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    Cluster of Businesses Want The EU To Improve Energy Security

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    Central American Development Bank commits $800 million toward the fuel relief effort

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    Array Technologies increased revenue 35% to US$872.7 million in 2020

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    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

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    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

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    WindEurope Annual Event 2022 in Bilbao – Registrations Open, Conference Programme Available

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    RWE chooses Chantiers de l’Atlantique as key supplier for its F.E.W Baltic II wind farm – design, construction and installation of the electrical offshore substation

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    EGAT deploys Siemens software solutions for the world’s largest Hydro-Floating Solar Hybrid Project

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    In The Year To Come, Oil Supply Growth To Take A Back Seat

    In The Year To Come, Oil Supply Growth To Take A Back Seat

    Cluster of Businesses Want The EU To Improve Energy Security

    Cluster of Businesses Want The EU To Improve Energy Security

    Toyota Japan Joins Energy Storage With Household Battery

    Toyota Japan Joins Energy Storage With Household Battery

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    In A Move To Avert Blackouts Australia Halts Power Market

    Central American Development Bank commits $800 million toward the fuel relief effort

    Central American Development Bank commits $800 million toward the fuel relief effort

    Statkraft seeks planning nod for 49.9-MW Scottish wind farm

    Britain faces another large increase of the energy price cap of 42%

    Hidrostank deploys innovative solutions at Saudi wind farm

    As Global Energy Problem Persists, CEOs Search For Solutions

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    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

    Ferroglobe Hydro power

    Ferroglobe completes sale of Spanish hydro facilities to TPG Sixth Street Partners

    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

    Summit Energy Services Announces Merger with Schneider Energy Consulting

    SeaMade secures €250m European loan for Belgian offshore wind farms

    SeaMade secures €250m European loan for Belgian offshore wind farms

    Xcel Energy agrees to buy Mankato Energy Center for $650m

    UK renewable energy overtakes fossil fuels, despite Brexit fears

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    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    SPI Energy Develops Utility Scale Solar Project in Maryland

    Lightsource BP pioneers UK's first night-time solar service

    Altus Power and Heliene Establish Strategic Partnership to Support U.S. Solar Module Manufacturing

    EDP signs a Build & Transfer Agreement for a 200 MWac solar project in the U.S.

    I&M is Powering the Next Tomorrow with Plans to Add More than 2,000 MW of Solar

    WindEurope Annual Event 2022 in Bilbao - Registrations Open, Conference Programme Available

    WindEurope Annual Event 2022 in Bilbao – Registrations Open, Conference Programme Available

    RWE chooses Chantiers de l'Atlantique as key supplier for its F.E.W Baltic II wind farm - design, construction and installation of the electrical offshore substation

    RWE chooses Chantiers de l’Atlantique as key supplier for its F.E.W Baltic II wind farm – design, construction and installation of the electrical offshore substation

    EGAT deploys Siemens software solutions for the worlds largest Hydro-Floating Solar Hybrid Project

    EGAT deploys Siemens software solutions for the world’s largest Hydro-Floating Solar Hybrid Project

    Protermosolar adds value to the Spanish concentrated solar power industry in China

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    GE’s digital power transformers selected for multiple projects across the globe

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In The Year To Come, Oil Supply Growth To Take A Back Seat

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In The Year To Come, Oil Supply Growth To Take A Back Seat

Following 3 years of COVID-19 lockdowns and the economic catastrophe of the Ukraine crisis, global oil demand will surge above pre-pandemic levels next year, according to the International Energy Agency. China will drive much of the demand growth next year as it recovers through stop-start COVID-19 lockdowns, while advanced economies are projected to grapple with a worsening economic outlook and rising prices.

Meanwhile, the IEA anticipates supply growth to fall behind demand, resulting in a 500,000-barrel-a-day shortfall in the already tight market with skyrocketing prices. Oil producers in the United States are projected to support supply growth next year, but members of the Organization of Petroleum Exporting Countries seem projected to continue to struggle to meet their output targets.

The Paris-based agency stated in its closely monitored oil market report that need for crude will grow by 2.2 million barrels per day to 101.6 million barrels per day in 2023, pushing it above 2019 volumes for the first time since the pandemic first struck. This is the first time the IEA has provided 2023 predictions.

The IEA estimates that developed markets in Europe and North America will make up the vast majority of recovering demand in 2022, but less advanced nations that aren’t members of the Group for Economic Cooperation and Development will account for 80% of demand growth. China’s economy has struggled this year as a result of rising COVID-19 cases and lockdowns. However, oil demand is expected to rise by 930,000 barrels per day in 2023, helping the country reclaim its role as the key driver of global oil-demand growth, according to the IEA.

Meanwhile, a comeback in foreign travel next year is expected to boost jet fuel demand by 990,000 barrels per day in 2023, according to the report. Oil producers, on the other hand, are projected to struggle to keep up with resurgent oil demand. According to the International Energy Agency, world oil supplies will increase by 1.3 million barrels per day to 101.1 million barrels per day in 2023, exposing a 500,000 barrel-per-day shortfall.

Oil prices dipped on June 15th after Federal Reserve officials decided to raise interest rates by 0.75% to limit inflation. Brent crude, the world standard, fell 2.2% to $118.51 a barrel at the close. The major U.S. price, West Texas Intermediate, fell 3.04% to $115.31 per barrel. Countries in Europe and North America have been hesitant to pump additional oil to ease a looming supply crisis that has formed in the aftermath of Russia’s invasion of Ukraine, despite having spent years pushing their businesses toward greener sources of energy.

Due to technical challenges and capacity limits, the main oil producers who make up OPEC+—a coalition of OPEC and non-OPEC producers led by Russia—have failed to reach their targets for modest supply increases. According to the IEA, the supply concerns resulted in a 2.8 million barrels per day deficit between the group’s planned and actual production as of last month.

The IEA predicts that OPEC+’s problems will persist until 2023. OPEC+ output is expected to drop by 500,000 barrels per day to 51.1 million barrels per day in 2023, according to the agency. Meanwhile, non-OPEC+ members’ supplies are expected to increase by 1.8 million barrels per day to 50 million barrels per day. The IEA maintained its demand projection for this year at 99.4 million barrels per day. Demand was 100.4 million barrels in 2019, before the outbreak.

The International Energy Agency boosted its oil supply predictions for 2022 by 600,000 barrels per day to 99.8 million barrels per day. This translates to a 400,000 barrels-per-day excess in the energy market this year, according to the agency.

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