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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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Oil Market Report - February 2022
…World oil demand is set to expand by 3.2 mb/d this year, to reach 100.6 mb/d, as restrictions to contain the spread of Covid ease.The global refining industry has underperformed relative to demand for the past six quarters and this is set to continue for most of 2022. The 3.8 mb/d forecast increase in throughputs this year lags behind demand growth even as 4Q22 runs are forecast to surpass pre-pandemic levels. Further upside is capped by closures and higher energy costs affecting refinery margins.OECD industry oil stocks declined by a steep…
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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 - November 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 outlook for global oil demand growth is largely unchanged at 1.3 mb/d in 2018 and 1.4 mb/d in 2019, as a weaker economy is largely offset by lower oil prices. OECD demand is expected to increase by 355 kb/d in 2018, slowing to 285 kb…
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Oil Market Report - June 2023
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 World oil demand will grow by 2.4 mb/d in 2023 to 102.3 mb/d, a new record. China’s rebound continues unabated, with its oil demand reaching an all-time high of 16.3 mb/d in April. The non-OECD accounts for…
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Oil Market Report - January 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 The global demand outlook for 2016 has been raised following the release of robust preliminary 4Q16 numbers. Colder weather in northern Europe provided impetus as did rapid industrially-driven Asian growth. Global oil demand growth for 2016 is now expected to be 1.5 mb/d, slowing to 1.3 mb…
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Oil Market Report - February 2021
…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 World oil demand is set to grow by 5.4 mb/d in 2021 to reach 96.4 mb/d, recovering around 60% of the volume lost to the pandemic in 2020. While oil demand is expected to fall by 1 mb/d in 1Q21 from already low 4Q20 levels, a more favourable economic outlook…
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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 - 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…