Fatih Birol News
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Oil prices are acting as a brake on the global economy, and harming Europe in particular, the International Energy Agency’s chief economist said at a conference in London today.
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The following is a selection of the most important news affecting the oil market.
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The next victim of Europe’s economic crisis is becoming the global effort to restrain fossil fuel emissions and curb pollution now at record levels.
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The International Energy Agency hopes that the Organization of Petroleum Exporting Countries will make a “responsible decision” on oil production at its meeting in Vienna next week, Chief Economist Fatih Birol said.
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Slowing the expansion of nuclear power will harm efforts to fight climate change, push up energy prices and set back goals to secure power supplies, said Fatih Birol , chief economist at the International Energy Agency.
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Middle Eastern companies lag behind those in the rest of the world in reporting carbon-dioxide emissions. They mirror governments in a region that for the first time is hosting global talks to limit climate change.
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Cnooc Ltd.’s takeover bid for Canadian oil producer Nexen Inc. signals a “wise and justified” focus on energy security by China, the International Energy Agency’s chief economist said.
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U.S. oil output is poised to surpass Saudi Arabia’s in the next decade, making the world’s biggest fuel consumer almost self-reliant and putting it on track to become a net exporter, the International Energy Agency said.
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Weg SA, the only Brazilian wind- turbine maker, is vying for a slice of $7.6 billion in contracts set to be awarded in the next decade even as a supply glut and slumping demand drive prices to a record low.
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U.S. fuel imports will decline through 2035 and the nation will be “less vulnerable to oil price shocks” in the future, the International Energy Agency’s Chief Economist Fatih Birol said.
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