IEA sees global refining hitting record
Global refining throughput is expected to hit a record 85.6 million barrels per day (bpd) in August, the agency said in its monthly report, with third-quarter runs up 1.6 million bpd from a year earlier, far above the 130,000 bpd average annual increase in the first half.
The IEA now expects global oil demand to grow by 680,000 bpd in 2025, the weakest pace since 2019, amid disappointing consumption in China, India, and Brazil. That compares with its earlier forecast of a 704,000 bpd increase.
Higher September production targets set by OPEC+ are expected to boost global supply growth to 2.5 million bpd this year, up from the previous estimate of 2.1 million bpd.
The agency reiterated that global oil demand is likely to stop growing by the end of this decade as countries shift from fossil fuels to electric vehicles.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Arabiya
an hour ago
- Al Arabiya
India, China eye resuming border trade
India and China are discussing resuming border trade five years after it was halted, foreign ministry officials on both sides have said, as US tariffs disrupt the global trade order. Past trade across the icy and high-altitude Himalayan border passes between the neighbors was usually small in volume, but any resumption is significant for its symbolism. The two major economic powers have long competed for strategic influence across South Asia. But caught in global trade and geopolitical turbulence triggered by US President Donald Trump's tariff regime, the countries have moved to mend ties. Chinese Foreign Minister Wang Yi is expected for talks in New Delhi on Monday, according to Indian media, after his counterpart Subrahmanyam Jaishankar visited Beijing in July. That, as well as agreements to resume direct flights and issue tourist visas, has been seen as an effort to rebuild a relationship damaged after a deadly border clash in 2020 between their nations' troops. 'For a long time, China-India border trade cooperation has played an important role in improving the lives of people living along the border,' China's foreign ministry said in a statement to AFP on Thursday. It added that the two sides have 'reached a consensus on cross-border exchanges and cooperation, including resumption of border trade'. New Delhi's junior foreign minister, Kirti Vardhan Singh, told parliament last week that 'India has engaged with the Chinese side to facilitate the resumption of border trade'. No restart date was given by either side. Successive US administrations have seen India as a longstanding ally with like-minded interests when it comes to China. India is part of the Quad security alliance with the United States, as well as Australia and Japan. But ties between New Delhi and Washington have been strained by Trump's ultimatum for India to end its purchases of Russian oil, a key source of revenue for Moscow as it wages its military offensive in Ukraine. The United States will double new import tariffs on India from 25 percent to 50 percent by August 27 if New Delhi does not switch crude suppliers. Prime Minister Narendra Modi, according to Indian media, might also visit China in late August. It would be Modi's first visit since 2018, although it has not been confirmed officially. Beijing has said that 'China welcomes Prime Minister Modi' for the Shanghai Cooperation Organisation summit opening on August 31.
Argaam
2 hours ago
- Argaam
Bitcoin hits new record high above $124,000
Cryptocurrency performance was mixed during Thursday's trading, as investors moved toward high-risk assets following a relative easing of trade tensions, amid expectations that the Federal Reserve will cut interest rates. Bitcoin slipped 0.3% to $122,125.10 as of 12:09 a.m. Makkah time, after touching $124,496 — its highest level on record — and accounted for about 58.7% of the total cryptocurrency market capitalization. Ethereum, the second-largest cryptocurrency by market value, came close to its all-time high, reaching $4,787.85 before settling at $4,729.59, while Ripple rose about 0.3% to trade at $3.2757. The total global cryptocurrency market capitalization stands at $4.16 trillion, with total trading volume over the past 24 hours reaching $249.15 billion, according to CoinMarketCap data. According to data from El Salvador's Bitcoin Office, the country purchased an additional seven Bitcoins over the past seven days, bringing its total holdings to 6,268.18 Bitcoins, valued at more than $766 million.
Asharq Al-Awsat
2 hours ago
- Asharq Al-Awsat
Saudi Sovereign Fund Grows Assets 19% to $913 Billion
Saudi Arabia's Public Investment Fund (PIF) has continued to cement its role as a driving force behind the Kingdom's economic transformation, posting record growth in managed assets and strong financial results in its 2024 annual report. The figures show the fund now contributes 10% of Saudi Arabia's non-oil GDP, with managed assets reaching SAR 3.42 trillion ($913 billion) and more than $171 billion invested in priority sectors since 2021. According to the report, released Wednesday, PIF's managed assets rose 19% year-on-year to SAR 3.42 trillion by the end of 2024, generating an average annual shareholder return of 7.2% since 2017. Revenues climbed 25% over the same period. Liquidity and cash positions remained stable, with the fund maintaining a robust balance sheet. The report highlighted substantial progress in delivering on the fund's strategic investment targets, reinforcing its status as one of the largest and fastest-growing sovereign wealth funds in the world. PIF's cumulative contribution to non-oil GDP from 2021 to 2024 reached SAR 910 billion, with an expected total impact of SAR 1.2 trillion by the end of this year. PIF Governor Yasir Al-Rumayyan said 2024 marked 'a new and promising phase of exceptional performance and qualitative innovation,' characterized by the systematic integration of artificial intelligence, smart automation, and advanced digital capabilities across all operations. He noted that this shift represents not just technological advancement, but a 'transformational approach' in how PIF invests, operates, and delivers economic and social impact globally. For his part, Chief Financial Officer Yasir Alsalman reported that SAR 213 billion were directed to priority sectors in 2024 alone, bringing total investments in such sectors since 2021 to over 642 billion riyals. In turn, Acting Chief Operating Officer and Board Secretary General Maram Al-Johani said PIF maintained its long-term vision while strengthening its influence locally and internationally, continuing to lead Saudi Arabia's economic diversification and generate sustainable returns. The fund's international portfolio expanded further in 2024, targeting sustainable returns through long-term investments and strategic partnerships in key global markets. PIF's overseas investments aim to diversify assets and income streams, secure partnerships with major corporations and investors, and back advanced technologies that support Saudi Arabia's economic ambitions and shape the future global economy. PIF diversified its funding base in 2024, securing SAR 36.855 billion ($9.83 billion) in public loans and nearly SAR 26 billion ($7 billion) in private loans. The fund's stability has earned global recognition, with Moody's upgrading its credit rating from A1 to Aa3 in 2024, and Fitch affirming its A+ rating with a 'stable' outlook. Governance standards also drew praise. PIF scored 96% in the 2024 Governance, Sustainability and Resilience Index from Global SWF — a sharp improvement over 2021 — and ranked first worldwide among 200 sovereign investors, achieving 100% compliance in 2025. It also topped the global list of most valuable sovereign wealth fund brands, with a valuation exceeding SAR 4.13 billion, earning an A+ rating from Brand Finance.
