Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul class="summary-list"><li>Global oil supply will rise 8 million barrels per day above projected demand, the IEA said.</li><li>Meanwhile, global demand will plateau and peak before 2030.</li></ul>An overflow of global oil supply will hit the market this decade as world consumption peaks ahead of 2030, the International Energy Agency said in its latest <a target="_blank" href="https://www.iea.org/reports/oil-2024">report</a>.Supply is expected to blow past projected demand starting in 2025, rising to a "staggering" 8 million barrels per day above the projected demand of 105.4 million barrels per day, the group said. "World oil production capacity, led higher by the United States and other producers in the Americas, is forecast to outstrip demand growth over the 2023-2030 forecast and, barring the Covid pandemic period, inflate the world's spare capacity cushion to unprecedented levels," the report said.This massive oil production buffer will likely bring about lower oil prices worldwide, an unwelcome prospect for major producers in both the US and the OPEC+ group, the IEA said. While OPEC and its allies are already suspending curtailing output, the reaction of the <a target="_blank" href="https://markets.businessinsider.com/news/commodities/us-oil-crude-production-record-opec-cuts-russia-saudi-arabia-2024-3">US shale industry</a> may have wide-ranging consequences.For consumers, demand will plateau at 105.6 million barrels per day by 2029, around 4% higher than last year's levels.While emerging economies in Asia will help support consumption, the story is different for advanced regions; demand will continue a "decades-long decline," falling to its lowest level since 1991 by the decade's end.<div type="image" title="World oil demand forecast to plateau this decade" height="566" width="1034" msid="110945749" hostid="261" sizebytes="30310"></div>"As the pandemic rebound loses steam, clean energy transitions advance, and the structure of China's economy shifts, growth in global oil demand is slowing down and set to reach its peak by 2030," <a target="_blank" href="https://www.iea.org/news/slowing-demand-growth-and-surging-supply-put-global-oil-markets-on-course-for-major-surplus-this-decade">said</a> IEA Executive Director Fatih Birol. This year, we expect demand to rise by around 1 million barrels per day."The IEA has been broadcasting its <a target="_blank" href="https://markets.businessinsider.com/news/commodities/global-oil-demand-iea-energy-prices-barrels-gas-coal-climate-2023-9?utm_medium=ingest&amp;utm_source=markets">projections of a coming end</a> to the fossil fuel era since last year, when it first said a peak in demand was near.That's not a view shared by those in the industry, and many commodity experts have since disagreed with the agency's outlook. Some of the biggest pushback came from OPEC itself, with chief Haitham Al Ghais noting that peak demand warnings have been <a target="_blank" href="https://markets.businessinsider.com/news/commodities/peak-oil-theories-iea-opec-al-ghais-crude-demand-supply-2024-1">repeated since the 1880s</a> — and have yet to manifest.

Peak oil demand before 2030 will usher in a major supply glut, the International Energy Agency says

<ul class="summary-list"><li>The oil market could see a surplus of one million barrels of crude a day in 2025, the IEA forecast.</li><li>The excess will be driven by low demand in China and booming output from non-OPEC countries.</li></ul>The oil market could see a major supply glut in 2025 thanks to <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/us-oil-opec-crude-production-record-oil-prices-commodity-market-2024-11">booming production</a> from non-OPEC states like the US and sagging demand in <a target="_blank" class="" href="https://www.businessinsider.com/oil-price-today-middle-east-israel-hezbollah-conflict-china-economy-2024-10">China</a>, according to the International Energy Agency.The IEA said in its November Oil Market Report that the world's oil market is on track for a one-million barrel-a-day surplus next year.The excess is largely being driven by a weakening economy in China. Demand for oil in the world's second-largest economy contracted for six straight months in a row as of September, IEA data shows. This accounted for the "main drag" on demand this year, the report said.Meanwhile, the agency is predicting strong oil production among non-OPEC producers led by countries like <a target="_blank" href="https://markets.businessinsider.com/news/commodities/us-oil-opec-crude-production-record-oil-prices-commodity-market-2024-11">US</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-outlook-brazil-guyana-record-american-opec-market-share-saudi-2023-12">Guyana</a>, Argentina, and Brazil.Altogether, non-OPEC producers are on track to expand oil production by 1.5 million barrels a day, it estimated. That amount is more than the agency's forecast for world oil consumption to grow by 990,000 barrels a day next year.OPEC+, the oil cartel led by Saudi Arabia, has also said it will unwind its 2.2 million barrel-a-day <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/crude-oil-outlook-opec-production-markets-saudi-arabia-russia-economy-2023-12">production cuts</a>, which have put pressure on supply over the past few years. The group could start lifting its production quota as soon as January, per its latest announcement. "Our current balances suggest that even if the OPEC+ cuts remain in place, global supply exceeds demand by more than 1 mb/d next year. With supply risks omnipresent, a looser balance would provide some much-needed stability to a market upended by the Covid pandemic, Russia's full-scale invasion of Ukraine and, most recently, heightened unrest in the Middle East," the IEA added.The US has become the <a target="_blank" class="" href="https://www.eia.gov/todayinenergy/detail.php?id=61545">largest oil producer</a> in the world, pumping out more crude than any other country in history for the last six years in a row, according to the US Energy Information Administration. Domestic production hit a record 13.4 million barrels a day in August, according to data from the Energy Information Administration.

