International Energy Agency

Russian oil sales to India surged more than twentyfold last year as European buyers turned to other markets following the conflict in Ukraine, Russia's deputy prime minister said yesterday.

Russia shifted its oil exports to India and China last year as European Union nations sought to end their reliance on Russian energy supplies after Moscow sent troops into neighboring Ukraine.

The world is at the "dawn of a new industrial age" of clean energy technology manufacturing that will triple in value by 2030 and create millions of jobs, the International Energy Agency (IEA) has said.

Oil giant Saudi Aramco yesterday unveiled record profits of $48.4 billion in the second quarter of 2022, after Russia's war in Ukraine and a post-pandemic surge in demand sent crude prices soaring.    

Net income leapt 90 percent year-on-year for the world's biggest oil producer, which clocked its second straight quarterly record after announcing $39.5 billion for Q1.    

Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries to switch fuels for power generation, the International Energy Agency has said.    

G-7 leaders have agreed to explore the possibility of setting price caps on Russian oil and gas imports to try to limit Moscow's ability to fund its invasion of Ukraine, Reuters reported.

The International Energy Agency has said that its member countries are releasing 60 million barrels of oil from their emergency reserves on top of previous U.S. pledges to take aim at energy prices that have soared since Russia invaded Ukraine.

The International Energy Agency (IEA) said on Tuesday (21 September) Russia could do more to help alleviate gas supply issues in Europe which have driven prices up to record highs over the past month.

The comments come after a group of European Parliament lawmakers last week asked the European Commission to investigate Gazprom's role in soaring European gas prices.

Fatih Birol, the head of the International Energy Agency (IEA), has been named one of the most influential 100 persons of 2021 by Time, a political magazine based in New York City, United States.

Birol, 63, who has been the executive director of the agency since 2015, is the only Turkish person that made it to Time's annual influencer list this year.

The increasing exploration and drilling efforts for new wells after Turkey's Fatih drillship discovered 405 billion cubic meters (bcm) of natural gas in the Black Sea is about to bear fruits with further gas volumes.

Turkish President Recep Tayyip Erdoğan will announce the recent developments in the field, which is expected to be about a new gas discovery.

The window of opportunity for reaching net zero emissions by mid-century is narrowing unless the world radically changes the way energy is produced, used and transported, the International Energy Agency (IEA) said on May 18.