Speaking to CNBC on Monday, the executive director of the International Energy Agency spoke of the complexities of the energy transition and the competitive challenges that will need to be balanced in the coming years.
Imaginima | E + | beautiful pictures
The International Energy Agency (IEA) said on Thursday sweltering summer temperatures and soaring gas prices have boosted the use of oil in power generation.
economies besieged by recession fears.
“Prices for electricity and natural gas have risen to new record levels, accelerating the transition from gas to oil in a number of countries,” the Paris-based agency said in its monthly oil report. (bpd).
These unusual gains, concentrated mainly in the Middle East and Europe, mask relative weakness in other sectors, the IEA warned.
It cited a decrease in fuel use for road traffic in developed countries and a slowdown in growth towards the end of the year “in line with more negative economic sentiment indicating a significant slowdown in 2H22”.
Meanwhile, global oil supplies in July broke their pre-pandemic high, boosted by higher-than-expected output from Russia, whose exports the IEA said fell 115,000 bpd. in July to 7.4 million bpd – just 600,000 bpd down from the beginning of five years.
Revenue from Russia’s oil exports fell $2 billion in July to $19 billion mainly due to falling prices and the IEA marked that China overtook Europe as the main destination for crude for the first time. of Russia.