China's weak economy and record US production will lead to a surplus of one million barrels of oil a day next year, IEA says

<ul class="summary-list"><li>Trump picked Elon Musk and Vivek Ramaswamy to co-lead DOGE, a new government efficiency commission.</li><li>Their aim is to cut government spending, and one idea they've floated is to ax federal agencies.</li></ul>Elon Musk's <a target="_blank" href="https://www.businessinsider.com/trump-elon-musk-vivek-ramaswamy-department-government-efficiency-doge-2024-11">government efficiency commission</a> could end up costing some federal workers their jobs.As he and former GOP presidential candidate Vivek Ramaswamy begin to outline their priorities as leaders of the Trump-created Department of Government Efficiency, one of them seems to be eliminating government agencies.Most recently, Ramaswamy <a target="_blank" href="https://www.businessinsider.com/vivek-ramaswamy-doge-wants-to-delete-entire-federal-agencies-2024-11">told</a> Fox News, "We expect certain agencies to be deleted outright."Over 2 million Americans collect their paychecks from <a target="_blank" class="" href="https://www.gao.gov/blog/combatting-discrimination-our-nations-largest-employer-federal-government">the federal government</a>, so Business Insider looked into which agencies employ the most people and what they pay on average.When asked about areas the commission would prioritize for spending cuts, Karoline Leavitt, a spokesperson for the Trump-Vance transition, previously told BI: "The American people re-elected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail. He will deliver."<h2 id="e6f6b74e-0829-43a1-a382-8c22ea402f53">The US government is the largest employer in the country</h2>The <a target="_blank" class="" href="https://www.fedscope.opm.gov/ibmcognos/bi/?perspective=dashboard&amp;pathRef=.public_folders%2FFSe%2B-%2BEmployment%2BDashboards%2FEmployment%2B-%2BCurrent%2BMonth&amp;id=i7402E6149B934CAAA867A1B58E0B4ECE&amp;objRef=i7402E6149B934CAAA867A1B58E0B4ECE&amp;options%5Bcollections%5D%5BcanvasExtension%5D%5Bid%5D=com.ibm.bi.dashboard.canvasExtension&amp;options%5Bcollections%5D%5BfeatureExtension%5D%5Bid%5D=com.ibm.bi.dashboard.core-features&amp;options%5Bcollections%5D%5Bbuttons%5D%5Bid%5D=com.ibm.bi.dashboard.buttons&amp;options%5Bcollections%5D%5Bwidget%5D%5Bid%5D=com.ibm.bi.dashboard.widgets&amp;options%5Bcollections%5D%5BcontentFeatureExtension%5D%5Bid%5D=com.ibm.bi.dashboard.content-features&amp;options%5Bcollections%5D%5BboardModel%5D%5Bid%5D=com.ibm.bi.dashboard.boardModelExtension&amp;options%5Bcollections%5D%5BsaveServices%5D%5Bid%5D=com.ibm.bi.dashboard.saveServices&amp;options%5Bcollections%5D%5BserviceExtension%5D%5Bid%5D=com.ibm.bi.dashboard.serviceExtension&amp;options%5Bcollections%5D%5BlayoutExtension%5D%5Bid%5D=com.ibm.bi.dashboard.layoutExtension&amp;options%5Bcollections%5D%5BvisualizationExtension%5D%5Bid%5D=com.ibm.bi.dashboard.visualizationExtensionCA&amp;options%5Bcollections%5D%5BcolorSetExtensions%5D%5Bid%5D=com.ibm.bi.dashboard.colorSetExtensions&amp;options%5Bconfig%5D%5BsmartTitle%5D=false&amp;options%5Bconfig%5D%5BeditPropertiesLabel%5D=true&amp;options%5Bconfig%5D%5BnavigationGroupAction%5D=true&amp;options%5Bconfig%5D%5BenableDataQuality%5D=false&amp;options%5Bconfig%5D%5BmemberCalculation%5D=false&amp;options%5Bconfig%5D%5BassetTags%5D%5B%5D=dashboard&amp;options%5Bconfig%5D%5BfilterDock%5D=true&amp;options%5Bconfig%5D%5BshowMembers%5D=true&amp;options%5Bconfig%5D%5BassetType%5D=exploration&amp;options%5Bconfig%5D%5BgeoService%5D=CA&amp;subView=model00000185985349dc_00000000&amp;isAuthoringMode=false&amp;boardId=i7402E6149B934CAAA867A1B58E0B4ECE">US Office of Personnel Management</a> showed eight cabinet-level agencies, which are at the center of the executive branch and have heads that report directly to the president, had over 100,000 civilian employees as of March.Almost half a million people were employed in the Department of Veterans Affairs, while the Department of Education had just over 4,000. The Treasury Department had over 100,000 employees as of March. The overwhelming majority of those — about 94,000 — were employed in the Internal Revenue Service.Most departments had six-figure average salaries, with the Department of Education and the Department of Energy having the highest averages.During Ramaswamy's Sunday <a target="_blank" class="" href="https://www.businessinsider.com/vivek-ramaswamy-doge-wants-to-delete-entire-federal-agencies-2024-11">appearance</a> on Fox News, he said, "We expect mass reductions in force in areas of the federal government that are bloated."While neither Trump, Musk, nor Ramaswamy has made clear which departments could be on the chopping block, Trump has targeted the Department of Education in the past, <a target="_blank" class="" href="https://www.youtube.com/watch?v=tscgWCBbeao">saying in 2023</a>: "One other thing I'll be doing very early in the administration is closing up the Department of Education in Washington DC, and sending all education and education work and needs back to the states."Musk <a target="_blank" href="https://www.youtube.com/watch?v=GsYKhVtvm3k">said</a> during October remarks that while the commission's goal is to cut spending by reducing head count, he would consider giving impacted workers "very long severances" that could amount to two years' pay."The point is not to be cruel or to have people not be able to pay their mortgage or anything," Musk said during his October remarks. "We just have too many people in the government sector, and they could be more productive elsewhere."The US Office of Personnel Management <a target="_blank" href="https://www.opm.gov/policy-data-oversight/pay-leave/pay-administration/fact-sheets/severance-pay/">wrote on its website</a> that "severance pay is authorized for full-time and part-time employees who are involuntarily separated from Federal service and who meet other conditions of eligibility." A spokesperson for the office told BI that the severance policy is up to date, and it "cannot comment on the actions of future administrations."DOGE is not an official government agency. Past commissions on government spending, like the Grace Commission under former President Ronald Reagan, gave the president and Congress advice on areas to cut. The two leaders of the initiative have started to detail the areas of government spending they're looking to target.While DOGE can advise Trump on agencies to cut, the president-elect cannot act on it alone — making major changes to federal agencies would require congressional approval.Plus, DOGE's goals could still change. It's unclear how exactly the commission will function and whether Congress will approve Musk and Ramaswamy's spending cuts. BI <a target="_blank" href="https://www.businessinsider.com/elon-musk-vivek-ramaswamy-doge-government-efficiency-what-us-spends-2024-11">previously reported</a> that the US spent $6.75 trillion in fiscal year 2024. With Social Security, health programs, and Medicare topping the spending list, they could be on the commission's chopping block. However, Medicare and Social Security are forms of mandatory spending that would require legislation to change.Are you employed by the federal government and have a story to share? Reach out to these reporters at <a target="_blank" class="" href="mailto:asheffey@businessinsider.com">asheffey@businessinsider.com</a> and <a target="_blank" class="" href="mailto:mhoff@businessinsider.com">mhoff@businessinsider.com</a>.

