International Energy Agency

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International Energy Agency

(IEA)
An organization committed to energy policies around the world. The goal is to ensure a cost-effective and dependable renewable energy system for a country’s citizens through their commitment to energy security, economic development, and environmental protection.
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Claude Mandil, the executive director of the IEA, the energy adviser to the industrialised countries, on Dec.
Oil demand growth estimates have already been cut back sharply: in 1H19, we saw an increase of only 0.6 million barrels per day (mb/d), with China the sole source of significant growth at 0.5 mb/d, the IEA said.
IEA forecasts China will account for 40% of global gas demand growth during the next five years.
'Without carbon capture technology or incentives for earlier retirements, coal power and the high (carbon dioxide) emissions it produces would remain part of the global energy system for many years to come,' the IEA said.
Thus with oil production growth continuing to surge in the US, the IEA now expects, the 'American oil exports, (and not just the production), to surpass Russia and nearly reach Saudi Arabian levels over the next five years, bringing in a greater diversity of supply.'
The IEA report proved a huge mismatch in its outlook scenarios of the US growth, which did not consider oil price elasticity, and the price level required to support shale US oil growth.
The IEA noted that new US sanctions announced in January on Venezuela's state oil company PDVSA have not so far caused market jitters.
In the short term, there is added uncertainty about oil demand due to the onset of the northern hemisphere winter season, with low temperatures seen in the past few days in many places, according to IEA.
In addition, the existing owners will be entitled to receive up to 9m shares of MIII common stock as an "earn-out" based upon IEA's EBITDA for 2018 and 2019.
Disputing rumours of a growing split in OPEC, Faleh's comments came a week after the IEA published its January Oil Market Report, in which it said that "explosive" shale growth, combined with production gains in Canada and Brazil, would far out-weigh any output falls from Venezuela and Mexico.
Muscat, Oct 11 (ONA) The Sultanate represented by the Ministry of Education got a full membership in the International Association for the Evaluation of Educational Achievement (IEA).