The International Energy Agency (IEA) has shaved its outlook for this year’s growth in oil demand from 1.3 million barrels a day to 1.2 million. Demand growth will slip to 1.1 million barrels daily next year, the agency said.
Tag: oil
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SAUDI ARAMCO ABANDONS PLAN TO EXPAND OIL PRODUCTION CAPACITY
The Saudi Arabian Oil Co. (Aramco), the world’s richest oil firm, has scrapped plans to boost its production capacity by 13 million barrels a day by 2027. It offered no reason for the decision.
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OIL SUPPLIES WILL REMAIN SHORT OF DEMAND
Since January, oil production cuts by the Organization of Petroleum Exporting Countries have subtracted 2.5 million barrels a day from the world’s oil supply, the International Energy Agency (IEA) has calculated.
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SAUDI ARABIA CUTS OIL OUTPUT, BUT OIL PRICES KEEP SINKING
After a tense weekend meeting of the Organization of Petroleum Exporting Countries and their allies (OPEC+), Saudi Arabia announced it would pare back its oil production by one million barrels per day in an attempt to push crude prices higher.
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TOP TREND 2023, GOING GREEN, LIKE IT OR NOT: INVESTMENT IN GREEN ENERGY POISED TO TOP OIL THIS YEAR FOR THE FIRST TIME
Roughly $2.8 billion will be invested this year to increase global energy supplies, with $1.7 billion, or about 60 percent, going to clean energy projects such as solar and wind generation, the International Energy Agency (IEA) has predicted.
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SPOTLIGHT: WILL THE $60 PRICE CAP ON RUSSIA’S OIL EXPORTS MAKE A DIFFERENCE?
Russia will sell no oil to countries that support the G7 and European Union’s $60-per-barrel cap on Russia’s oil exports and “we will possibly think about a cut in production,” Russian president Vladimir Putin said in a public statement.
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PLAN TO LIMIT RUSSIAN OIL PRICE MIRED IN DEBATE
While European nations argue among themselves about capping natural gas prices, they also are at odds with each other over limiting the price that countries can pay for oil they import from Russia.
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RADICAL AMERICANS FUNDING LONDON “JUST STOP OIL” PROTEST
Will their bank accounts and crypto accounts be shut down? This past week saw chaos in London, as a radical group called “Just Stop Oil” formed human blockades across major city streets, glued themselves to police vehicles, and were even dragged to the curb by angry motorists.
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