Latest news with #2025WorldOilOutlook
The Star
11-07-2025
- Business
- The Star
Roundup: OPEC seminar highlights energy transition, cooperation
VIENNA, July 11 (Xinhua) -- The 9th International Seminar, hosted in Vienna by the Organization of the Petroleum Exporting Countries (OPEC) from July 9 to 10, has attracted widespread attention to the possible paths for countries toward energy transition. OPEC Secretary General Haitham Al Ghais said that OPEC believes each country has its own path toward energy transition, and there is no one-size-fits-all solution. "The energy pie is growing. The mix is growing," he added. Wolfgang Hattmannsdorfer, Austria's minister for economy, energy and tourism, said the energy sector is undergoing transformation, and all stakeholders should be included in the conversation to ensure a successful transition. Under the theme "Charting Pathways Together: The Future of Global Energy," the event saw global energy leaders discussing hot issues including energy security, investment and emissions reduction within the context of energy transition. Noting the current complex geopolitical situation, Mukhtar Babayev, special representative of the president of Azerbaijan on climate issues, stressed the importance of enhancing multilateral cooperation and international agreements. Solar and wind energy sources can offer new opportunities for energy security, he said, adding, "Financial assistance is crucial for investing in energy infrastructure and renewable energy projects in developing countries." Luz Elena Gonzalez, Mexico's secretary of energy, highlighted the importance of the sustainable use of hydrocarbons while advancing an energy transition that prioritizes access, social justice, and inclusion. She called for broader investments to ensure all people can benefit from modern energy access, particularly women and indigenous communities. Mohammad A. Abunayyan, founder and chairman of the Board of Directors of ACWA Power, spoke highly of China's performance in broadening its energy mix and advancing its energy transition during a high-level roundtable on Thursday. He also emphasized the potential of green hydrogen and other renewable sources. During the seminar, OPEC launched its 2025 World Oil Outlook, which forecasts a 23 percent rise in global energy demand by 2050. Global oil demand is expected to continue growing steadily, the report noted. The analysis reflects recent developments in energy and the global economy, including major shifts in energy policy as leaders respond to challenges related to energy security, affordability, and emissions reduction, according to an article on the OPEC website.
CNBC
11-07-2025
- Business
- CNBC
Oil prices recover slightly but U.S. tariffs, OPEC downgrade weigh
Oil prices steadied in early trading on Friday following a 2% drop in the previous session that was driven by U.S. President Donald Trump's new tariffs, expected to hurt economic growth, and a cut to OPEC demand forecasts. Brent crude futures rose 19 cents, or 0.28%, to $68.83 a barrel as of 0037 GMT. U.S. West Texas Intermediate crude ticked up 26 cents to $66.83 a barrel, up 0.39%. The Organization of the Petroleum Exporting Countries (OPEC), in its 2025 World Oil Outlook published on Thursday, cut its forecasts for global oil demand in 2026 to 2029 because of slowing Chinese demand. Global demand will average 106.3 million barrels per day (bpd) in 2026, OPEC said, down from 108 million bpd expected in last year's forecast. U.S. President Donald Trump on Thursday announced a 35% tariff rate for goods imported from Canada, starting August 1, and said the United States planned to impose blanket tariffs of 15% or 20% on most other trade partners. Earlier in the day, President Trump threatened punitive tariffs on Brazil, Latin America's largest economy, and laid out plans for duties on copper, semiconductors and pharmaceuticals. The European Union is expected to propose a floating Russian oil price cap in a new sanctions package this week, after a fall in oil prices made the current cap irrelevant, according to EU diplomat sources on Thursday.
Deccan Herald
11-07-2025
- Business
- Deccan Herald
Oil prices recover slightly but US tariffs, OPEC downgrade weigh
The Organization of the Petroleum Exporting Countries (OPEC), in its 2025 World Oil Outlook published on Thursday, cut its forecasts for global oil demand in 2026 to 2029 because of slowing Chinese demand.
