Entries from Chemicals & The Economy tagged with 'IEA'
IEA, OPEC, worry about high oil prices and CO2
The new World Energy Outlook from the International Energy Agency (IEA) spells out two major challenges. It: • "Identifies higher oil prices, coupled with the downturn in oil sector investment, as a serious threat to the world economy, just as...
IEA warns on economic downturn, lower oil demand
Crude oil markets have risen 60% in recent months, as traders speculate on a quick V-shaped economic recovery. But there are growing signs that reality, in the shape of evidence of falling US and global oil demand, may be about...
Markets in Wonderland
Picture: www.amazon.com "Sometimes, I've believed as many as six impossible things before breakfast" said the Queen in Lewis Carroll's famous book, 'Alice in Wonderland'. Today would have been a good day for her to practise this ability, as she read...
OPEC seeks to hold oil prices
OPEC Oil Ministers, meeting today, have achieved 80% compliance with their announced production quotas. This is much higher than normal, and owes a lot to the hard-ball tactics played by Saudi Arabia, the world's leading oil producer, in initially allowing...
IEA says "world's energy system at crossroads"
The International Energy Agency (IEA) is the global energy watchdog. Its new annual report, just published, says "the world's energy system is at a crossroads", and adds that "current global trends in energy supply and consumption are patently unsustainable". As...
A new 'North-South dialogue'
I've read several reports on the outcome of the Jeddah oil 'summit', and still feel no wiser than last week:...
Fuel subsidies to double in 2008
Fuel subsidies are set to double this year to at least $100bn, according to the head of the International Energy Agency (IEA), Nobuo Tanaka. This is in spite of the fact that some countries such as Taiwan have recently abolished...
China cuts back ethylene to boost fuel
Some minor relief may be at hand for hard-pressed cracker operators, particularly those in Asia. Sinopec announced today that it will reduce ethylene output by 65 KT in June (the equivalent of 1 cracker's output), in order to allow it...
OPEC holds quotas, rebuffs Bush
OPEC’s decision to hold its production quota at last Friday’s meeting came as no surprise to the markets, which were busy taking prices down $2/bbl on renewed fears of a US recession. But it did produce a warning from the...
Oil supply worries increase
In recent days, 3 respected commentators on oil markets have raised concerns about the near and medium-term prospects for oil supplies: • Goldman Sachs has raised their 2008 WTI price forecast to $95/bbl from $85/bbl. This is driven by their...
OPEC targets stocks, not prices
There is some interesting material on the OPEC website, following this week's Summit, which clarifies their current strategy. The key points are: • OPEC is currently targeting inventories, not prices. Their policy is to keep OECD crude stocks within the...
TOTAL’s new CEO warns on oil supplies
Christophe de Margerie, the new TOTAL CEO, has burst the bubble of complacency that has surrounded discussion of future oil supply. The ‘business as usual’ forecasts of both the International Energy Agency and the US government assume that the world...
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