Latest news with #OrganisationofthePetroleumExportingCountries
The Sun
5 days ago
- Business
- The Sun
Strait of Hormuz a concern, but oil industry remains stable
KUALA LUMPUR: The Israel-Iran conflict will not necessarily hurt the oil industry or price mechanisms of the commodity, said Prime Minister Datuk Seri Anwar Ibrahim. He made the statement after holding discussions with the Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, and major oil industry players on the sidelines of the Energy Asia 2025 conference today. 'Of course, they are monitoring the situation closely, but it does not necessarily hurt the industry or price mechanisms (of the commodity). We hope the conflict can be resolved much earlier,' he said. When asked about the impact of the conflict on the energy industry, Anwar stated that there are concerns about the potential closure of the Strait of Hormuz, a vital route for the export of oil and liquefied natural gas, as well as a key trade route for the Middle East region. At the same time, Anwar also announced major investments by Total, Italy-based ENI, and Saudi Aramco, which he said reflected confidence in Petronas' capabilities. 'Several key agreements related to investments in Malaysia will be signed at the Energy Asia 2025 Conference, which will be held over three days,' he added. Also taking place at Energy Asia is a closed-door session involving global chief executive officers and top-level leaders from key sectors such as oil and gas, energy, technology, finance, and professional services. This aims to chart a collective path to stimulate investment, enhance coordination, and accelerate the adoption of technology to drive Asia's energy transition. The Energy Asia 2025 Conference, themed 'Delivering Asia's Energy,' and being held from June 16–18, serves as a timely platform for Malaysia and the region to assess progress toward energy transition goals and reinforce national commitments toward achieving net-zero carbon emissions. The event is also seen as highly relevant amid the intersection of economic diversification and sustainable development, as countries shift from oil to renewable energy (RE) and adopt new technologies such as hydrogen and carbon capture. Earlier, Anwar delivered the keynote address and officiated the event, which will feature 180 prominent speakers from around the world and attract more than 4,000 delegates, including policymakers, energy professionals, and industry leaders. Among the main agenda items of the conference are a plenary session titled 'Energy Present, Energy Future: Pathways for Asia's Just Transition,' followed by a leadership dialogue - 'Energy at the Crossroads: Policies, Technologies and Investments.'
Malaysiakini
5 days ago
- Business
- Malaysiakini
Strait of Hormuz a concern, but oil industry remains stable
The Israel-Iran conflict will not necessarily hurt the oil industry or price mechanisms of the commodity, said Prime Minister Anwar Ibrahim. He made the statement after holding discussions with Organisation of the Petroleum Exporting Countries (Opec) secretary-general Haitham Al Ghais and major oil industry players on the sidelines of the Energy Asia 2025 conference today. 'Of course, they are...
Barnama
5 days ago
- Business
- Barnama
Strait Of Hormuz A Concern, But Oil Industry Remains Stable
BUSINESS KUALA LUMPUR, June 16 -- The Israel-Iran conflict will not necessarily hurt the oil industry or price mechanisms of the commodity, said Prime Minister Datuk Seri Anwar Ibrahim. He made the statement after holding discussions with the Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, and major oil industry players on the sidelines of the Energy Asia 2025 conference today. 'Of course, they are monitoring the situation closely, but it does not necessarily hurt the industry or price mechanisms (of the commodity). We hope the conflict can be resolved much earlier,' he said. When asked about the impact of the conflict on the energy industry, Anwar stated that there are concerns about the potential closure of the Strait of Hormuz, a vital route for the export of oil and liquefied natural gas, as well as a key trade route for the Middle East region. At the same time, Anwar also announced major investments by Total, Italy-based ENI, and Saudi Aramco, which he said reflected confidence in Petronas' capabilities. 'Several key agreements related to investments in Malaysia will be signed at the Energy Asia 2025 Conference, which will be held over three days,' he added. Also taking place at Energy Asia is a closed-door session involving global chief executive officers and top-level leaders from key sectors such as oil and gas, energy, technology, finance, and professional services. This aims to chart a collective path to stimulate investment, enhance coordination, and accelerate the adoption of technology to drive Asia's energy transition. The Energy Asia 2025 Conference, themed 'Delivering Asia's Energy,' and being held from June 16–18, serves as a timely platform for Malaysia and the region to assess progress toward energy transition goals and reinforce national commitments toward achieving net-zero carbon emissions. The event is also seen as highly relevant amid the intersection of economic diversification and sustainable development, as countries shift from oil to renewable energy (RE) and adopt new technologies such as hydrogen and carbon capture. Earlier, Anwar delivered the keynote address and officiated the event, which will feature 180 prominent speakers from around the world and attract more than 4,000 delegates, including policymakers, energy professionals, and industry leaders.
