Global energy demand dealt a huge blow by the coronavirus pandemic says IEA report
4 years, 8 months ago

Global energy demand dealt a huge blow by the coronavirus pandemic says IEA report

CNN  

London CNN Business — Global energy use has been dealt such a huge blow by the coronavirus pandemic that it’s like wiping out demand from all of India, a country of 1.3 billion people and the world’s third biggest consumer. That’s according to the International Energy Agency, which said in a new report Thursday that demand for energy could crash 6% this year if lockdowns persist for many months and the economic recovery is slow. “It is still too early to determine the longer term impacts, but the energy industry that emerges from this crisis will be significantly different from the one that came before.” Demand for coal, oil and gas has been slammed as a result of shutdowns aimed at containing the spread of the virus, which have put the brakes on economic activity and brought international air travel almost to a standstill. “The design of economic stimulus packages presents a major opportunity for governments to link economic recovery efforts with clean energy transitions — and steer the energy system onto a more sustainable path,” the IEA said in its report.

Energy Economic Demand Iea Energy Use  drop  coronavirus  recovery  iea  crisis  global  dealt  pandemic  blow  emissions  huge  energy  economic  report  demand  oil

History of this topic

Global energy-related CO2 emissions hit record high in 2023: International Energy Agency
10 months, 2 weeks ago

Global energy-related CO2 emissions hit record high in 2023: International Energy Agency

The Hindu  

“Global energy-related emissions of carbon dioxide hit a record high last year, driven partly by increased fossil fuel use in countries where droughts hampered hydropower production,” International Energy Agency said on February 29. “Far from falling rapidly — as is required to meet the global climate goals set out in the Paris Agreement — CO2 emissions reached a new record …

To save the climate, the oil and gas sector must slash planet-warming operations, report says
1 year, 1 month ago

To save the climate, the oil and gas sector must slash planet-warming operations, report says

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

China's COVID-19 reopening set to push 2023 oil demand to new high: IEA
1 year, 11 months ago

China's COVID-19 reopening set to push 2023 oil demand to new high: IEA

The Hindu  

Weak industrial activity and mild weather helped cut oil demand by nearly a million barrels per day in the OECD developed countries in the last quarter of 2022. The lifting of COVID-19 restrictions in China is set to boost global oil demand this year to a new record high, the International Energy Agency said on Wednesday, while price cap sanctions …

Global emissions will peak in 2025, says International Energy Agency
2 years, 2 months ago

Global emissions will peak in 2025, says International Energy Agency

Deccan Chronicle  

Paris: The International Energy Agency on Thursday released its World Energy Outlook 2022 report, which stated that global emissions will peak in 2025. "In the Announced Pledges Scenario, the commitments in the Nationally Determined Contributions bring about a faster reduction in emissions: global emissions peak before 2025 and fall to 31.5 Gt CO2 in 2030, which is around 15per cent …

Oil slides on strong dollar and weaker demand outlook
2 years, 6 months ago

Oil slides on strong dollar and weaker demand outlook

The Hindu  

Oil prices fell sharply on Tuesday on a strong dollar, demand-sapping COVID-19 curbs in top crude importer China and fears of a global economic slowdown. "In the West, the combination of high energy prices and rising interest rates is fuelling concerns about a recession that would have a serious impact on oil demand," Commerzbank said. U.S. President Joe Biden will …

Questions arise as global economy faces transition
2 years, 7 months ago

Questions arise as global economy faces transition

China Daily  

A cargo ship sits at PortMiami in Miami Beach, Florida, on June 9, 2022. But a global recession－defined as two consecutive quarters of negative GDP growth－remains unlikely, though a major shock, such as a dramatic expansion of conflict or a sudden and significant disruption in a key market like energy, could change this outlook. Europe, too, is likely to experience …

Energy agency: 10 steps would save 2.7M barrels of oil a day
2 years, 9 months ago

Energy agency: 10 steps would save 2.7M barrels of oil a day

Associated Press  

BERLIN — The International Energy Agency says the world could quickly reduce global oil demand by 2.7 million barrels a day by cutting down on car and plane travel, helping easing the supply crunch caused by Russia’s invasion of Ukraine. The Paris-based agency said in a report released Friday that “practical actions by governments and citizens” could significantly reduce oil …

