A report commissioned by the G20 group of the world's biggest economies has warned oil prices could be vulnerable to a Libor-style rigging scandal.
Showing posts with label International Energy Agency. Show all posts
Showing posts with label International Energy Agency. Show all posts
Tuesday, July 17, 2012
Monday, October 24, 2011
IEA: Many Months to Restore Libya's Oil Output
Saturday, June 25, 2011
Oil price drops on reserve sale
The price of oil has fallen after the International Energy Agency said that its members will sell some of their reserves on the world market.
Brent crude ended Thursday trading down $6.95 to $107.26, a four-month low. US light crude fell by $4.39 to settle at $91.02.
Brent crude ended Thursday trading down $6.95 to $107.26, a four-month low. US light crude fell by $4.39 to settle at $91.02.
Wednesday, March 30, 2011
Nuclear Curbs Will Hurt Climate, Energy Security Goal, IEA Economist Says
Slowing the expansion of nuclear power will harm efforts to fight climate change, push up energy prices and set back goals to secure power supplies, said Fatih Birol, chief economist at the International Energy Agency.
Cutting in half the projected new nuclear installations during the next 25 years may add 500 million tons of carbon dioxide output to the global total in 2035, equivalent to five years of extra emissions growth, Birol said today in a telephone interview from Paris.
Cutting in half the projected new nuclear installations during the next 25 years may add 500 million tons of carbon dioxide output to the global total in 2035, equivalent to five years of extra emissions growth, Birol said today in a telephone interview from Paris.
Monday, January 17, 2011
Opec unlikely to boost oil output despite soaring price
The Opec oil producers' group has signalled that it is unlikely to boost output, despite the price of crude nearing $100 a barrel.
The United Arab Emirates' oil minister said he was not concerned about $100 oil, echoing comments from other Opec members Iran, Venezuela and Algeria.
"There is no shortage of oil, the market is well supplied," said Mohammed bin Dhaen al-Hamli.
But the International Energy Agency said oil's price rise was "alarming".
There was speculation that the members of Opec, which accounts for more than 40% of global oil output, might hold an emergency meeting soon to discuss the rapid increase in the price of crude.
However, with several Opec members appearing to be at ease with the price rise, a meeting looks increasingly unlikely.
Although the higher price earns Opec members greater revenues, the organisation is also aware that it could choke off global economic recovery. An output increase would help to cool prices.
Brent crude was trading at almost $98 a barrel on Monday, nearing a 27-month high.
Nobuo Tanaka, head of the International Energy Agency, an adviser to 28 industrialised countries, said the "alarming" rise in the oil price would be damaging.
"We are concerned about the speed of the rising oil price, which can harm the growth of economies. If the current price continues, it will have a negative impact," Mr Tanaka said.
But Venezuela's Energy Minister, Rafael Ramirez, described the price of $100 a barrel as "fair value".
He told the Reuters news agency: "We don't think [the price rise] impedes the recovery of the global economy. Venezuela does not consider that an extraordinary or emergency Opec meeting is necessary."
Source: http://www.bbc.co.uk
The United Arab Emirates' oil minister said he was not concerned about $100 oil, echoing comments from other Opec members Iran, Venezuela and Algeria.
"There is no shortage of oil, the market is well supplied," said Mohammed bin Dhaen al-Hamli.
But the International Energy Agency said oil's price rise was "alarming".
There was speculation that the members of Opec, which accounts for more than 40% of global oil output, might hold an emergency meeting soon to discuss the rapid increase in the price of crude.
However, with several Opec members appearing to be at ease with the price rise, a meeting looks increasingly unlikely.
Although the higher price earns Opec members greater revenues, the organisation is also aware that it could choke off global economic recovery. An output increase would help to cool prices.
Brent crude was trading at almost $98 a barrel on Monday, nearing a 27-month high.
Nobuo Tanaka, head of the International Energy Agency, an adviser to 28 industrialised countries, said the "alarming" rise in the oil price would be damaging.
"We are concerned about the speed of the rising oil price, which can harm the growth of economies. If the current price continues, it will have a negative impact," Mr Tanaka said.
But Venezuela's Energy Minister, Rafael Ramirez, described the price of $100 a barrel as "fair value".
He told the Reuters news agency: "We don't think [the price rise] impedes the recovery of the global economy. Venezuela does not consider that an extraordinary or emergency Opec meeting is necessary."
Source: http://www.bbc.co.uk
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