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IEA

Read all the latest news about IEA. ShippingWatch gives you independent, credible, critical and fair news.

IEA fears major price hikes for oil

There is too much imbalance between the prospects of future oil demand and the number of investments made to maintain production ahead of 2025, says the IEA, which fears that this could result in large oil price hikes.

IEA anticipates increased oil consumption and longer voyages

The International Energy Agency has presented its forecast for the medium-long term, which projects daily oil consumption that will soon surpass 100 million barrels. This means that tanker carriers will likely face longer voyages when sailing oil.

IEA: Global oil production could soar next year

The oil producing nations which are not part of OPEC will likely turn up the taps next year. The oil price could therefore plunge significantly, if OPEC is unable to reach agreement at the meeting in late November, notes the International Energy Agency in a report.

IEA: Coal overtaken by sun and wind

Renewables such as sun and wind are overtaking coal. In a new report, the International Energy Agency revises its prognosis for the future of sustainable energy and it is not looking good for the fossil fuel.

Oil companies have spent USD 300 billion less over two years

The global oil industry has spent significantly less money on oil extraction over the last two years, and the decline could well continue into 2017. This would mark the first time that oil investments have declined for three consecutive years, reports the International Energy Agency (IEA).

Still more tankers are waiting with full tanks

Bottlenecks at the major refineries means that oil tankers are being increasingly used as floating storage, in numbers not seen since 2009. The ships are anchored off Singapore especially, writes Dagens Næringsliv.

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