Key energy agencies diverge as demand and oil prices climb
2 years, 10 months ago

Key energy agencies diverge as demand and oil prices climb

Associated Press  

DUBAI, United Arab Emirates — Leaders of the world’s most consequential energy bodies gathered for a forum Wednesday to discuss the uncertain future of oil as demand rebounds and prices climb, all while a growing roster of nations pledge to transition to cleaner forms of energy. The reality is that 80% of the world’s energy needs continue to be met …

Oil crashes as coronavirus strain threatens demand recovery
3 years, 1 month ago

Oil crashes as coronavirus strain threatens demand recovery

Al Jazeera  

The emergence of the new strain represents the biggest threat to the recovery in global oil consumption. Oil prices crashed more than 10% as a new coronavirus strain sparked fears that renewed lockdowns will threaten a global recovery in demand. High gasoline retail prices prompted U.S. President Joe Biden to seek ways to ease the pressure on consumers, leading to …

IEA: World needs to triple investment in renewable power
3 years, 3 months ago

IEA: World needs to triple investment in renewable power

Al Jazeera  

Spends on the transition to renewable energy ‘remains far short’ of what’s needed to meet future demand sustainably: IEA. Investment in renewable energy needs to triple by the end of the decade if the world hopes to effectively fight climate change and keep volatile energy markets under control, the International Energy Agency has said. “The world is not investing enough …

World's not ready to leave 'king coal' behind, transition to renewable energy sources have been slow
3 years, 3 months ago

World's not ready to leave 'king coal' behind, transition to renewable energy sources have been slow

Firstpost  

Global economic recovery means coal demand is likely to surpass its 2019 level and retain its crown of being the leading source of greenhouse gas emissions. While the Covid-19 pandemic initially caused a drop in greenhouse gas emissions as economic activity dropped, the pandemic may not have accelerated the shift to renewables: Renewables boom Renewables are now the number two …

A global energy crisis is coming. There’s no quick fix
3 years, 3 months ago

A global energy crisis is coming. There’s no quick fix

CNN  

London CNN Business — Astronomical increases in natural gas prices. “The immediate priority should be to mitigate social impacts and protect vulnerable households.” In Europe, natural gas is now trading at the equivalent of $230 per barrel, in oil terms — up more than 130% since the beginning of September and more than eight times higher than the same point …

Explained | How bad is the world’s energy crisis?
3 years, 3 months ago

Explained | How bad is the world’s energy crisis?

The Hindu  

The story so far: The world is facing an energy crunch as the supply of natural gas, coal and other energy sources fails to adequately satisfy demand. Natural gas prices have risen multifold in Europe this year while several factories in China have shut down due to power disruptions linked to the short supply of coal. Other analysts see the …

IEA sees COVID blow to oil demand in 2021, surplus in 2022
3 years, 5 months ago

IEA sees COVID blow to oil demand in 2021, surplus in 2022

Al Jazeera  

The International Energy Agency’s latest report says that global oil demand growth ‘abruptly reversed course in July’ due to the worsening coronavirus pandemic. The IEA now sees global oil demand rising by 5.3 million barrels per day on average to 96.2 million bpd this year, and by a further 3.2 million bpd in 2022. It wasn’t just OPEC+ members that …

Climate change: Coal is powering the economic recovery from the Covid crisis, IEA says
3 years, 8 months ago

Climate change: Coal is powering the economic recovery from the Covid crisis, IEA says

CNN  

London CNN Business — Global carbon dioxide emissions are set to surge dangerously this year as the global economyundergoes a huge recovery. In a new report, the International Energy Agency estimates that carbon emissions from energy use are on track to spike by 1.5 billion tonnes in 2021, as heavy coal consumption in Asia, and in China in particular, outweighs …

Economic, Oil Demand Recovery Around the Corner with Development of Covid-19 Vaccine: OPEC Secy General
4 years, 2 months ago

Economic, Oil Demand Recovery Around the Corner with Development of Covid-19 Vaccine: OPEC Secy General