Business Recorder
10-07-2025
- Business
- Business Recorder
OPEC trims oil demand for next four years
VIENNA: OPEC cut its global oil demand forecasts for the next four years on Thursday as Chinese growth slows, even as it lifted its longer-term view, based on rising consumption in the developing world, and said there was no sign oil use had reached its peak. The OPEC+ producer group, comprising the Organization of the Petroleum Exporting Countries plus allies including Russia, is pumping more barrels to regain market share after years of cuts to support the market. Lower medium-term demand could make it harder for the group to unwind its other cuts, which remain in place until the end of 2026. World demand will average 105 million barrels per day this year, OPEC said in its 2025 World Oil Outlook published on Thursday. It expects demand to grow to average 106.3 million bpd in 2026 and then climb to 111.6 million bpd in 2029. The forecasts for demand in 2026 through 2029 are all lower than last year. Demand will average 106.3 million bpd in 2026, OPEC said, down from 108 million bpd seen last year. The 2029 forecast is down 700,000 bpd from last year's figure. Compared with other forecasters, OPEC expects demand to grow for a longer period. BP and the International Energy Agency expect oil use to peak this decade. 'Oil underpins the global economy and is central to our daily lives,' said OPEC Secretary General Haitham Al Ghais in the foreword to the report. 'There is no peak oil demand on the horizon.' OPEC is launching the report at a biennial OPEC seminar in Vienna, which brings together oil ministers and executives. OPEC has withheld access to the seminar to reporters from Reuters and several other news organisations. OPEC declined to comment on why it was doing this. In the report, OPEC said demand had completed its recovery from the COVID-19 pandemic, resulting in a more predictable outlook.
&w=3840&q=100)
Business Standard
10-07-2025
- Business
- Business Standard
Opec trims oil demand for next four years, says no peak in sight
OPEC cut its global oil demand forecasts for the next four years on Thursday as Chinese growth slows, even as it lifted its longer-term view, based on rising consumption in the developing world, and said there was no sign oil use had reached its peak. The OPEC+ producer group, comprising the Organization of the Petroleum Exporting Countries plus allies including Russia, is pumping more barrels to regain market share after years of cuts to support the market. Lower medium-term demand could make it harder for the group to unwind its other cuts, which remain in place until the end of 2026. World demand will average 105 million barrels per day this year, OPEC said in its 2025 World Oil Outlook published on Thursday. It expects demand to grow to average 106.3 million bpd in 2026 and then climb to 111.6 million bpd in 2029. The forecasts for demand in 2026 through 2029 are all lower than last year. Demand will average 106.3 million bpd in 2026, OPEC said, down from 108 million bpd seen last year. The 2029 forecast is down 700,000 bpd from last year's figure. Compared with other forecasters, OPEC expects demand to grow for a longer period. BP and the International Energy Agency expect oil use to peak this decade. "Oil underpins the global economy and is central to our daily lives," said OPEC Secretary General Haitham Al Ghais in the foreword to the report. "There is no peak oil demand on the horizon." OPEC is launching the report at a biennial OPEC seminar in Vienna, which brings together oil ministers and executives. OPEC has withheld access to the seminar to reporters from Reuters and several other news organisations. OPEC declined to comment on why it was doing this. In the report, OPEC said demand had completed its recovery from the COVID-19 pandemic, resulting in a more predictable outlook. Growth is also slowing in China, OPEC said, the country that has driven oil use higher for the last few decades. "This comes on the back of slower economic growth, the faster penetration of EVs and related charging infrastructure and continued oil substitution in several sectors," OPEC said with reference to China. OPEC+ began to unwind output cuts of 2.17 million bpd in April with a production boost of 138,000 bpd. Hikes of 411,000 bpd followed each month in May, June, July and now August. The group still has separate cuts of 3.65 million bpd in place until end-2026. Two OPEC+ delegates said on Thursday there has been no discussion yet on releasing that extra oil. GAP WITH IEA AND BP OPEC kept its forecast that demand in 2030 will average 113.3 million bpd unchanged from last year. By contrast, the International Energy Agency expects global demand to peak at 105.6 million bpd by 2029 and then fall slightly in 2030, the adviser to industrialised countries said last month. For the longer term, OPEC expects India, the Middle East and Africa to drive growth. Developments such as the U.S. exit from the United Nations climate pact and a slower EV penetration rate in Europe is likely to influence behaviour and lead to a slower energy transition in developing countries with high energy needs, OPEC said. OPEC expects world oil demand to reach 122.9 million barrels per day by 2050, up from 120.1 million bpd expected in last year's report. That's far above other 2050 forecasts from the industry such as that of BP. OPEC has been calling for more oil industry investment and said the sector needs $18.2 trillion to be spent to 2050, compared with $17.4 trillion needed as estimated last year.
