation. The Edge’s new…
The 32 member countries of the International Energy Agency (IEA) have released approximately 330 million barrels of emergency oil stocks under the collective action agreed in March, and the total will now exceed the 400 million barrels originally pledged, the agency’s Governing Board said on 15 October. The Board agreed to accelerate the remaining volumes,…
Crude oil exports from Gulf producers, led by Saudi Arabia, surged by 4.4 million barrels a day to 13.9 million in September, reaching more than 75 percent of pre-war levels, the International Energy Agency said in its Oil Market Report on 14 October. Global oil supply rose 2.5 million barrels a day on the month…
The International Energy Agency (IEA) has invited all 32 of its member governments, including those that have already delivered their March pledges in full, to assess whether additional diesel releases are needed, in a letter from Executive Director Fatih Birol, announced by the agency on 11 October, ahead of its Governing Board meeting on 15…
International Energy Agency member governments backed speeding up the oil stock releases agreed in March so they can be completed as soon as possible, and supported giving priority to diesel where they can, the agency said after a meeting on 7 October. It cited the current tightness in diesel markets. Approximately 100 million barrels pledged…
European Union countries expect the 75 million barrels still unreleased from the International Energy Agency’s March action to count toward the 100 million barrels the Group of Seven agreed on 2 October, 2 EU diplomats told Reuters on 7 October, as the agency’s members and the EU’s oil coordination group met to discuss the plan….
G7 leaders agreed on 2 October to release 100 million barrels in a coordinated action through the International Energy Agency. The release starts immediately and runs over 4 months, with a substantial diesel release front-loaded into the first 20 days by G7 members and partners. On our calculation, that is a notional average of about…
Electricity could cost effectively meet 33 percent of the world’s final energy consumption by 2035, against 23 percent today, and faster electrification could leave the world using 18 million fewer barrels of oil a day than it otherwise would, the International Energy Agency said in a special report published on Tuesday. The report was prepared…