Oil and gas companies are facing a critical challenge as the world increasingly shifts towards clean energy transitions, reports the IEA.
Highlighting the US shale revolution as a major force in reshaping the global energy landscape, the IEA has released its latest policy review.
The IEA Commission for Urgent Action on Energy Efficiency has been established, composed of government ministers, business executives and thought leaders.
The IEA has reported that international action can scale up hydrogen production to make it central to a clean energy future.
The IEA has released its latest annual market report, stating that over the next five years demand for natural gas from Asia will drive growth in the global gas industry.
The International Energy Agency notes that the global oil market is now adequately supplied but high oil prices should be avoided.
According to the IEA, refiners and shippers are set to rise to challenge of new IMO rules, one of biggest industry shake-ups.
Petrochemicals will outpace cars, trucks and aviation in future oil demand growth, even with ambitious efforts to promote recycling and promote greater efficiency.
Eight energy companies have committed to reducing the methane emissions from the natural gas assets.
The International Energy Agency is closely monitoring the impact of Hurricane Harvey on oil and gas markets.