International Energy Agency news

In its June 2022 Oil Market Report, the IEA expects net global refining capacity to expand by 1.0 million bpd in 2022, and by an additional 1.6 million bpd in 2023.

The IEA Oil Market Report includes data, forecasts and analysis on the global oil market, including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity.

According to data from China’s Administration of Customs and from Japan’s Ministry of Finance, China’s LNG imports over the first 10 months of 2021 were the world’s largest, surpassing Japan.

The amount of natural gas in storage across the US has been below its previous five-year average since mid-February 2021.

The IEA’s ‘World Energy Outlook 2021’ shows that a new energy economy is emerging, but not yet quickly enough to reach net zero by 2050.

API has issued a statement following the release of the IEA’s report on a pathway to achieving net-zero emissions by 2050.

The IEA has revised down its forecast for global oil demand by 0.6 million bpd for 1Q21 and 0.3 million bpd for 2021 as a whole.

The IEA has announced that it will produce a report entitled ‘The World’s Roadmap to Net Zero by 2050’, among other new projects, in the lead up to the COP26 Summit in November.

Permanent refining capacity closures expected for 2020 – 2021 have risen to about 1.7 million bpd, the IEA has said in its monthly report.

Global refining throughput will increase in the last quarter of the year by more than 2 million bpd, according to the International Energy Agency.