OPEC accused the International Energy Agency (IEA) of “distorting the past and present” for predicting that fossil fuel consumption will peak this decade and that an “age of electricity” will soon begin

The world oil market is heading for a sizeable surplus in the new year, the International Energy Agency said as it reassured markets that the agency stood ready to act if needed to cover any supply disruption from Iran

The weaker outlook highlights the dilemma faced by OPEC+, which comprises the OPEC and allies such as Russia, which is planning to start raising output in December after earlier delaying the hike against a backdrop of falling prices

U.S. and global oil demand growth will be smaller next year than prior forecasts, the U.S. Energy Information Administration said in its Short-Term Energy Outlook report

A meeting of top OPEC+ ministers has kept oil output policy unchanged including a plan to start raising output from December, while also emphasizing the need for some members to make further cuts to compensate for overproduction

The governments of Argentina and Brazil will sign a memorandum of understanding this year, outlining new rules for the integration of their natural gas networks, announced Argentina’s Secretary of Energy, Eduardo Rodríguez Chirillo, in Rio de Janeiro

The Organization of the Petroleum Exporting Countries and its allies will go ahead with a planned oil production increase in December but first need to cut output to address overproduction by some members

Bolivia’s natural gas exports to Argentina will come to an end this month, following local media reports indicating that the neighboring country’s exports had been halted

According to the EU’s statistical office, Eurostat, between April and June 2024, the EU imported energy products worth €94.9 billion, equivalent to a total of 177.9 million tonnes

Crude inventories fell by 1.6 million barrels to 417.5 million barrels in the week ending Sept. 13, the EIA said, compared with analysts’ expectations