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IEA Again Warns of EU Natural Gas Supply Shortfall Next Year

IEA Again Warns of EU Natural Gas Supply Shortfall Next Year

The International Energy Agency (IEA) estimates the European Union (EU) could have to address a natural gas supply shortage in 2023 due in part to few additional LNG projects coming online and increased competition with Asia for cargoes. In a new report released Monday, the IEA modeled how the EU could manage a shortfall of…

December 13, 2022
Europe Faces 1 Tcf Natural Gas Shortfall Next Winter, IEA Warns

Europe Faces 1 Tcf Natural Gas Shortfall Next Winter, IEA Warns

Europe could face a 30 billion cubic meter (Bcm) natural gas shortfall for the 2023-2024 winter if the European Union (EU) doesn’t start planning ahead now, the International Energy Agency (IEA) said in a report released Thursday. That’s the equivalent of about 1 Tcf of natural gas. And even though European gas storage facilities are…

November 4, 2022
Domestic Crude Production Dips as Biden Trumpets ‘Windfall’ Tax on Natural Gas, Oil Majors

Domestic Crude Production Dips as Biden Trumpets ‘Windfall’ Tax on Natural Gas, Oil Majors

Domestic crude production ticked lower last week along with demand, the U.S. Energy Information Administration (EIA) said Wednesday. The latest government snapshot followed President Biden’s assertion this week that energy majors are keeping a lid on output in order to maintain high oil and natural gas prices to bolster profits. Biden on Monday floated a…

November 2, 2022
U.S. Oil Production Flat as IEA Chief Warns of Tight Supplies, ‘First Truly Global Energy Crisis’

U.S. Oil Production Flat as IEA Chief Warns of Tight Supplies, ‘First Truly Global Energy Crisis’

Domestic crude production held even last week as demand dipped slightly and inventories edged up, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. exploration and production (E&P) companies kept output for the week ended Oct. 21 at 12.0 million b/d, flat with the prior week and roughly in line with the level maintained through…

October 26, 2022
IEA Adds Another Warning to World About Europe’s Long-Term Natural Gas Supply Woes

IEA Adds Another Warning to World About Europe’s Long-Term Natural Gas Supply Woes

Moderating prices and favorable storage data do not tell the whole story of Europe’s natural gas status heading into winter, International Energy Agency (EIA) Executive Director Fatih Birol said, citing Russia and fallout from its protracted war in Ukraine. Following recent meetings with European leaders – including Czech Prime Minister Petr Fiala, Finnish Prime Minister…

October 20, 2022
North American Natural Gas Exports Set to Rise by 46% as Mexican Projects Advance

North American Natural Gas Exports Set to Rise by 46% as Mexican Projects Advance

Mexico is unlikely to substantially increase its natural gas production over the next five to six years, according to upstream regulator Comisión Nacional de Hidrocarburos (CNH). In its latest “prospectiva” or outlook for oil and natural gas output, the regulator modeled high, low and medium production growth scenarios for each hydrocarbon. The high case scenario…

October 10, 2022
Russian Natural Gas Halt Threatens LNG Market Tightness, European Storage Shortfalls, Says IEA

Russian Natural Gas Halt Threatens LNG Market Tightness, European Storage Shortfalls, Says IEA

European natural gas prices have continued to decline since the Nord Stream (NS) pipeline systems connected to previously vital Russian gas were damaged, but the International Energy Agency (IEA) warned LNG markets could be drastically impacted into next year. In the IEA’s latest natural gas market report, researchers said the blows to Russian gas imports…

October 3, 2022
U.S. Oil Production Ebbs, IEA Cuts Global Demand Forecast as Biden Heads to Middle East

U.S. Oil Production Ebbs, IEA Cuts Global Demand Forecast as Biden Heads to Middle East

On a day when President Biden launched a Middle East tour in part to press for greater crude output, U.S. officials said American oil production declined along with consumption. A global energy watchdog also lowered its demand outlook, citing the specter of recession. One week after reaching a 2020 high, U.S. producers pumped 12.0 million…

July 13, 2022
IEA Expects Global Natural Gas Demand to Drop on Ukraine War Market Disruptions

IEA Expects Global Natural Gas Demand to Drop on Ukraine War Market Disruptions

Global natural gas demand is likely to decline this year due to high prices and market disruptions caused by Russia’s invasion of Ukraine, according to the International Energy Agency (IEA).  The IEA revised this year’s forecast for natural gas consumption growth in its latest quarterly report to slightly below zero from its previous estimate in…

April 18, 2022
U.S. Oil Production Holds at 2022 High; IEA Says Covid Cuts Global Demand Outlook

U.S. Oil Production Holds at 2022 High; IEA Says Covid Cuts Global Demand Outlook

Demand for petroleum products dropped last week amid lofty prices while U.S. producers held output at the highest level so far in 2022, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. production for the week ended April 8 held even with the prior week at 11.8 million b/d — after hovering around 11.6 million…

April 14, 2022
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