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Reforming Korea's Electricity Market for Net Zero
…the emissions implications of the plans laid out in Korea’s 9th Basic Plan for Long-Term Electricity Supply and Demand and the Carbon Neutral Strategy published in 2021. The analysis includes a scenario elaborated by the IEA, based on the World Energy Outlook's Announced Pledges Scenario for 2035, to analyse potential for further market improvements.This analysis covers market improvements in areas such as carbon pricing, market price enhancements that better reward low-emissions technologies and security of supply, and market access reforms to ensure the participation of a wider range of new technologies and distributed energy resources.
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Korea Electricity Security Review
…to ensure resilience across the whole value chain. Executive summary Around the world energy transitions are driving up the participation of renewable energy in electricity systems and increasing electricity’s share of total final energy consumption. According to the IEA Sustainable Development Scenario, the share of electricity in total final energy consumption is projected to increase from around 20% today to more than 30% by 2040. Objectives for greater deployment of hydrogen in energy systems will also rely on additional electricity demand.These developments require policy makers to think about electricity security, which is the power system’s capability to…
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Strategies for Coal Transition in Korea
…all sectors of the economy, industry and all the regions across the world, where we extract the main recommendations that are applicable to the case of Korea.Currently, the power sector is the largest CO2-emitting sector and coal is the single biggest source of CO2 emissions, as it is the backbone of many electricity systems. Thus, coal power plants have been a target for reaching net zero emissions by 2050 for long time. Korea has firm objectives to achieve carbon neutrality by 2050, aiming to accelerate the clean energy transition of coal power plants. Policy recommendations were formulated around…
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Oil Market Report - October 2018
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 The forecast for demand growth in 2018 and 2019 has been reduced for both years by 110 kb/d to 1.3 mb/d and 1.4 mb/d, respectively. This is due to a weaker economic outlook, trade concerns, higher oil prices and a revision to Chinese data.OECD demand…
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Oil Market Report - September 2018
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 demand growth estimates for 2018 and 2019 are unchanged at 1.4 mb/d and 1.5 mb/d, respectively. The pace of growth slowed sharply in 2Q18, caused by weaker OECD Europe and Asia demand. US gasoline demand growth eased due to higher prices.Non-OECD demand…
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Oil Market Report - June 2017
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 Recent weaknesses in demand growth are likely to prove transitory, particularly in post currency-reform India. Although global growth was only 0.9 mb/d in 1Q17, it accelerates in 2H17 and for the year as a whole our outlook remains unchanged at 1.3 mb/d. In 2018…
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Oil Market Report - July 2018
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 Demand got off to a strong start this year with global 1Q18 growth at over 2 mb/d, helped by cold weather in the northern hemisphere. Recent data, however, point to a slowdown, with rising prices a factor. In 2Q18, growth slowed to 0.9 mb/d. In 1H18…
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Oil Market Report - February 2019
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 Our global demand estimate for 2018 is unchanged. Growth in 4Q18 was robust at 1.4 mb/d y-o-y and for 2018 as a whole growth was 1.3 mb/d. China (0.44 mb/d), India (0.21 mb/d) and the US (0.54 mb/d) contributed 1.19 mb/d…
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Oil Market Report - February 2017
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 Supported by strong 4Q16 numbers,the estimate for global oil demand growth for 2016 was revised up for the third consecutive month to 1.6 mb/d. Although still forecast to decelerate in 2017 to 1.4 mb/d, recent improvements in industrial activity are providing…
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Oil Market Report - January 2019
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 Our estimates for global oil demand growth in 2018 and 2019 are unchanged at 1.3 mb/d and 1.4 mb/d, respectively. The impact of higher oil prices in 2018 is fading, which will help offset lower economic growth.Non-OECD countries dominate oil demand growth in 2019, with…