Musk's DOGE wants to 'delete' entire government agencies. Here's where the most people are employed and what they make.

<ul class="summary-list"><li>Abaxx is a new commodities exchange that aims to stabilize prices and aid the energy transition.</li><li>"Trade and network keeps the world at peace," Abaxx's CEO told BI.</li></ul>The race to clean-up the global economy is on.Investment in the <a target="_blank" class="" href="https://www.businessinsider.com/us-renewable-energy-transition-solar-electric-vehicles-hit-records-2024-2">energy transition</a> — a broad shift from fossil-based energy production systems to renewable resources like wind and solar power — hit $1.8 billion in 2023, with countries like China and the United States leading the charge, according to BloombergNEF, an energy research company. The International Energy Agency says total investment in clean energy could reach $2 trillion by the end of the year.But the shift to a cleaner, lower-carbon world doesn't depend solely on the work of government officials, legislators, or even major businesses. It also hinges on players working behind the scenes to secure the prices of key commodities like liquefied natural gas, essential for electricity generation and heating, and <a target="_blank" class="" href="https://www.businessinsider.com/fund-carbon-removal-corporates-avoid-bad-credits-2023-2">carbon offsets</a>, which help companies counteract the impact of their carbon emissions.A new Singapore-based commodities exchange called Abaxx, which launched in June, is working to do that by providing companies, governments, and project developers with a transparent marketplace for their trades. Commodities markets help stabilize prices by helping suppliers and consumers figure out fair prices, hedge against volatile price changes, and execute efficient and transparent transactions.Exchanges like Abaxx play a role in this because they help lock in prices and mitigate drastic fluctuations in the future. Abaxx deals in futures contracts, legally binding agreements to buy or sell commodities at a specified future date. Three regionally deliverable liquified natural gas contracts and two carbon offset contracts are already trading on the exchange. It's working on launching futures contracts for gold and battery metals, like lithium, a component in <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-cheaper-electric-vehicle-battery-technology-lithium-shift-2023-3">batteries that power EVs like Tesla</a>.Josh Crumb, the CEO and founder of Abaxx, says unclear pricing can lead to higher and more volatile prices for consumers while also forcing commodity producers to navigate turbulent investment cycles."If we look at the battery supply chain, nickel sulfate, lithium, cobalt, these things have gone through huge swings of boom and bust over the last couple of years," Crumb told Business Insider. "The main reason why is we don't have a lot of market transparency so that people can forward plan, price, hedge, all of that."Crumb first realized that the commodity industry needed more innovation when he was working as a <a target="_blank" class="" href="https://www.businessinsider.com/rip-goldman-sachs-wall-street-investment-bank-dead-2023-11">strategist at Goldman Sachs</a> in the years following the 2008 financial crisis. That coincided with the end of the commodities boom of the 2000s, during which the prices of many commodities, from food to oil to chemicals, had drastically surged.Now, with trading in full swing, Crumb hopes Abaxx will play a role in stabilizing what he sees as the next commodity investment cycle — marked not just by a need for new commodities to facilitate the energy transition but also a surge in electrification."When people speak of the energy transition to a lower carbon economy, they are usually speaking of replacing internal combustion engines with electric vehicles, with electricity supplied by low carbon renewables, hydro, and nuclear power. This will lead to a dramatic increase in electricity consumption," a representative for Crumb wrote to Business Insider by email. Between 2022 and 2050, global electricity generation is expected to surge at a faster rate than it did over the past decade, according to a report from the International Energy Agency.Most importantly, though, exchanges like Abaxx could play a critical role in geopolitics, Crumb said. "You want more transparency; you want more markets because we think that leads to more peace," he said. "We think trade and networks keeps the world at peace."