News 18  

The secretary general of the Organization of the Petroleum Exporting Countries, Mohammad Sanusi Barkindo, on Monday exuded confidence that there is an economic as well as oil and gas demand recovery around the corner amid the development of vaccine for COVID-19. But, we are determined to stay the course.” About the oil and gas sector, he said hydrocarbons would dominate …

Oil Prices Slip as Coronavirus Case Surge Dents Fuel Demand Hopes
4 years, 5 months ago

Oil Prices Slip as Coronavirus Case Surge Dents Fuel Demand Hopes

News 18  

Oil prices dipped on Thursday as a surge of coronavirus infections around the globe raised fears a rebound in fuel demand would stutter just as major oil producers are set to raise output in August. Both benchmark contracts hovered around unchanged levels after having jumped on Wednesday after the US Energy Information Administration reported a sharp, unexpected 10.6 million barrel …

Oil falls 2% on U.S.-China tensions, rising virus cases
4 years, 5 months ago

Oil falls 2% on U.S.-China tensions, rising virus cases

Live Mint  

Oil prices dropped nearly 2% on Monday despite a weaker U.S. dollar, as rising coronavirus cases and tensions between the United States and China clouded the outlook for oil demand's recovery. "In lack of larger fundamental news, oil prices are following the overall macro trends, behaving as a 'risky asset' and being traded lower when safe-haven assets strengthen," said Bjornar …

Covid-19 surge, renewed lockdowns fan fresh worries about global fuel demand
4 years, 5 months ago

Covid-19 surge, renewed lockdowns fan fresh worries about global fuel demand

Live Mint  

LONDON/NEW YORK: Surges in coronavirus infections are slowing a recovery in fuel use from the doldrums of lockdowns in the United States and other countries, raising concern it could be years before consumption rebounds from the impact of the pandemic. In the week ended July 11, U.S. retail gasoline demand fell 5% from the previous week, according to GasBuddy, which …

Fuel demand recovers from 13-year-low as economic activity gains momentum
4 years, 6 months ago

Fuel demand recovers from 13-year-low as economic activity gains momentum

India Today  

India’s fuel demand in June extended its recovery from a 13-year low hit in April, lifted by a pickup in activity as the economy gradually reopens from lockdown restrictions imposed to combat the coronavirus pandemic, government data showed on Thursday. Demand for fuel plunged to 9.94 million tonnes in April, its lowest level since 2007 as stringent lockdown measures hammered …

Oil prices drop on demand worries as coronavirus cases rise
4 years, 6 months ago

Oil prices drop on demand worries as coronavirus cases rise

Deccan Chronicle  

MELBOURNE: Oil prices fell more than 1% in early trade on Thursday as a spike in new coronavirus cases in China and the United States renewed fears that people would stay home and stall a recovery in fuel demand even as lockdowns ease. Worries about fuel demand rose after a surge in coronavirus cases led Beijing to cancel flights and …

Climate crisis: IEA releases $3 trillion plan to save planet and rescue the economy
4 years, 6 months ago

Climate crisis: IEA releases $3 trillion plan to save planet and rescue the economy

CNN  

London CNN Business — Can the global economy and environment be rescued at the same time? Failure to act now risks a repeat of the aftermath the 2008 global financial crisis, when governments did not prioritize stimulus spending on climate, allowing CO2 emissions to bounce back with what the IEA describes as the largest increase ever recorded. The IEA and …

Coronavirus Will Leave Lasting Scars On Global Economy; Emerging Markets & Developing Economies To Be Worst Hit: World Bank
4 years, 7 months ago

Coronavirus Will Leave Lasting Scars On Global Economy; Emerging Markets & Developing Economies To Be Worst Hit: World Bank

ABP News  

New Delhi: The World Bank has said that the Coronavirus pandemic and strict lockdown measures taken to contain its transmission will leave a lasting effect on the global economy particularly the emerging market and developing economies, in its analysis of the situation. World Bank Group President David Malpass emphasised the need for comprehensive policies and indicated that 60 million people …

IEA World Energy Report: Global energy investment could fall by $400 billion this year
4 years, 7 months ago

IEA World Energy Report: Global energy investment could fall by $400 billion this year

CNN  

London CNN Business — The coronavirus pandemic may have slashed global carbon emissions but a historic slump in global energy investment this year could threaten climate goals in the longer term, according to a new report. The International Energy Agency said Wednesday that global investment could plunge by a record $400 billion this year, with spending expected to plummet across …

Will we learn anything from the Covid-19 pandemic?
4 years, 7 months ago

Will we learn anything from the Covid-19 pandemic?

