The head of the International Energy Agency said Monday that the global economy faces a “major, major threat” because of the Iran war. “No country will be immune to the effects of this crisis if it continues to go in this direction,” Fatih Birol said at Australia´s National Press Club in Canberra on Monday. The […]
IEA
Oil prices fall as some ships resume Strait of Hormuz transit
Global oil prices dropped sharply on Monday, easing from recent highs as some vessels resumed through the strategically vital Strait of Hormuz amid ongoing geopolitical tensions. Read More: Oil rises further above $100, most Asian stocks fall as Iran war rages Brent crude futures fell by $2.93, or 2.8%, to settle at $100.21 per barrel, while […]
UAE cargo ship sinks off Iran, rescue underway for 30 crew
Tehran : An Emirati cargo ship sank in Gulf waters off Iran, triggering a search and rescue operation for its 30 crew in poor weather, Iranian state media reported Thursday. “An Emirati car transporter ship sank nearly 50 kilometres (30 miles) from the port of Asalouyeh and a search operation has been launched to rescue […]
IEA cuts oil demand outlook
Paris :The International Energy Agency cut its world oil demand forecast for 2022 on Wednesday, warning that sanctions against Russia over its invasion of Ukraine could spark a global supply “shock”. “Faced with what could turn into the biggest supply crisis in decades, global energy markets are at a crossroads,” the IEA said in a […]
Oil demand set to exceed pre-pandemic levels in 2022: IEA
Oil demand is set to rise above pre-pandemic levels by the end of next year, the IEA said Friday, but producers have sufficient capacity rise to the challenge. In its first detailed look at next year in its regular monthly review of the oil market, the International Energy Agency sees a gradual return of demand […]
IEA cuts 2019 estimate for oil demand growth on global trade worries
The outlook for oil demand growth in 2019 has dimmed due to worsening prospects for world trade, the International Energy Agency (IEA) said on Friday, although stimulus packages and developing countries should boost growth going into 2020. The Paris-based IEA, which coordinates the energy policies of industrial nations, revised down its 2019 demand growth estimate […]