Oil markets look ‘adequately supplied for now’ after a big increase in production over the last six months but the oil industry is coming under strain as it copes with increasing global demand, the West’s energy watchdog said on Friday.
World oil demand will grow more than expected this year, helping to ease a global glut despite rising production from North America and weak OPEC compliance with output cuts, the International Energy Agency said.
Growth in global coal demand will slow over the next five years due to lower consumption in China and the United States and as renewable energy sources gain ground, the International Energy Agency (IEA) said on Monday.
While the rise of the Liquefied Natural Gas market has accelerated the globalization of natural gas, the energy security implications of this transformation have attracted much less attention, said the International Energy Agency.
The International Energy Agency (IEA) announced on Thursday that Iran’s oil production has risen faster than expected, reaching levels not seen since before the Western sanctions against the country were tightened in 2011.
China faces peak coal demand for the first time as a cooling economy and shifts in industry hit consumption, paving the way for a decline in global use even as India becomes the main driver for demand, the International Energy Agency said.