The era of cheap energy
In the last four sessions, world oil prices have fallen sharply by about 7% due to weaker demand prospects and easing concerns about supply disruptions in the Middle East and the impact of Hurricane Milton on fuel demand in Florida (USA).
According to data from the US Energy Information Administration (EIA), Iran produces about 4 million barrels per day and is expected to export about 1.5 million barrels per day in 2024. Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC).
However, the IEA also predicted that the world is entering an era of cheap energy amid a shift to using electricity generated from excess oil and gas.
The agency's forecasts suggest that global demand for all fossil fuels will stop growing this decade, while oil and liquefied natural gas (LNG) supplies are expected to increase while electricity consumption, led by China, is accelerating.
Off-grid solar is the most economical way
In a report released on October 8 in Nairobi, Kenya, the World Bank (WB) said that off-grid solar energy is the most effective solution to narrow the world's electricity gap. It is the most economical solution to provide electricity to nearly 400 million people worldwide who are living without electricity.
According to the report, by the end of 2023, more than 560 million people globally relied on solar energy solutions to power their homes and businesses.
World Bank Country Director for Kenya, Mr. Qimiao Fan, stressed the importance of providing clean, affordable electricity to help people escape poverty.
According to Mr. Qimiao Fan, off-grid solar energy will facilitate access to electricity for households, as well as accelerate access to electricity for businesses, schools and medical centers, thereby unleashing development across all sectors.
The off-grid solar industry has shown tremendous resilience in today's challenging macroeconomic conditions, said Sarah Malm, CEO at GOGLA.
She also noted that a total of $21 billion is needed to create a financially sustainable off-grid solar sector that can serve the hardest-to-reach people and help achieve energy access and climate change goals.
