Oil glut gone, but market volatility seen until pandemic brought under control, says IEA

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The global oil glut brought about by last year’s lockdowns triggered the Covid-19 outbreak is gone, but market volatility is seen to persist until the pandemic is brough under control, the International Energy Agency (IEA) said in its latest monthly oil market report. “After nearly a year of robust supply restraint from OPEC+, bloated world […]

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Global coal demand fell by 4% in 2020: IEA

Global coal demand declined 4% in 2020, the biggest drop since World War II. The main driver of the decline was lower electricity demand due to Covid-19 restrictions and the resulting economic downturn, the International Energy Agency’s (IEA) annual Global Energy Review said.  Overall, declines in the power sector accounted for over 40% of lower […]

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OPEC, IEA revise oil demand forecast upwards for this year

Two of the world’s prominent energy organisations—Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA)—have revised upwards their demand forecast for oil this year, which could help sustain a price rally. Demand will increase by 5.95 million barrels per day this year, which is around 70,000 barrels per day more than last […]

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Oil markets face uncertain future after rebound from historic Covid-19 shock, says IEA

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World oil markets have rebounded from the massive demand shock triggered by Covid-19, but still face a high degree of uncertainty that is testing the industry as never before, according to a new IEA report.  The forecast for global oil demand has shifted lower, and demand could peak earlier than previously thought if a rising focus […]

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Global coal demand forecast to rise by 2.6% in 2021 before flattening out to 2025 – IEA

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A global economic recovery in 2021 is expected to drive a short-lived rebound in coal demand following the major drop this year triggered by the Covid-19 crisis, according to a new report from the International Energy Agency (IEA). However, there is little sign that the world’s coal consumption is set to decline substantially in the […]

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