Founder of new commodities exchange explains how it can fuel the green energy transition

New Delhi, India on Saturday announced the launch of the <keyword id="16473623" type="General" weightage="20" keywordseo="Global-Biofuel-Alliance" source="Orion">Global Biofuel Alliance</keyword> and urged G20 nations to join the initiative with a plea to take ethanol blending with petrol globally to 20 per cent. Speaking at the G20 Summit session on 'One Earth', Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> also proposed launching the 'G20 Satellite Mission for Environment and Climate Observation' and urged leaders to commence work on the 'Green Credit Initiative'. "Today, the need of the hour is that all countries should work together in the field of fuel blending. Our proposal is to take an initiative at a global-level to take ethanol blending in petrol up to 20 per cent," he said. "Or alternatively, we could work on developing another blending mix for the greater global good, one that ensures a stable energy supply while also contributing to climate security," Modi said at the session attended by US President Joe Biden, Saudi Arabia Crown Prince Mohammed bin Salman, and UK Prime Minister Rishi Sunak among others. The prime minister said energy transition is a significant need of the 21st century world considering the challenge of climate change. He said trillions of dollars are required for an inclusive energy transition and that the developed countries play a very crucial role in this. "Along with India, all the countries of the Global South are pleased that developed countries have taken a positive initiative this year, in 2023. Developed countries have expressed their willingness to fulfil their commitment of USD 100 billion for climate finance for the first time," he said. At the Copenhagen UN climate talks in 2009, developed countries had committed to providing USD 100 billion per year by 2020 to support developing countries in combating climate change. However, the wealthier nations failed repeatedly to fulfil this commitment. The Global Biofuels Alliance, which the world's third biggest oil consumer wants to push during its G20 presidency, mirrors the <keyword id="3155010" type="General" weightage="80" keywordseo="international-solar-alliance" source="Orion">International Solar Alliance</keyword> (ISA) piloted by New Delhi and Paris in 2015 to bring clean and affordable solar energy within the reach of all. Earlier this month, Prime Minister Narendra Modi in an exclusive interview told PTI that India's proposal for a global alliance on biofuels among members of the Group of 20 major economies would help accelerate sustainable biofuels deployment in support of the global energy transition. "Such alliances are aimed at creating options for developing countries to advance their energy transitions," he had said. "Biofuels are also important from the perspective of a circular economy. Markets, trade, technology, and policy all aspects of international cooperation are crucial in creating such opportunities," Modi had said. <keyword id="53632" type="General" weightage="80" keywordseo="biofuel" source="Orion">Biofuel</keyword> is a renewable source of energy which is derived from biomass. India, which imports over 85 per cent of its crude oil needs, is gradually building capacity to produce fuel from such items as crop stubble, plant waste, and municipal solid waste. While India is on schedule to double the mixing of ethanol extracted from sugarcane and agriculture waste to 20 per cent with petrol by 2025, it is also setting up dozens of compressed biogas (CBG) plants. The Global Biofuels Alliance is aimed at facilitating cooperation and intensifying the use of sustainable biofuels across sectors, including transportation. Its focus is primarily on strengthening markets, facilitating global biofuel trade, developing concrete policy lesson-sharing and providing technical support for national biofuel programmes worldwide. Such an initiative is also aimed at helping India's transition to alternative fuels and cutting its import bill, as it seeks to achieve its net zero carbon emissions goal by 2070. On the other hand, the ISA aims to mobilise more than USD 1,000 billion of investment needed by 2030 for the massive deployment of solar energy. The <keyword id="69313" type="General" weightage="50" keywordseo="international-energy-agency" source="Orion">International Energy Agency</keyword> (IEA) estimates that global sustainable biofuel production would need to triple by 2030 to put the world's energy system on track towards net zero emissions by 2050. Liquid biofuels provided more than 4 per cent of the total transport energy supply in 2022.

