Latest news with #HaithamAlGhais
Roya News
a day ago
- Business
- Roya News
Barclays warns Brent Crude Oil could hit $100 amid Iran-'Israel' escalation
Brent crude prices could climb to $85 per barrel if Iranian oil exports are cut in half, according to new projections from Barclays. The bank also warned that prices could surpass $100 in a worst-case scenario involving a broader war with Iran. In a research note dated Thursday, Barclays analysts said escalating military tensions between Iran and 'Israel' have placed global oil markets under extreme stress, especially amid concerns over potential US involvement in the conflict. Oil Prices Edge Higher Global oil markets have already begun reacting to geopolitical jitters. Brent futures rose 25 cents, or 0.33%, to $76.70 per barrel, while U.S. West Texas Intermediate crude gained 30 cents, or 0.40%, to settle at $75.14. Consultancies Warn of Diverging Price Scenarios Advisory firm Ritterbusch and Associates noted that continued conflict could either drive Brent prices up to $83 or send them crashing to $68, depending on how the geopolitical landscape evolves. Analysts at ING issued a sharper warning, calling the potential closure of the Strait of Hormuz the biggest threat to oil markets. The strategic waterway is responsible for roughly one-third of the world's seaborne oil trade. A major disruption could push oil prices as high as $120 per barrel, the firm said. Russia and OPEC Monitor Market Shifts Meanwhile, Russian Deputy Prime Minister Alexander Novak and OPEC Secretary-General Haitham Al Ghais met to discuss recent developments in the global oil market.
Reuters
2 days ago
- Business
- Reuters
Russia's Novak discusses global oil market situation with OPEC secretary general, government says
MOSCOW, June 18 (Reuters) - Russian Deputy Prime Minister Alexander Novak has discussed the situation on the global oil market with OPEC Secretary General Haitham Al Ghais, the Russian government said in a statement on Wednesday. "The parties discussed the situation on the global oil market, in particular in connection with the escalation of the conflict in the Middle East, and cooperation between Russia and OPEC both bilaterally and within the framework of the OPEC+ agreement," the government said. Russia highly appreciates the effectiveness of cooperation within OPEC+, Novak said.
Yahoo
3 days ago
- Business
- Yahoo
IEA Doubles Down On Peak Oil Demand Forecast
A peak in global oil demand is still on the horizon, the International Energy Agency (IEA) said on Tuesday, doubling down on its forecast that demand will plateau by the end of the decade. China's oil demand, which increased by a cumulative 6 million barrels per day (bpd) in the decade to 2024, is set to peak earlier than previously expected, the agency said in its annual Oil 2025 report for the medium term. While China – the world's top crude oil importer – accounted for 60% of the global increase in oil consumption in 2015-2024, 'the picture to 2030 looks very different,' the IEA said. China's demand is on track to peak in 2027 – two years earlier than previously thought – amid 'an extraordinary surge in EV sales, the continued deployment of trucks running on liquefied natural gas (LNG), as well as strong growth in the country's high-speed rail network, along with structural shifts in its economy.' Global oil demand is forecast to rise by 2.5 million bpd from 2024 to 2030, reaching a plateau around 105.5 million bpd by the end of the decade, per the agency's latest estimates. Annual global growth will slow from about 700,000 bpd in 2025 and 2026 'to just a trickle over the next several years, with a small decline expected in 2030, based on today's policy settings and market trends,' the IEA said. The agency expects below-trend economic growth, weighed down by global trade tensions and fiscal imbalances, and accelerating substitution away from oil in the transport and power generation sectors. At the same time, the increase in global oil supply is 'set to far outpace demand growth in coming years,' according to the agency. 'Based on the fundamentals, oil markets look set to be well-supplied in the years ahead – but recent events sharply highlight the significant geopolitical risks to oil supply security,' IEA Executive Director Fatih Birol said. If no major supply disruptions occur, the oil market will be comfortably supplied through 2030, the agency reckons, but warned that 'significant uncertainties remain, especially given rising geopolitical risks and heightened trade tensions.' The IEA's 'peak demand on the horizon' narrative once again clashes with OPEC's view of growing oil demand at least into the 2040s. Just last week, OPEC Secretary General, Haitham Al Ghais, said that oil demand would continue growing over the coming decades as the world's population increases. 'Simply put, there is no 'peak in oil demand' on the horizon,' Al Ghais said at The Global Energy Show Canada in Calgary, Canada. By Michael Kern for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Sun
4 days ago
- Business
- The Sun
Opec: will continue to invest in fossil fuel production amid growing energy transition momentum: Sec-gen
KUALA LUMPUR: The Organisation of the Petroleum Exporting Countries (Opec) will continue to invest in fossil fuel production, despite the growing momentum behind sustainability initiatives and the global energy transition. Opec secretary-general Haitham Al Ghais said the organisation advocates a more balanced investment strategy to safeguard the stability of energy security and affordability. 'Sometimes we get carried away talking about net zero and energy transition. At Opec, we believe in a balanced approach. We must transition and address climate change, but not at the expense of energy security or affordability. 'One of the key factors we consistently stress is the importance of continued investment, as this is a long-lead-time and capital-intensive industry,' he said at a panel session titled 'Enabling Asia's Future Energy Ecosystem' at Energy Asia 2025 here today. Haitham emphasised that Opec is not opposed to renewable energy, although it is often perceived as being at odds with it. 'We do not dismiss renewables. On the contrary, many Opec members are embracing renewable energies. However, we recognise that renewables alone will not suffice. That is why our approach to the energy transitions must be multipath. 'There is no single pathway. We need all sources of energy and technology to complement and support one another, especially those that can help reduce emissions,' he said. According to Haitham, the oil industry requires a staggering US$17.4 trillion (RM73.7 trillion) in investment, or around US$640 billion annually. 'Today, oil still represents 30% of the global energy mix. When combined with gas, this figure rises to about 56% to 57%. In terms of volume, we are seeing oil demand hit a new record each year. This year, we are forecasting oil demand to exceed 104 million barrels a day,' he added. – Bernama
The Sun
4 days ago
- Business
- The Sun
Opec will continue to invest in fossil fuel production amid growing energy transition momentum: Sec-gen
KUALA LUMPUR: The Organisation of the Petroleum Exporting Countries (Opec) will continue to invest in fossil fuel production, despite the growing momentum behind sustainability initiatives and the global energy transition. Opec secretary-general Haitham Al Ghais said the organisation advocates a more balanced investment strategy to safeguard the stability of energy security and affordability. 'Sometimes we get carried away talking about net zero and energy transition. At Opec, we believe in a balanced approach. We must transition and address climate change, but not at the expense of energy security or affordability. 'One of the key factors we consistently stress is the importance of continued investment, as this is a long-lead-time and capital-intensive industry,' he said at a panel session titled 'Enabling Asia's Future Energy Ecosystem' at Energy Asia 2025 here today. Haitham emphasised that Opec is not opposed to renewable energy, although it is often perceived as being at odds with it. 'We do not dismiss renewables. On the contrary, many Opec members are embracing renewable energies. However, we recognise that renewables alone will not suffice. That is why our approach to the energy transitions must be multipath. 'There is no single pathway. We need all sources of energy and technology to complement and support one another, especially those that can help reduce emissions,' he said. According to Haitham, the oil industry requires a staggering US$17.4 trillion (RM73.7 trillion) in investment, or around US$640 billion annually. 'Today, oil still represents 30% of the global energy mix. When combined with gas, this figure rises to about 56% to 57%. In terms of volume, we are seeing oil demand hit a new record each year. This year, we are forecasting oil demand to exceed 104 million barrels a day,' he added. – Bernama
