International Energy Agency (IEA)

The objective of the new Commission is to lower energy prices in Europe, which are higher than in the rest of the world, European Commission President Ursula von der Leyen said at a press conference today with International Energy Agency (IEA) Executive Director Fatih Birol on support for Ukraine’s energy security next winter.

Mary B. Warlick (M), Deputy Executive Director International Energy Agency, and Ivan Krastev (R), Permanent Fellow at the IWM, at a panel discussion at the "Time to Decide Europe Summit", in Vienna, Austria, on 16 May 2023. Photo: ERSTE Foundation

Global oil demand is expected to pick up more quickly this year, but supply is still growing at a faster pace leading to a rise in inventories in the first quarter of 2018, the International Energy Agency (IEA) said on March 15.

Supply and demand in the oil market are close to matching up, the IEA said on April 13, as landmark OPEC-led production cuts are mitigated by rising U.S. supply and slipping worldwide demand growth.