Global energy demand is set to grow by 37% by 2040 in our central scenario, but the development path for a growing world population and economy is less energy-intensive than it used to be.
Global oil supply inched up by 35 000 barrels per day (35 kb/d) in October to 94.2 million barrels per day (mb/d)
World chokepoints for maritime transit of oil are a critical part of global energy security. About 63% of the world's oil production moves on maritime routes. The Strait of Hormuz and the Strait of Malacca are the world's most important strategic chokepoints by volume of oil transit.
According to Gazprom’s financial report, in 2013 exports to Europe accounted for 58% of its revenue. It is true that Gazprom has been losing market share in Europe, but it has been increasingly flexible and sales rebounded in 2013.
Liberalization of the Russia gas sector, which has remained the domain of state-controlled Gazprom that has enjoyed export and transit monopoly since the collapse of the USSR, has been discussed for at least a couple of years.
A Bad Gas Deal For Ukraine As Europe Looks After Its Own Interests
When energy analysts and the media discuss the price of crude oil, they are typically referring to one of a small group of specific types of crude oil that are widely and actively bought and sold. The use of such benchmark crudes makes it easier for buyers and sellers to price the variety of crudes that are produced around the world.
The world needs a full transition towards a low-carbon economy
Natural gas is creating a new reality for economies around the world.
The Ukraine crisis caused relations between Russia and the EU to fall to their lowest point since the Cold War. But despite the bickering and outright conflicts, both still need each other: Europe relies on Russian gas to keep warm, and Russia in turn needs revenues. With winter on its way and capital flight from Russia reaching dangerous levels, the outlook should draw the EU and Russia back together.
The IEA Oil Market Report (OMR) for October reduced its forecast of global oil demand for 2014 by 0.2 million barrels per day (mb/d) from the previous month, to 92.4 mb/d, on lower expectations of economic growth and the weak recent trend. Annual demand growth for 2014 is now projected at 0.7 mb/d, rising tentatively to 1.1 mb/d in 2015 as the macroeconomic backdrop improves.
Increasing access to modern forms of energy is crucial to unlocking faster economic and social development in sub‑Saharan Africa, according to the International Energy Agency’s (IEA) Africa Energy Outlook, a Special Report in the 2014 World Energy Outlook series.
Diversification of gas supply has been a strategic priority for the European Union since its dependence on imports began to grow in the early 2000s.
Statoil ASA (STL), Norway’s biggest energy company, will sell its 15.5 percent stake in the Shah Deniz field in Azerbaijan to Malaysia’s Petroliam Nasional Bhd for $2.25 billion as it seeks to reduce investment and prioritize high-value projects.
The share-price boom at U.S. energy firms has gone bust, due to slumping global growth and tumbling crude prices.