Today the International Energy Agency released a World Energy Outlook special report: Redrawing the Energy-Climate Map, which highlights the need for intensive action before 2020. The analysts suggest 4 policy measures that can limit global temperature increase with no net economic cost. The US carbon market shows signs of life, with carbon credit prices hitting… Keep reading →
It’s a commonly used analogy for the global oil market: Crude oil is fungible and supplies from
producing countries and companies enter a giant pool that is drained by a wide variety of consumers. Analysts, academics and politicians often talk of the global oil trade in this manner, saying that additional supplies of oil – regardless of where they originate – are good for US energy security because increased volumes available on the global market should exert downward price pressure. Well, perhaps unsurprisingly, it’s not that simple.
The situation is clarified in a recent journal article titled “Crude Oil Is Not Fungible, Where It Comes from Does Matter, and Global Markets Are More Fragmented Than Many Think.” The piece, written by Jonathan Chanis, a long-time commodity trader, finance expert and current Columbia University professor, appeared in American Foreign Policy Interests: The Journal of the National Committee on American Foreign Policy. Keep reading →
The world’s most influential oil producer, Saudi Arabia, reduced its oil production towards the end of 2012, causing many to conclude the Kingdom sought to reinforce global oil prices, but the Internal Energy Agency has a different take.
Saudi Arabia had been pumping oil at 30-year highs for most of 2012, but cut back supplies by just below 300,000 barrels per day in December to 9.36 million b/d, the IEA said in its most recent Monthly Oil Market Report. Keep reading →
The International Energy Agency (IEA) claims in their World Energy Outlook that it is now technically possible for the United States to become energy independent by 2020. But that’s not their primary message. IEA is also warning that any independence will be short lived, and that message has been lost on most analysts.
IEA is an international organization based in France, which works to ensure reliable, affordable and clean energy for its 28 member countries, including the United States. It is not to be confused with the Energy Information Administration (EIA), which is a different organization that is nestled within the US Department of Energy (DOE). The IEA is not the EIA. But both organizations have credibility. Both organizations provide analysts with primary sources of information about energy, particularly about consumption data. Keep reading →
Vanadium is a metal used in the steel, aerospace and energy storage industries – and as with virtually all commodities – the supply, demand and price outlook for this commodity varies depending on who one speaks with.
The energy and metals markets first collided in the 1970′s and 80′s when oil and gas companies looking to expand their businesses merged with mining companies. For example, Union Oil of California (UNOCAL) acquired rare earth miner Molycorp in 1977 – UNOCAL was subsequently acquired by Chevron in 2005, making Molycorp a fully owned subsidiary of the oil giant. Keep reading →
The world needs to invest an extra $36 trillion in clean-energy technologies between now and 2050 in order to have a shot at limiting long-term global temperature rise to 2 degrees C, the International Energy Agency said on Monday.
In its annual Energy Technology Perspectives report, the Paris-based organization said that although the global adoption of clean-energy technologies is lagging behind its goals, there is still time to achieve a reduction in greenhouse gas emissions that would limit climate change by the middle of the century. Keep reading →
The Middle East holds a little less than half the world’s proven natural gas reserves, but several countries in the region are facing gas shortages. In fact, many of these fossil fuel titans are pursuing solar power and other alternative energy technologies to supplement their soaring power generation requirements.
The International Energy Agency discusses this issue in its recently released Medium-Term Gas Market Report 2012 and says that – with the exception of existing export contracts – incremental medium-term production will exclusively serve domestic markets in the Middle East. Keep reading →
An ambitious plan by the UK government to replace aging power stations with low-carbon generation could be a model for other countries that are also searching for ways of hitting tough emissions targets while satisfying higher future demand for electricity.
On May 22, the government introduced its latest proposal for attracting the 110 billion pounds (roughly $171 billion) that it says is needed to build new generation including nuclear, offshore wind and carbon capture technology to take the place of the 20% of current capacity that will go off line over the next decade. Keep reading →
International Energy Agency IEA Chief Economist Fatih Birol (C) talks as Brazil’s state-controlled energy giant Petrobras CEO Jose Sergio Gabrielli de Azevedo (R) and and Italian energy giant Enel CEO Fulvio Conti (L) listen at the end of a press briefing at the IEA ministerial meeting at the OECD headquarters in Paris on October 18, 2011.
Oil and gas industry advocacy groups differed in their reaction to a new unconventional gas development report, highlighting the importance of a major US election issue and the messaging that surrounds it. Keep reading →