IEA: Global oil demand to exceed predictions

As the world recovers more rapidly than forecast from recession, oil demand is also expected to rise more quickly than foreseen, the IEA says.

IEA sees global oil supply crunch risk recede

The world may escape an oil supply crisis for the next five years because a slow recovery from the economic downturn would hold down growth of demand.

Urgent need for global green new deal, says UN

The UN called on Monday on rich nations to forge a deal that puts climate change and poverty reduction at the heart of efforts to reboot the economy.

Fall in oil price comes with a warning

It is too soon to call an end to the oil price crisis that has engulfed global energy markets in the past year, the West's oil watchdog has warned.

Oil prices rally amid tension over Iran

Oil prices rose further on Friday amid tensions over crude producer Iran and at the end of an extremely volatile week of trading.

Poor governance to blame for Africa's blackouts

Africa's electricity supply problems result from poor governance and not lack of capital, the head of a union of producers and distributors said.

IEA: Oil thirst slows, tension to remain high

High global oil prices and cuts in fuel subsidies in some countries will slow growth of oil demand this year, the International Energy Agency (IEA) forecast on Tuesday, also reporting a surge in supply in May.

Biofuel land demand puts rural poor at risk

The rise of biofuels is not only adding to the global food price crisis but also poses a risk for peasants, pushed off their land to make way for energy crops, a report prepared for this week's food summit said. The use of food such as maize, palm oil and sugar to produce fuel has been blamed in part for record high commodity prices.

Oil price surges to record high above $127

The price of oil rocketed to a record high point of $127,43 per barrel on Friday, as United States President George Bush prepared to urge Saudi Arabia to pump more crude. New York's main oil futures contract, light sweet crude for June delivery, beat the previous all-time peak of $126,98 set on Tuesday owing to worries about tight supplies.

Oil demand set to ease, says energy agency

Record oil prices and a slowdown in advanced economies are set to curb global oil demand despite growth in China and the Middle East, the International Energy Agency (IEA) forecast on Tuesday, saying stockpiling was a key factor. Demand from emerging economies might be set back if and when governments decide that fuel subsidies are unsustainable, the IEA said.

Oil prices ease from record highs

Oil prices eased from recent highs in Asian trade on Monday after international finance ministers warned that near-term global economic prospects had weakened. In afternoon trade, New York's main oil contract, light sweet crude for delivery in May, fell by 29 cents to $109,85 per barrel.

Energy agency cuts forecast for world oil demand

World oil demand will rise much less than expected in 2008 because of slower economic growth in the United States and other industrialised countries, the International Energy Agency (IEA) said on Friday. The IEA, adviser to industrialised countries, also pointed to a drop in oil inventories.

Oil bubbles near $109

Oil prices were close to $109 in Asian trade on Wednesday, underpinned by the United States dollar's dive to a new low against the euro and supply concerns, dealers said. In late morning trade, New York's main contract, light sweet crude for April delivery, traded briefly at $108,90 a barrel, up 15 cents from its record closing high of $108,75 on Tuesday.

IEA: Oil market could be set for lengthy slowdown

The world oil market could be set for a lengthy slowdown, the International Energy Agency (IEA) said on Wednesday, signalling a sharp shift in the climate that pushed the oil price to $100 last month. "Just as the demand shock of 2004 shaped the oil market for the next three years, so too could the pending slowdown," the IEA said in its monthly review of oil trends.

Venezuela halts oil supplies to Exxon Mobil

Venezuelan President Hugo Chávez stopped oil exports to Exxon Mobil on Tuesday, escalating a multibillion-dollar fight with the United States company two days after threatening to cut off all supplies to America. The anti-US president's retaliation for Exxon's legal offensive pushed oil prices higher in late trading.

Opec set to resist pressure for more oil

Opec is widely expected to resist consumer calls for more oil when it meets on Friday, worried by a slowing United States economy and the onset of seasonally lower demand in the spring. Oil has fallen to around $91 a barrel from a record $100,09 on January 3, easing pressure on Opec to pump more.

Tough to pump more oil, even at $100

Oil at $100 a barrel should give exporters every incentive to pump more, but their difficulty in doing so shows the world is struggling to sustain production. A growing number of leading industry figures now question mainstream forecasts for supply, suggesting the era of "plateau oil" is nearer than many had admitted.

India eyes role as 'wind superpower'

India might be painted as a pollution-spewing, global-warming economy of one billion people but it is also one of the world's biggest wind power users, part of a focus on renewable energy mostly unnoticed in the West. Years of tax incentives have helped make India one of the fastest-growing markets for wind power, a major component of renewable energy.

Oil prices drop on Opec news, stronger dollar

Oil prices dropped on Tuesday after a key Organisation of the Petroleum Exporting Countries (Opec) member left open the possibility the oil cartel will increase output to curb rising prices, and following the strengthening of the dollar overnight. Light, sweet crude for December delivery fell by six cents to $94,56 a barrel.

Oil crosses $98 a barrel

Oil prices jumped to a new trading record above $98 a barrel on Wednesday amid expectations of declining United States supplies. The weak dollar and the Organisation of the Petroleum Exporting Countries's apparent reluctance to pump more crude into the market also boosted prices.