Global Oil Demand Is Set to Slow

World demand for oil is likely to drop off sharply over the next five years, the International Energy Agency said Wednesday, as a shift to electric vehicles and other cleaner technologies brings growth in global oil use almost to a complete halt. “The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade,” said Fatih Birol, the agency’s executive director, in a news release. The assessment, which foresees global gasoline use declining after 2026, will…

China’s Oil and Gas Use Fell in 2022 for First Time in Decades

With its economy severely hampered by stringent measures to curb the spread of Covid-19, China’s oil and gas consumption declined in 2022 for the first time in decades, the International Energy Agency said on Friday. But after China’s recent reversal of its lockdown policies, the agency’s executive director, Fatih Birol, said he expected a sharp rebound in demand, which could mean higher energy prices in other markets. The reduction in Chinese energy use last year kept world prices from soaring even higher after Russia’s invasion of Ukraine, giving relief to…

Russia Wants to Sell More Energy to Asia, but Has to Slash Prices

BEIJING — Last year, the Grand Aniva, a Russian tanker with four spherical tanks for holding ultracold liquefied natural gas, sailed back and forth between a gas field in eastern Russia and depots in Japan and Taiwan. But two days after Russia invaded Ukraine, the ship switched routes, sailing to China instead. The voyages of the tanker, which is as long as three football fields, underlined that President Vladimir V. Putin of Russia can still find buyers in Asia for his country’s fossil fuel exports despite Western sanctions. He needs…

OPEC and Russia to Meet as War in Ukraine Roils Oil Market

In the last month, oil markets have been shaken by a war that has sparked a jump in prices and threatened a critical shortfall in crude and other petroleum products. But when most of the world’s largest oil producers meet by teleconference on Thursday to discuss supplies, analysts don’t expect much action. Officials from the Organization of the Petroleum Exporting Countries and Russia are likely to do little more than announce their usual modest monthly production increases, leading to questions about how much oil the group really does have in…