The U.S. has reduced emissions more than any other country in the world despite former President Donald Trump’s decision to leave the Paris Climate Accords.
“In the last 10 years, the emissions reduction in the United States has been the largest in the history of energy,” International Energy Agency (IEA) Executive Director Fatih Birol said at a Department of Energy press conference in 2019. “Almost 800 million tons. This is a huge decline of emissions.”
Hurricane Ida has already caused oil supply losses of 30 million barrels, the International Energy Agency (IEA) reports, resulting in the first decline in global oil supply in five months.
Hurricane Ida shut in 1.7 million barrels per day of oil production in the Gulf at the end of August, “with potential supply losses from the storm approaching 30 mb. An uptrend in supply should resume in October as OPEC+ continues to unwind cuts, outages are resolved and as other producers increase,” the agency stated in its September Oil Market report.
Cuts in oil supply and a record rebound in demand in 2021 will help put the fossil fuel industry on better footing even as the pandemic hammers oil demand, the International Energy Agency said Tuesday.
Demand for oil will rebound by a record 5.7 million barrels per day even as world demand for crude drops by 8.1 million barrels daily in 2020, the IEA reported. The report comes as city officials ease up on economic lockdowns, which is spurring a recovery in crude demand.