G20 Summit: PM Modi announces launch of Global Biofuel Alliance

<ul class="summary-list"><li>Oil and gas will remain the dominant energy sources in 2050, according to a new report from Exxon.</li><li>The company points to population growth and increasing energy needs among developing countries.</li></ul>Contrary to forecasts for oil demand to peak in the coming years, Exxon Mobil says oil and gas will remain the dominant sources of energy until the middle of this century. The oil major said in an outlook published this month that global oil demand will remain above 100 million barrels a day through 2050, even as the share of renewable powers grows. Broken down by source, it sees oil and gas accounting for 54% of the global energy mix by 2050, coal at 13%, nuclear energy at 6%, bioenergy at 10%, and renewables like wind, solar, and hydroelectric at 15%.That forecast stands in contrast to predictions from the International Energy Agency, which predicts that oil and gas demand will peak and <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/global-oil-demand-prices-supply-opec-us-crude-producers-iea-2024-6">plateau at 105.6 million barrels per day</a> by 2029.Exxon, the leading oil and gas company in the US, pointed to a rise in the global population to 10 billion in 2050, up from 8 billion today.With half of the world's population currently living below Exxon's "modern energy minimum"—having enough energy for housing, infrastructure, jobs, and mobility—the company projects a 15% increase in global energy use is necessary for reliable energy worldwide by 2050.That rise in energy use will be predominantly driven by a 25% increase among developing countries, whose current energy problems put inhabitants at risk from harmful cooking fuels, limited electricity, and poverty, the report says.Developed countries, on the other hand, will decrease energy use by 10% due to improved efficiency.The report says that even greater adoption of electric vehicles won't make a dent in oil and gas usage."What many don't realize is that making gasoline is but one relatively small use for oil," Exxon said in its report, adding that the majority of the world's oil is used for industrial processes like manufacturing, and for transportation like shipping, trucking, and air travel."These services are needed for modern life – and they also fuel future economic growth in the developing world," the report says.At the same time, the report predicts carbon emissions will drop for the first time in 2030. Last year, the company's annual report said the world likely won't meet the emission reduction targets that were set in the Paris Climate Accords in 2015 to curb the effects of climate change.

Exxon says oil and gas will still be the dominant sources of energy by 2050 

<ul class="summary-list"><li>The US and Europe face fuel shortages as summer vacations get underway, the head of the <keyword id="12307083" type="UNKNOWN" weightage="60" keywordseo="iea" source="Orion">IEA</keyword> told Der Spiegel.</li><li><keyword id="14009169" type="UNKNOWN" weightage="60" keywordseo="fatih-birol" source="Orion">Fatih Birol</keyword> warned of potential diesel, petrol, and kerosene shortages, and said the current <keyword id="12194725" type="UNKNOWN" weightage="60" keywordseo="energy-crisis" source="Orion">energy crisis</keyword> was worse than the 1970s.</li></ul>The US could see fuel shortages this summer once people start taking their vacations — and Europe could take a particular hit from the lack of supply, the head of the <keyword id="13523210" type="UNKNOWN" weightage="60" keywordseo="international-energy-agency" source="Orion">International Energy Agency</keyword> has warned. "When the main holiday season starts in Europe and the US, fuel demand will rise," Fatih Birol told <a href="https://www.spiegel.de/wirtschaft/benzin-diesel-und-kerosin-iea-chef-fatih-birol-warnt-vor-sprit-engpass-im-sommer-a-4a532976-fb1a-444d-97ab-888ff39eede8">Der Spiegel</a>. "Then we could see shortages — for example, in diesel, petrol or kerosene, particularly in Europe."Birol also told the German newspaper that the energy crisis now underway will be more severe and longer-lasting than the <keyword id="12194890" type="UNKNOWN" weightage="60" keywordseo="oil-price" source="Orion">oil price</keyword> shocks of the 1970s, given it's applying pressure on three fronts."Back then it was just about oil," he said in the interview published Tuesday. "Now we have an oil crisis, a gas crisis and an electricity crisis simultaneously."Oil prices spiked in 1973 and 1979 as the Yom Kippur War and the Iranian Revolution interrupted Middle Eastern crude exports. Geopolitical events have hit the market again in 2022, as <a href="https://markets.businessinsider.com/news/commodities/russia-oil-power-long-term-production-decline-eu-embargo-ukraine-2022-5">western nations impose sanctions on Russia over its invasion of Ukraine</a>.Right now, oil, gas, and electricity prices are soaring on both sides of the Atlantic, leading to a <a href="https://www.politico.eu/article/eurozone-inflation-jumps-to-new-record-adding-pressure-on-ecb/">cost-of-living crisis</a>.Fuel shortages are more likely to occur in the summer because people drive more as they take getaways. This will likely push prices even higher in the coming months, Birol suggested.<a href="https://markets.businessinsider.com/news/commodities/gas-prices-record-high-us-demand-destruction-crude-oil-prices-2022-5?utm_medium=ingest&amp;utm_source=markets">Gas prices have hit record levels in recent weeks</a>, with a gallon costing $4.62 on average on Memorial Day, according to data from the <a href="https://gasprices.aaa.com/">American Automobile Association</a>.Meanwhile, the average price of US electricity has increased 6.1% over the past year, data from the <a href="https://www.eia.gov/electricity/monthly/epm_table_grapher.php?t=epmt_5_6_a">Environmental Investigation Agency</a> showed.<a href="https://markets.businessinsider.com/commodities/oil-price">Crude oil</a> was trading around two-month highs on Tuesday after <a href="https://www.politico.eu/article/eurozone-inflation-jumps-to-new-record-adding-pressure-on-ecb/">the EU agreed to ban most Russian oil imports</a> and China eased its COVID-19 restrictions, leading to hopes of a revival in demand from the economic powerhouse.

