iea
Paris (AFP) - Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up prices, the IEA said on Thursday. The OPEC+ cartel, led by Saudi Arabia and Russia, has been restraining production to maintain prices but the latter have recently slumped due to the weakening of the global economy and increases in output outside the bloc. "The continued rise in output and slowing demand growth will complicate efforts by key producers to defend their market share and maintain elevated oil prices," the International Energy Agency said in its monthly re...
AFP
Paris (AFP) - The International Energy Agency said on Thursday the risk of oil supply disruptions due to the conflict between Israel and Hamas is limited but that it stands ready to intervene in markets if necessary. The Paris-based agency, in addition to its analysis and advisory roles, coordinates the release of emergency stocks held by its 31 mostly advanced-economy member nations. A weekend attack by Hamas on Israel, and Israeli's military retaliation, have left thousands dead and rattled oil markets, amid fears that other nations might intervene and possibly disrupt shipments in the Middl...
AFP
Paris (AFP) - Rich and developing nations alike must sharply improve their net-zero targets, the International Energy Agency said Tuesday, warning that a clean energy surge was the main reason the world's climate goals are still achievable. Wealthy countries must now reach carbon neutrality in around 2045, five years early, and China should speed up by a decade to 2050 to keep to the Paris goal of limiting warming to 1.5 degrees Celsius above pre-industrial levels, the IEA said. "The world has already delayed too long to avoid hard choices," the global energy watchdog said. The report, which c...
AFP
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