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Saving Energy
…in our daily activities. We can also save energy by investing in more energy efficient products that reduce both our energy bills and our environmental footprint. Energy saving tips 7 ways to save energy 1. Heating: turn it downLower your thermostat by just 1°C to save around 7% of your heating energy and cut an average bill by EUR 50-70 a year. Always set your thermostat as low as feels comfortable, and wear warm clothes indoors. Use a programmable thermostat to set the temperature to 15°C while you sleep and 10°C when the house is unoccupied. This cuts up…
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Energy Security
…the IEA convened an International Summit on the Future of Energy Security, hosted by the UK government in London. The event gathered world leaders to address traditional and emerging risks related to energy security in an era of geopolitical strains, technological transformation and a changing climate. Oil security One of the IEA's core missions is to ensure oil supply security through market monitoring, stockholding requirements and collective actions The IEA was founded in 1974 to ensure oil supply security. While much has changed in the global energy landscape since then, the security of oil supply remains a pressing concern for governments…
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Fossil Fuel Subsidies
…from the domestic sale of imported energy at subsidised prices, or implicit. Many economies rely extensively on domestically produced fuels but import the remainder. In such cases, subsidy estimates represent a combination of opportunity costs and direct expenditures.Estimates using the price gap approach capture only interventions that result in final prices for end users below what would prevail in a competitive market. They do not, for example, capture subsidised research and development, or subsidies for fossil fuel production. These estimates therefore understate total fossil fuel subsidies, as well as their impact on economic efficiency and trade. Despite these limitations…
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Artificial Intelligence
…breakthroughs in the design of AI models, leading to rapid adoption by both businesses and individuals. Though significant uncertainties remain, AI has the potential to transform the energy sector in the coming decade. It is set to drive a surge in electricity demand from data centres around the world while also unlocking significant opportunities to cut costs, enhance competitiveness and reduce emissions.To better understand the growing connections between energy and AI, the IEA launched a major new initiative in 2024: Energy for AI, and AI for Energy. As part of this work, the IEA organised the Global Conference on…
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The Middle East and Global Energy Markets
…and early June as strategic stock releases and demand weakness eased market tightness, and after the United States and Iran announced an interim agreement to end hostilities. Physical crude markets continue to reflect acute supply tightness as refiners scramble to replace lost Middle Eastern cargoes with alternative supplies. Prices for certain oil products – notably diesel, jet fuel and liquefied petroleum gas (LPG), which have been particularly exposed to the disruption – remain elevated.Shipments of oil through the Strait increased sharply in early June, supported by ship-to-ship transfers in the Gulf of Oman. Yet our latest Oil Market Report…