IEA chief warns of summer fuel shortages and a triple energy crisis that will outstrip the oil shocks of the 1970s

<ul class="summary-list"><li>A rise in <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">energy</keyword> demand in the summer could send prices higher and risk a global recession, the head of the <keyword id="12307083" type="UNKNOWN" weightage="60" keywordseo="iea" source="Orion">IEA</keyword> has warned.</li><li><keyword id="14009169" type="UNKNOWN" weightage="60" keywordseo="fatih-birol" source="Orion">Fatih Birol</keyword> told Bloomberg TV that all players in energy <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> should make a "positive contribution" to avert price rises.</li></ul>A rise in energy demand during the summer could send oil prices even higher and push the world economy into a recession, the head of the <keyword id="13523210" type="UNKNOWN" weightage="60" keywordseo="international-energy-agency" source="Orion">International Energy Agency</keyword> has warned.Fatih Birol <a href="https://www.youtube.com/watch?v=3eTrUctikmc">told Bloomberg TV</a> on Monday that all players in energy markets need to make a "positive contribution" to ensure that prices don't spike.His comments come in the context of a sharp rise in global energy prices as a result of Russia's invasion of Ukraine. Western countries are trying to cut their reliance on Russian energy, with the European Union trying to <a href="https://markets.businessinsider.com/news/commodities/eu-russian-oil-ban-hungary-nuclear-bomb-economy-viktor-orban-2022-5">reach an agreement</a> on a total ban of oil imports from the country.Birol said these efforts were necessary to punish Russia, but warned they increased the risks for energy markets and the world economy."This summer will be difficult because in summer, as we know, the oil demand normally goes up in peak driving season," Birol told <a href="https://www.bloomberg.com/live/us">Bloomberg TV</a> during an interview from the World Economic Forum's meeting in Davos, Switzerland.In the US, <a href="https://markets.businessinsider.com/news/commodities/gas-prices-outlook-6-gallon-fuel-demand-summer-driving-season-2022-5">gasoline prices are set to hit $6 a gallon</a> on average at the pump as the summer driving season kicks off, according to a projection by JPMorgan.Birol called on "everybody in the global energy markets" to do what they can to keep a lid on prices."If you don't make a positive contribution here, we may see prices even going higher, being much more volatile, and becoming a major risk for recession for the global economy."He said other suppliers such as the US, Brazil and Canada may not be ready by the summer to step in to fill the gap left by countries pivoting away from Russian oil.The IEA chief also said Russia would likely have difficulty shifting its exports away from Europe and towards Asia, because of the big increase in traveling distances.Oil prices have risen sharply since Russia — one of the world's key energy suppliers — invaded Ukraine in late February.<a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> oil was up 1.06% Monday to $113.74 a barrel, having started the year below $80. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">WTI crude</a> was 0.91% higher at $111.28 a barrel.Read more: <a href="https://www.businessinsider.com/bitcoin-crypto-stock-market-crash-bubble-price-prediction-valkyrie-investments-2022-5" target="_blank" rel="noopener noreferrer">'The pain isn't over yet'. The investing chief of a $1 billion digital asset manager expects stocks to fall another 30% - and says the sell-off could cause bitcoin to plummet below $22,000</a>

Summer demand could send oil prices spiking and trigger a global recession, IEA chief warns