The Hindu  

On a recent Zoom call with the extended family across the country and abroad, we asked each other to share the positive changes we’re seeing around us. Focus on industries International Energy Agency’s Global Energy Review 2020 reveals that the pandemic has contracted energy demand – oil, coal, gas and nuclear power – by 6%, the ‘largest in 70 years …

Climate crisis: Renewable energy overtakes fossil fuels for first three months of the year
4 years, 7 months ago

Climate crisis: Renewable energy overtakes fossil fuels for first three months of the year

The Independent  

Renewable energy generated more than 40 per cent of Britain’s power during the first three months of the year – contributing more to the energy mix than fossil fuels during this period for the first time, analysis has revealed. Record levels of wind power during the blustery conditions helped push down electricity generation from fossil fuels by 25 per cent …

Oil prices fall 1% as persistent glut weighs on rates; demand plummets 30%, virus pandemic curtails movement
4 years, 8 months ago

Oil prices fall 1% as persistent glut weighs on rates; demand plummets 30%, virus pandemic curtails movement

Firstpost  

The coronavirus pandemic has eroded global oil demand even as some governments began to ease lockdowns. New York: Oil prices opened about 1 percent lower on Sunday as a persistent glut continued to weigh on prices and the coronavirus pandemic eroded global oil demand even as some governments began to ease lockdowns. Global oil demand has plummeted by about 30 …

Coronavirus impact: Fuel demand nearly halves in April as lockdown, travel curbs erode economic activity
4 years, 8 months ago

Coronavirus impact: Fuel demand nearly halves in April as lockdown, travel curbs erode economic activity

Firstpost  

Consumption of fuel, a proxy for oil demand, totalled 9.93 million tonnes-its lowest since 2007, government data showed on Saturday. Fuel demand dipped 45.8 percent in April from a year earlier, as a nationwide lockdown and travel curbs to combat the spread of novel coronavirus eroded economic activity. State fuel retailers in sold 50 percent less refined fuel in the …

Coronavirus is focusing attention on how fragile global supply chains can be, so how will Australia respond?
4 years, 8 months ago

Coronavirus is focusing attention on how fragile global supply chains can be, so how will Australia respond?

ABC  

The economic shutdown has focused much attention on supply chains. "If coronavirus has shown us anything, it's that we are far too reliant on China and other countries for key minerals like lithium, cobalt and nickel," he said. If you look at supply chains from a national security perspective — rather than an economic one — the coronavirus has shown …

Oil demand may never return to peak hit before pandemic
4 years, 8 months ago

Oil demand may never return to peak hit before pandemic

CNN  

London CNN Business — The world is learning to live with less oil. Before the pandemic, analysts predicted that the peak in oil demand would occur around 2040 due to the rise of electric cars, increased energy efficiency and a switch to alternative sources. The International Energy Agency expects global oil demand to fall by a record 9.3 million barrels …

Coronavirus forces US, Russia and OPEC cartel to slash 10 per cent of world's oil supply
4 years, 9 months ago

Coronavirus forces US, Russia and OPEC cartel to slash 10 per cent of world's oil supply

ABC  

The world's biggest oil producers, including Russia, Saudi Arabia and the United States, have agreed to slash the world's oil supply by 10 per cent in a desperate bid to lift prices, which have been hammered by the coronavirus outbreak. Key points: A previous agreement by OPEC+ to cut production this year fell apart because of a dispute between Russia …

Coronavirus Outbreak Highlights: G20 leaders to support strengthening WHO's mandate, pledge $5 trillion for global economy
4 years, 9 months ago

Coronavirus Outbreak Highlights: G20 leaders to support strengthening WHO's mandate, pledge $5 trillion for global economy

