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The Latest Breaking News from IEA

Oil wars: West releases record 400 million barrels as Iran hits cargo ships in Strait of Hormuz

Meanwhile Tehran threatens to target banks and financial centres in Middle East as Chancellor Rachel Reeves issues warning on inflation and interest rates

Evening Standard

Germany, Austria say they'll release oil from reserves in response to 400 million barrel request

Germany and Austria say they are releasing parts of their oil reserves following an International Energy Agency request for its members to release 400 million barrels to help temper energy price spikes due to the Iran war

The Independent UK

IEA orders largest ever release of stockpiled oil to reduce crude price

Members agree unanimously to release about 400m barrels amid market volatility caused by Iran war

The Guardian - UK

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Why Japan keeps the world’s third-largest strategic Oil reserve

As global energy markets face unexpected imbalance due to the Middle East rising tensions, Japan prepares to release oil to maintain surging costs. Holding the third-largest strategic reserve globally, as stated by the International Energy Agency (IEA), Japan's massive 254-day buffer serves as a critical shield against supply shocks. While…

The Times of India

World’s energy watchdog orders emergency release of 400m barrels of oil to curb prices – as it happened

IEA’s oil release is largest in its history; UK government considering support schemes for households and businesses hit by surge in energy prices

The Guardian - UK

Oil steadies as IEA and G7 move to release record reserves

Oil is trading flat in expectation that the International Energy Agency could trigger the largest-ever release of oil reserves, exceeding the 182 million barrels in 2022 after Russia’s invasion of Ukraine. The G7 will also meet on Wednesday to discuss using the reserves.

Euronews

Iran war latest: Oil prices soar again after two Iraqi tankers struck in suspected Iranian attack

Donald Trump has said that US forces have knocked out 28 Iranian mine-laying ships in the Strait of Hormuz

The Independent UK

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Three merchant ships struck as tensions rise in Hormuz strait amid Iran war

Crew of Thai-registered bulk carrier forced to flee fire, as US says it has destroyed 16 Iranian mine-laying vessels

The Guardian - UK

Fuel crisis: Major UAE oil refinery shut after drone attack; global energy body calls 'emergency meeting'

A major UAE oil refinery halted operations following a drone attack, intensifying fears of a global energy crisis. The International Energy Agency is convening an emergency meeting to assess supply risks and consider releasing strategic oil reserves. Escalating attacks on Gulf energy infrastructure are causing severe disruptions across various industries,…

The Times of India

Who profits from war with Iran? Understanding that will be key to resolving the conflict

When US and Israeli forces launched airstrikes on Iran, the shock waves were felt far beyond the region. As the conflict escalates, understanding who benefits from this crisis might be as important as counting its costs.

The Conversation

How the US–Iran War Is Impacting India’s Oil, LPG and LNG Supply: 10 Key Points

Oil, LPG and LNG form the backbone of India’s rapidly growing economy. However, the ongoing tensions in West Asia and the closure of the Strait of Hormuz, a key global maritime oil route, have created disruptions in energy supplies. The conflict involving the United States, Israel and Iran has intensified…

Whats Hot

World leaders eye oil reserves, but so far hold off on tapping them

A widening war in Iran has halted oil tankers, made targets of refineries and spooked investors worried about the cascading impact of spiking energy prices

The Independent UK

G7 ready to take ‘necessary measures’ over economic impact of Iran war

Finance ministers monitoring situation but stop short of agreeing to release emergency oil reserves

The Guardian - UK

Trump's energy chief blames oil price spike on market fear

Gas is up 47 cents a gallon in one week.

Axios

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The Guardian - UK

Oil price expected to surge after Iran strikes and strait of Hormuz closure

Markets around the world could tumble on Monday and motorists are likely to pay more at the pump

Euronews

US energy leader slams IEA's net zero agenda, suggests Washington could walk out

US Energy Secretary Chris Wright said the International Energy Agency should focus on energy security and abandon net zero ideas, but EU leaders have backed the Paris-based agency as a "trusted pillar" of the global energy community.

Euronews

Europe is strong in energy research but needs to improve commercialisation, new report says

A new report from the International Energy Agency says that while Europe pioneered the technologies of the future, it risks becoming a research hub for global competitors without systemic industrial scaling.

Euronews

AI greenwashing: Most of Big Tech’s AI climate promises fall flat, study finds

Only 26 percent of climate-related AI claims cite any academic papers, while 36 percent didn’t cite any evidence at all, according to German non-profit Beyond Fossil Fuels.

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The Guardian - UK

Claims that AI can help fix climate dismissed as greenwashing

Industry using ‘diversionary’ tactics, says analyst, as energy-hungry complex functions such as video generation and deep research proliferate

Evening Standard

Fact check: Jim Ratcliffe’s claims about population, manufacturing and emissions

We take a close look at some of claims made by the billionaire businessman and Manchester United co-owner

The Guardian - AU

Labor will never have a better time to revisit carbon pricing – but does it have the stomach to make polluters pay?

The government has not made enough of a dent in emissions, but global trends and a shambolic opposition offer a rare opportunity to act

Euronews

'Electrifying everything' is key to Europe's future, IEA chief tells Euronews at Davos

The International Energy Agency (IEA) chief told Euronews that safeguarding the continent's energy security and reaching climate goals will be dependent on electrifying "everything" — from energy infrastructure, to transport and buildings.

Barchart

Crude Oil Gains on Iran Risks

March WTI crude oil (CLH26 ) on Wednesday closed up +0.26 (+0.43%), and March RBOB gasoline (RBH26 ) closed up +0.0285 (+1.54%). Crude oil and gasoline prices settled higher on Wednesday, with gasoline climbing to a 7-week high. Crude found support on Wednesday from the IEA's decision to cut its...

Barchart

Crude Prices Push Higher as Iran Risks Remain

March WTI crude oil (CLH26 ) today is up +0.13 (+0.22%), and March RBOB gasoline (RBH26 ) is up +0.0228 (+1.23%). Crude oil and gasoline prices are moving higher today, with gasoline climbing to a 7-week high. Crude is finding support today from a weaker dollar and the IEA's decision...

Barchart

Crude Rallies as the Dollar Falls and Black Sea Oil Production Disrupted

February WTI crude oil (CLG26 ) on Tuesday closed up +0.90 (+1.51%), and February RBOB gasoline (RBG26 ) closed up +0.0386 (+2.16%). Crude oil and gasoline prices recovered from early losses on Tuesday and rallied sharply after the dollar index (DXY00 ) tumbled to a 2-week low. Also, reduced global...

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