<ul class="summary-list"><li>Global fossil fuel demand is expected to peak this decade as the clean energy economy booms, the IEA said.</li><li>Past peak demand in the late 2020s, global use of oil could fall into an "undulating plateau" for a while.</li></ul>The golden age of fossil fuels is coming to its close, and that close is coming soon."In all scenarios, the momentum behind the clean energy economy is enough to produce a peak in demand for coal, oil and natural gas this decade, although the rates of post-peak decline vary widely," the International Energy Agency said in a report Tuesday.Oil demand could reach a maximum level of 102 million barrels of oil per day in the late 2020s before declining slightly to 97 million in 2050. Past that peak, demand for oil could fall into an "undulating plateau lasting for many years."Global natural gas demand, which had been increasing by roughly 2% every year since 2011, is expected to slow to a 0.4% annual pace from now until 2030. Global coal demand is also expected to weaken as its biggest consumers, iron and steel producers, wean off coal.The IEA report added that geopolitical turmoil, stubborn inflation, and elevated debt levels have heightened <a href="https://markets.businessinsider.com/news/commodities/israel-hamas-outlook-oil-prices-economy-stock-market-volatility-inflation-2023-10">volatility in commodities like oil</a>, and largely <a href="https://markets.businessinsider.com/news/commodities/oil-prices-outlook-war-inflation-fed-rates-israel-russia-opec-2023-10">disrupted</a> global energy markets. It comes a month after IEA Executive Director Fatih Birol previewed its findings in a column published in the <a href="https://www.ft.com/content/f6155d7b-2ef7-4f62-a08a-b640b7e87fca" target="_blank" rel="noopener nofollow">Financial Times</a>, saying that "the age of seemingly relentless growth" for fossil fuel demand is at the beginning of the end. "This is the first time that a peak in demand is visible for each fuel this decade — earlier than many people anticipated," he wrote.In contrast with its view on fossil fuels, the IEA report Tuesday noted that "clean energy is the most dynamic aspect of global energy investment."The Inflation Reduction Act passed last year has also funneled hundreds of billions of dollars into clean energy projects, ramping up the path towards decarbonization.But renewable energy stocks have been reeling amid cost inflation, supply-chain bottlenecks and higher borrowing costs, as Fed rate hikes particularly capital-intensive buffet industries.The S&amp;P Global Clean Energy Index is down 33.51% since January. Companies like SolarEdge and Enphase Energy are down 70% and 62% respectively, year-to-date.

Global fossil fuel demand is likely to peak this decade as the clean energy economy grows, IEA says

<ul class="summary-list"><li>Oil traded below $105 on Friday after <keyword id="60973" type="UNKNOWN" weightage="60" keywordseo="biden" source="Orion">Biden</keyword> announced the largest-ever supply release from US emergency reserves.</li><li>The 180-million barrel US release is the third time the Biden administration has tapped the SPR in the last six months.</li></ul>Oil prices traded below $105 a barrel Friday, after President Joe Biden announced the <a href="https://www.businessinsider.com/biden-oil-release-lower-gas-prices-stockpile-russia-ukraine-inflation-2022-3?r=US&amp;IR=T">largest-ever release of supply</a> from US stockpiles, and with the <keyword id="13523210" type="UNKNOWN" weightage="60" keywordseo="international-energy-agency" source="Orion">International Energy Agency</keyword> set to decide on a collective release later in the day.<a href="https://markets.businessinsider.com/commodities/oil-price?type=brent">Brent crude futures</a> fell 1.2% to $103.40 a barrel around 7:50 a.m. ET, while <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate</a> was 1.6% lower at $98.64 a barrel in somewhat volatile trading. "The price slide is due to Biden's announcement yesterday evening that an unprecedented 180 million barrels will be released from the country's strategic <keyword id="12602219" type="UNKNOWN" weightage="60" keywordseo="oil-reserves" source="Orion">oil reserves</keyword> between May and October," Commerzbank's Carsten Fritsch said.Biden said Thursday the US government will release 1 million barrels of crude oil every day for the next six months from its Strategic Petroleum Reserve, the third time it has tapped the emergency stash in the last six months. The new SPR injection will equate to about 180 million barrels in total by the time it ends in the fall.While the extra oil should temper the market, and matches US oil imports from Russia, Biden's SPR release is equal to just about two days of global demand. It falls short of the 3 million barrels per day or so of Russian oil <a href="https://www.reuters.com/business/energy/biden-release-1-mln-barrels-oil-day-ease-pump-prices-2022-03-31/">estimated to be lost to global markets</a> from sanctions. The member countries of the <keyword id="12307083" type="UNKNOWN" weightage="60" keywordseo="iea" source="Orion">IEA</keyword> <a href="https://www.reuters.com/world/asia-pacific/japan-will-act-appropriately-oil-reserves-release-industry-minister-2022-04-01/">meet</a> Friday at 8 a.m. ET to discuss a release of emergency reserves. It's probable further barrels will come to the market and ease the acute supply shortage, Fritsch said.Biden has also <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/31/fact-sheet-president-bidens-plan-to-respond-to-putins-price-hike-at-the-pump/">called on oil companies to step up production</a> by drilling more, and has asked Congress to approve a "use-it-or-lose-it" policy for wells on public land that may have been sitting unused for years.On Thursday, OPEC and its allies including Russia agreed to a <a href="https://www.reuters.com/business/energy/opec-technical-committee-replaces-iea-with-wood-mackenzie-rystad-secondary-2022-03-30/">modest increase</a> in oil production in May, by an additional 430,000 barrels per day."Though this is somewhat more than in the preceding months, it is in line with last summer's agreement," Fritsch said. The group has defied many calls from the US and IEA to pump more crude in order to cool prices that soared to decade-highs after Western sanctions imposed on Russia over its invasion of Ukraine.OPEC has decided to ditch the IEA from its list of trusted data sources, <a href="https://www.reuters.com/world/middle-east/opec-holds-special-meeting-ditch-iea-data-source-2022-03-31/">Reuters</a> reported. The oil producer group has chosen to replace the agency's data with reports from consultancies Wood Mackenzie and Rystad Energy.Read More: <a href="https://www.businessinsider.com/stocks-hedge-funds-top-picks-biggest-shorts-13f-filings-2022-4">Jefferies shares the 20 stocks that hedge fund managers are placing the biggest bets on for their wealthy clients — and the 20 names they're betting against the most</a>

