In a wide-ranging interview, Maria van der Hoeven, chief executive of the International Energy Agency said US oil production growth – which is heavily leveraged toward light, tight oil – is expected to plateau and decline post 2025. “The light tight oil revolution in the United States is changing the geographical map of oil trade.… Keep reading →
In an interview with Oilprice.com, International Energy Agency (IEA) Executive Director Maria van der Hoeven, discussed what the IEA called back in 2011 “a golden age of gas”. This new era was ushered in by the scale of unconventional natural gas resources found in U.S. shale formations accompanied by the absolutely essential advances in technology… Keep reading →
A startup named Aquion recently began commercial-scale production of sodium-ion batteries that solve some lithium-ion toxicity and flammability issues. The company says when scaled up, the batteries could supplant natural gas peaker plants, allowing stored renewable energy to be used during power demand spikes instead of gas. “The batteries could allow the grid to accommodate… Keep reading →
The International Energy Agency’s December Oil Market Report considers the market reaction to last month’s interim agreement signed by Iran and the P5+1 nations. The OECD oil market watchdog says the oil market mostly took the deal in stride and numerous other factors are exerting greater pressure on oil price behavior than the six-month agreement… Keep reading →
The Saudis are pumping oil near 32-year highs – north of 10 million barrels per day – and much short-term non-Opec supply growth is expected from Brazil where technically-challenging, deepwater, subsalt projects could experience delays, investment bank Simmons & Co. said in a recent note analyzing Oct’13 IEA Oil Market Report data. “For the time… Keep reading →
Russia must urgently reform its energy sector if it is to remain a global player in the energy markets, according to experts and business leaders speaking at the St. Petersburg International Economic Forum. “Russia needs to recognise the changing drivers for energy intensive industries and products,” Maria Van der Hoeven, executive director of the… Keep reading →
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 →