Global oil prices surge amid escalating conflict around Strait of Hormuz
KUALA LUMPUR: Global oil prices are surging in anticipation of a supply shock due to the escalating conflict around the Strait of Hormuz, according to Petroliam Nasional Bhd (Petronas).
At the time of writing, the Brent crude oil price rose 0.97 per cent to US$74.95 per barrel.
Petronas president and group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz described the current price rally as one of the most intense since the 2022 energy crisis.
'This is unfolding at a time when the world is still reeling from the spectre of reciprocal tariffs.
'Though we cannot yet precisely measure the true impact of all these events, the global energy system, which is already strained from the natural progression of our civilisation, is indeed at great risk,' he said in his welcoming speech at Energy Asia 2025, here today.
On Asia's path to net-zero carbon emissions, Tengku Muhammad Taufik stated that achieving this goal will require US$88.7 trillion (US$1 = RM4.24) in energy investments by 2050.
He emphasised that investment and spending across both conventional and renewable energy systems continued to be required.
'As energy is the lifeblood of economies, investments will be critical to ensure energy availability and affordability.
'Governments, financial institutions and industries must work together to implement policies and frameworks that help unlock capital for energy projects, especially in emerging and developing economies where it is most needed,' he said.
Meanwhile, Tengku Muhammad Taufik said the world stands at the threshold of the fifth industrial revolution, as artificial intelligence (AI) is rapidly becoming an indispensable foundational technology across sectors.
He noted that electricity demand from data centres would reach 945 terawatt hours (TWh) globally by 2030, more than double the 415 TWh in 2024 and accounting for over 20 per cent of total demand growth in the period.
'Entire energy systems at our disposal are now working to serve this surge in demand.
'This is even as we still adapt to significant retracing of environmental, social, and governance policies, which threaten to dismantle the net-zero ambitions that the world has worked towards since the Paris Agreement.
'These seismic shifts of global conflicts, technological revelations and climate change have manifested in what Petronas describes as a 'polycrisis,' which sets the tone and context for our gathering today,' he said.
Energy Asia 2025 will showcase over 180 globally renowned speakers through more than 50 strategic dialogues spanning seven sub-themes.
The conference will examine the collaborative efforts across Asian nations that can enhance energy security, promote the adoption of renewable energy, deploy decarbonisation solutions, facilitate technology transfer, and catalyse economic and socio-economic development.
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