Firstpost  

11:28 PM Whatsapp Facebook Twitter Coronavirus Outbreak Latest Updates Half-million infected worldwide as economic toll rises The human and economic toll of the lockdowns against the coronavirus mounted Thursday as India struggled to feed the multitudes, Italy shut down most of its industry, and a record-shattering 3.3 million Americans applied for unemployment benefits in a single week. As the number …

Oil demand will fall for first time since 2009 because of the coronavirus, IEA says
4 years, 10 months ago

Oil demand will fall for first time since 2009 because of the coronavirus, IEA says

CNN  

London CNN Business — World oil demand is expected to fall this year for the first timesince 2009, as the coronavirus pandemic deals a sharp shock to the global economy. The International Energy Agency said in a report Monday that in a worst case scenario — if the coronavirus continues to spread globally and China’s need for oil remains subdued …

The coronavirus will cause global oil demand to shrink for the first time in a decade
4 years, 11 months ago

The coronavirus will cause global oil demand to shrink for the first time in a decade

CNN  

London CNN Business — The amount of oil needed to run the global economy will decline sharply in the first quarter of this year as the coronavirus forces factories to close in China, snarls transportation and hits supply chains. Global oil demand in the first three months of 2020 is expected to drop by 435,000 barrels per day compared to …

Coronavirus crisis to hurt global economy
4 years, 11 months ago

Coronavirus crisis to hurt global economy

India Today  

With coronavirus declared a global emergency, the entire world is going to feel the impact of the massive outbreak that has claimed many lives and infected over 48,000 people in China alone, according to the latest official release. India's Minister of Health, Dr. Harshavardhan, in a press briefing said, "We had declared the novel coronavirus as a health emergency on …

Oil jumps as slowdown in new China coronavirus cases eases fuel demand concerns; OPEC, allies recommend to increase output cuts
4 years, 11 months ago

Oil jumps as slowdown in new China coronavirus cases eases fuel demand concerns; OPEC, allies recommend to increase output cuts

Firstpost  

The US Energy Information Administration on Tuesday cut its global oil demand growth forecast for this year by 310,000 bpd as the virus outbreak crimps oil consumption in China. Seoul: Oil prices climbed on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world’s second-largest oil …

OPEC cuts 2020 oil demand outlook amid coronavirus ‘uncertainty’
4 years, 11 months ago

OPEC cuts 2020 oil demand outlook amid coronavirus ‘uncertainty’

Al Jazeera  

Revised estimate could bolster case for even more production curbs by OPEC and its allies to offset coronavirus impact. Uncertainties surrounding the coronavirus outbreak that started in China, the world’s leading oil importer, will depress global oil demand growth this year, the Organization of the Petroleum Exporting Countries warned on Wednesday. In its monthly report, OPEC said that world oil …

Oil is in a tailspin over the coronavirus and OPEC might not be coming to the rescue
4 years, 11 months ago

Oil is in a tailspin over the coronavirus and OPEC might not be coming to the rescue

CNN  

New York CNN Business — The rapidly-spreading coronavirus in China poses the biggest demand threat to the oil market since the 2008 financial crisis. The coronavirus has clobbered oil prices because it is destroying demand in China, the world’s largest oil importer and the epicenter of global oil demand growth. The compromise proposal from Saudi Arabia was to cut oil …

Oil slides as coronavirus outbreak shakes economic growth predictions
4 years, 11 months ago

Oil slides as coronavirus outbreak shakes economic growth predictions

India Today  

Oil prices fell on Friday and were on track for a fourth straight weekly loss on mounting worries about economic damage from the coronavirus that has spread from China to around 20 countries, killing more than 200 people. READ | Why Coronavirus outbreak in China is bad news for economy Brent crude LCOc1 fell 20 cents to $58.09 a barrel …

Energy demand in 2018 exceeded renewables growth, caused record emission levels
5 years, 9 months ago

Energy demand in 2018 exceeded renewables growth, caused record emission levels

Firstpost  

The main drivers of this were a robust global economy & heating & cooling needs in some countries. A 2.3 percent jump in global energy demand last year outstripped the expansion of renewables and helped drive record-high greenhouse gas emissions, the International Energy Agency said Tuesday. “We have seen an extraordinary increase in global energy demand in 2018, growing at …

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