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![[UPDATED] Pressure Israel to cease attacks on Iran, PM tells US, Europe](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fassets%2FNST-Logo%402x.png%3Fid%3Db37a17055cb1ffea01f5&w=48&q=75){kind=small}
New Straits Times
5 days ago
- Business
- New Straits Times
[UPDATED] Pressure Israel to cease attacks on Iran, PM tells US, Europe
KUALA LUMPUR: Malaysia has urged European countries and the United States to take action and pressure Israel to cease its attacks against Iran. Prime Minister Datuk Seri Anwar Ibrahim said such collective pressure could, in turn, prompt Iran to halt its retaliatory strikes against Israel. "How can one country brazenly and violently attack six or seven of its neighbouring countries? "We can understand why Iran felt compelled to retaliate in defence of its sovereignty. That said, we strongly support efforts to de-escalate the situation and achieve peace," he told reporters after officiating Energy Asia 2025 here today. When asked whether the conflict would impact Malaysia's trade, Anwar said there were concerns, particularly around whether trade routes would be blocked. However, he said some access remains open, despite unease from companies. Anwar said he had discussed the matter with the Organisation of the Petroleum Exporting Countries secretary-general, Haitham Al Ghais and leading players other than Petronas, Total Energies, Eni and Aramco. Anwar added that, while the situation was being closely monitored, it does not necessarily have an adverse effect on the industry and price mechanisms. He expressed hope that the conflict could be resolved sooner rather than later. On Energy Asia 2025, Anwar said the presence of the majority of investors demonstrates their confidence in Petronas' capabilities. He said the three-day event will witness the signing of several major investment agreements in Malaysia. "What is especially encouraging is that this afternoon and tomorrow, we will witness several major investment agreements in Malaysia. "Alhamdulillah, this reflects growing confidence in our ability to emerge as a key energy hub in the region," he said.
AU Financial Review
6 days ago
- Business
- AU Financial Review
Oil traders brace for turmoil as Iran crisis imperils supply
Israeli strikes on Iranian energy infrastructure are spooking markets as investors become increasingly concerned that a longer-term oil price spike will fuel inflation and derail hopes of interest rate cuts. Israel attacked South Pars, the world's largest gas field, at the weekend, causing production to be partially suspended. In later attacks, Israel struck Tehran's main gas depot and one of the country's largest oil refineries in separate parts of the capital. Iran is the third-biggest producer in the Organisation of the Petroleum Exporting Countries. The targeting of energy assets represents a new front in the conflict, which erupted on Friday when Israel launched a wave of missiles at the Islamic Republic's nuclear program. Oil prices in the United States surged as much as 14 per cent, before settling 7.5 per cent higher at $US73 a barrel. But traders are bracing for more wild swings when oil market trading resumes on Monday, particularly after Iranian military officials said Tehran was considering closing the Strait of Hormuz – a key shipping route that connects the Persian Gulf and the Gulf of Oman. Crude oil futures posted their biggest single-day increase in more than three years on Friday. 'A significant disruption to these flows would be enough to push prices to $US120 a barrel,' warned ING's head of commodity strategy Warren Patterson. 'Higher oil prices clearly reduce the chances of the Federal Reserve cutting rates in the third quarter.' The escalation in the Middle East took place in the same week that US inflation data for May came in lower than expected, and as officials in Washington and Beijing appeared to be closing on a deal to avert the worst of the trade tariffs threatened earlier this year. The positive sentiment pushed the ASX to a fresh record last week, while US equities traded just 1.6 per cent shy of its all-time high. But Israel's strike on Iran triggered an abrupt reversal on Friday, dragging the S&P 500 down 1.1 per cent as investors fled to the safety of gold, which lifted prices of the precious metal back near all-time highs. Wall Street's 'fear gauge' – the VIX Index – topped 20, a level that indicates a divide of calm and nervousness in financial markets. The local sharemarket is expected to follow Wall Street lower, with futures indicating the S&P/ASX 200 will drop 0.2 per cent, or 20 points, to 8532 at the open on Monday.
