International Energy Agency
Oil majors explore assets reduction over weak outlook
With the demand outlook reflecting that the oil market will likely be facing a supply surplus in 2020, many oil majors have begun to explore the write down of their assets for the fourth quarter.
‘Rising population in Nigeria, others not proportionate with electricity supply’
African countries need to invest four times more in electricity than they are investing now in order to expand reliable supply to the whole continent, the International Energy Agency has warned.
Solar to drive global renewables capacity by 2024
Global additions of renewable power capacity are set to rise 50% by 2024, with 1,200 GW installed over the next six years, the International Energy Agency said Monday.
Emissions in cooling sector set to grow 90% by 2050
As global temperatures rise and the growing energy demands of air conditioning threaten to emit more greenhouse gases, over 20 leaders has committed to a new global effort on clean and efficient cooling, which can make a huge positive impact on climate change. Launched at the First Global Conference on Synergies between the 2030 Agenda…
New refineries to overrun inefficient plants by 2024
An increase in the number of new refining capacity, expected to extend till the end of 2024, signifies major competition ahead for the oil industry, with possible shutdowns, the International Energy Agency (IEA), said in its Oil 2019 Report. The IEA noted specifically that such a capacity expansion will require shutdowns to balance, estimating that…
Total commissions 30th solar station
Total Nigeria Plc has commissioned its 30th solar service station, allowing its current installed solar capacity to generate enough energy to power the equivalent of 460 average Nigerian households, according to International Energy Agency (IEA) database. Since the commissioning of Onigbagbo service station in 2013, the first in Nigeria, the projects have saved the country…
Trade disputes fuelling global oil demand, says IEA
International Energy Agency (IEA) has said that trade disputes, which are currently affecting big oil exporters, have further stimulated global demand for oil.
Nigerian automakers struggle with electric vehicle evolution
Despite the challenges bedevilling Nigeria’s automotive sector, some assemblers have expressed interest to invest in the production of electric vehicles (EVs) in the country.Experience has shown that Nigeria usually turned out to be a dumping ground for a variety of banned products.
Investment in oil, gas essential over declining production
In the longer-term, investment in oil and gas remain essential to meet demand and replace declining production, according to the latest report by the International Energy Agency (IEA).
Crude oil prices drop from two-year high
Barely 24 hours of hitting one-year high at $53.73 a barrel, Brent crude oil fell by 42 cent to hit $52.72 a barrel yesterday while West Texas Intermediate (WTI) also fell from $52.51 to settle at $50.92 a barrel.