Oil prices drop below $105 as Biden's record release of stocks and IEA's emergency meeting lift supply hopes

<ul class="summary-list"><li>A colder winter and lower gas exports from Moscow would bring energy uncertainty back to Europe.</li><li>That's according to the International Energy Agency, which downgraded its outlook on gas demand.</li></ul>The European commitment to stave off a future energy crisis may not be enough, as full natural gas inventories are insufficient against the threat of curbed Russian exports, the International Energy Agency said. According to a Monday report, ruptured trade with Moscow and a colder winter may leave the region on thin ice, despite gas reserves heading for 95% of working capacity."Our simulations show that a cold winter, together with a full halt of Russian piped gas supplies to the European Union starting from 1 October 2023, could easily renew price volatility and market tensions," IEA wrote.Russian gas accounts for about <a href="https://www.ft.com/content/ef5ba007-0d92-4edd-8ec7-b86f792d98b6" target="_blank" rel="noopener">10% of gas imports</a> to the European Union, but the country was once the region's main supplier. When the Ukraine War launched in early 2022, Western sanctions and price caps on energy commodities caused Russia to reconfigure its gas trade, steeply curbing shipments to the continent, a reduction equal to 15% of all global LNG trade.At the time, this prompted fears of a <a href="https://www.businessinsider.com/europe-must-cut-gas-use-winter-energy-crisis-iea-2022-10">winter crisis</a>, but an unusually warm season helped ease gas demand in Europe last winter. While lucky then, the next winter may prove to be colder — this could be especially true as El Niño ramps up, with the weather anomaly potentially <a href="https://climate.leeds.ac.uk/four-possible-consequences-of-el-nino-returning-in-2023/#:~:text=During%20El%20Ni%C3%B1o%20winters%2C%20both,winters%20become%20drier%20and%20colder." target="_blank" rel="noopener">bringing colder winters</a> to Northern Europe.Still, thanks to last year's mild winter, the EU was left with high gas storage levels, standing 60% above their five-year average. If injections continue at their current rate, the region's stockpile is set to near 100% by mid-September, IEA said."If we assume a mild winter and LNG flows remaining close to last year's levels, storage sites would end the heating season with inventory levels above 50% of capacity even without Russian piped gas," the report said.But if a cold winter sets in, IEA expects EU demand for gas to jump by 30 billion cubic meters compared to the previous heating season. This would be worsened if Russian piped gas supplies hypothetically stopped in October, causing a total shortfall of 10 billion cubic meters to set in.The uncertainty behind these risks means wider volatility for Europe's gas storage. Though global LNG supply is expected to rise 15% year-over-year, helping maintain some reserve levels at 34% until March, lower LNG availability could pressure inventory levels to under 20%.The IEA also lowered its medium and long-term outlook on the commodity's demand, as it's been damaged by Russia's war in Ukraine.

You Searched For "International Energy Agency IEA" and got 11 results

Peak oil demand before 2030 will usher in a major supply glut, the International Energy Agency says

Filip De Mott

China's weak economy and record US production will lead to a surplus of one million barrels of oil a day next year, IEA says

Jennifer Sor

Musk's DOGE wants to 'delete' entire government agencies. Here's where the most people are employed and what they make.

Ayelet Sheffey,Madison Hoff

Founder of new commodities exchange explains how it can fuel the green energy transition

Lakshmi Varanasi

G20 Summit: PM Modi announces launch of Global Biofuel Alliance

PTI

Exxon says oil and gas will still be the dominant sources of energy by 2050

Kelly Cloonan

IEA chief warns of summer fuel shortages and a triple energy crisis that will outstrip the oil shocks of the 1970s

George Glover

Summer demand could send oil prices spiking and trigger a global recession, IEA chief warns

Harry Robertson

Global fossil fuel demand is likely to peak this decade as the clean energy economy grows, IEA says

Aruni Soni

Oil prices drop below $105 as Biden's record release of stocks and IEA's emergency meeting lift supply hopes

Shalini Nagarajan

Another Russian energy war is a real threat to Europe, IEA warns

Filip De Mott

Popular Keywords

Buying Guides