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Oil Market Report - June 2022
…2.3 mb/d and 1.9 mb/d, respectively. Nevertheless, product markets are expected to remain tight, with a particular concern for diesel and kerosene supplies. While diesel cracks eased month-on-month in May, both jet fuel and gasoline cracks surged as demand picked up seasonally.Following nearly two years of declines, observed global oil inventories increased by 77 mb in April. OECD industry stocks also rose, by 42.5 mb (1.42 mb/d), helped by government stock releases of nearly 1 mb/d. At 2 669 mb, OECD industry stocks were nevertheless 290.3 mb below…
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Enhancing China’s ETS for Carbon Neutrality: Focus on Power Sector
Co-ordinating climate and renewable energy policy The pace of emissions reductions of the People’s Republic of China (hereinafter, “China”) over the coming decades will be an important factor in global efforts to limit global warming to 1.5°C. The power sector is central to achieving China’s stated climate ambition of peaking CO2 emissions before 2030 and achieving carbon neutrality before 2060. Accelerating the sector’s decarbonisation requires a well-coordinated policy mix. This report, Enhancing China's ETS for Carbon Neutrality: Focus on Power Sector, responds to the Chinese government’s invitation to the IEA to co…
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Oil Market Report - February 2022
The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights Global oil supply rose by 560 kb/d to 98.7 mb/d in January, but the uptrend was slowed by a chronic OPEC+ under-performance versus targets that has taken 300 mb of oil off the market since the start of 2021. If OPEC+ cuts…
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Clean Energy Transitions Programme 2021
…Latin America, the People’s Republic of China, India, Indonesia, Southeast Asia and Africa). It then discusses cross-cutting activities, implemented globally.Recognising the excellent results achieved under the CETP, which are presented in the Annual Report 2021 and previous editions, at the IEA Ministerial Meeting in March 2022 representatives from 15 IEA member countries and the European Commission, on behalf of the European Union, reaffirmed their commitment through the CETP to further strengthen IEA capabilities to accelerate the transformation towards a global net zero energy system, in line with the IEA’s strengthened clean energy mandates and Programme of Work.
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Tracking Clean Energy Innovation: Focus on China
Focus on China In the last 20 years, the People’s Republic of China (hereafter, “China”) has strengthened its position on the global stage as an energy innovator, as illustrated by the stories of solar power and, more recently, electric mobility. This is the result of several decades of increasing policy focus on technology innovation, which underpin China’s ambitions to become a producer of knowledge and foster innovation-driven socio‑economic development. Looking forward, clean energy innovation will play a crucial role to achieve China’s objectives of carbon peaking by 2030 and neutrality by 2060, and ranks among core government…
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Opportunities for Hydrogen Production with CCUS in China
…2060, equipping existing hydrogen production facilities with CCUS could be a complementary strategy to reduce emissions and scale-up low-emission hydrogen supply. This report was produced in collaboration with the Administrative Centre for China’s Agenda 21 (ACCA21). It explores today’s hydrogen and CCUS status in China, and the potential evolution of hydrogen demand in various sectors of the Chinese economy through 2060, in light of scenarios developed independently by the IEA and the China Hydrogen Alliance. The report also provides a comparative assessment of the economic performance and life cycle emissions of different hydrogen production routes. Finally…
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How much will renewable hydrogen production drive demand for new renewable energy capacity by 2027?
…in renewable energy markets. Hydrogen production from renewable electricity is expected to play an important role in reaching long-term decarbonisation goals and improving energy security. While less than 1% of global hydrogen production comes from renewable energy sources today, renewable hydrogen is receiving increasing policy attention. A total of 25 countries, plus the European Commission, have announced plans that include hydrogen as a source of clean energy, and several have begun to introduce financial support schemes. As a result, project pipelines for using electrolysers to produce hydrogen from renewable electricity have swelled in recent years, with projects at various…
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Energy Transitions Require Innovation in Power System Planning
…The second is that power will be responsible for an increasing share of total energy demand, as electrification becomes a pathway to decarbonisation. Emerging economies are central to global emissions reduction, since they typically have high shares of fossil fuel generation and because electricity demand is expected to significantly increase along with economic growth and greater electricity access. Increasing shares of variable renewable energy such as solar and wind will mean power systems need to become more flexible. At the same time, the traditional providers of this flexibility – mainly thermal power plants – will play a smaller role as decarbonisation objectives…