Latest news with #9thInternationalSeminar
Libya Observer
5 days ago
- Business
- Libya Observer
Oil Minister reviews entry of America's Chevron into Libyan market
The Acting Minister of Oil and Gas in the Government of National Unity, Khalifa Abdul Sadiq, held a meeting with a high-level delegation from US energy giant Chevron to discuss opportunities for cooperation and investment in the oil and gas sector and the company's potential entry into the Libyan market. The meeting was held on Thursday on the sidelines of Abdul Sadiq's participation, along with his accompanying delegation, in the 9th International Seminar of the Organization of the Petroleum Exporting Countries (OPEC) at the organization's headquarters in Vienna, Austria. According to a statement by the Ministry of Oil and Gas on its Facebook page on Friday, the meeting focused on Chevron's possible entry into the Libyan market, in line with the ongoing improvement in the investment climate and the return of several major international companies to operations in Libya. The ministry added that the discussions reviewed potential steps for cooperation in supporting the objectives of the Ministry of Oil and Gas and the National Oil Corporation (NOC) to increase production rates and develop infrastructure in the sector. It noted that the meeting falls within the ministry's efforts to strengthen partnerships with major global companies, with the aim of developing the sector, creating sustainable investment opportunities, and reinforcing Libya's position as a reliable energy supplier in global markets. Chevron's delegation included Joe Cook, Director of Exploration and Production; Mamadou Beye, Regional Vice President for Corporate Affairs; and Jan Curtis, Head of Regional Affairs for the Mediterranean and North Africa.
The Star
6 days ago
- 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.
Kuwait Times
10-07-2025
- Business
- Kuwait Times
Kuwait committed to energy security
Calls for future-focused investments as markets thirsty for more oil VIENNA: Kuwait reaffirmed its commitment to ensuring global energy security on Wednesday while calling for increased investments in future energy projects and the adoption of solutions that reduce emissions and support the transition to a more efficient energy system. This came in a speech delivered by Oil Minister and Chairman of Kuwait Petroleum Corporation (KPC) Tareq Al-Roumi at the 9th International Seminar of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna. Leading Kuwait's delegation to the seminar, Al-Roumi said the event comes at a critical time marked by mounting challenges in the energy sector, particularly amid shifting regional and global dynamics. He noted that OPEC continues to work toward market stability by balancing supply and demand and strengthening partnerships with non-OPEC producers through the OPEC+ alliance, contributing to the sustainability of energy supplies. Al-Roumi emphasized the importance of market stability in achieving energy security and supporting global economic growth, stressing that oil will remain a key part of the global energy mix for decades to come. He also reiterated the need to boost investment in future energy projects and adopt solutions that cut emissions and facilitate a shift toward a more efficient energy ecosystem. Sheikh Nawaf Saud Al-Sabah, Deputy Chairman and CEO of KPC, affirmed the corporation's commitment to providing stable and reliable supplies of crude oil and environmentally friendly products. He highlighted KPC's adaptability to market shifts through a flexible and innovative approach that reflects its achievements in exploration, development, production and expansion in the petrochemical industry. Chinese and Japanese buyers are requesting more oil in a further indication of strong demand, Shaikh Nawaf told the seminar. KPC is also participating in the accompanying exhibition of the 9th OPEC International Seminar through a dedicated pavilion showcasing highlights of its 2040 strategy, digital transformation initiatives, emission reduction efforts, success stories in international partnerships and global expansion — bolstering Kuwait's presence in the global energy landscape. Kuwaiti Oil Minister Tareq Al-Roumi KPC CEO Sheikh Nawaf Saud Al-Sabah Output increases from oil producer group OPEC+ are not leading to higher inventories, showing that markets are thirsty for more oil, ministers and executives from OPEC nations and bosses of Western oil majors said on Wednesday. OPEC+, which pumps about half of the world's oil, has been curtailing production for several years to support the market. But it has reversed course this year to regain market share. OPEC+, comprising OPEC and allies such as Russia, began to unwind cuts of 2.17 million barrels per day in April with a production boost of 138,000 bpd. Hikes of 411,000 bpd followed each month in May, June and July. On Saturday, the group approved a 548,000-bpd jump for August and will likely approve a large hike for September when it meets again in August, sources told Reuters. 'You can see that even with the increases for several months we haven't seen a major buildup in inventories, which means the market needed those barrels,' United Arab Emirates' Energy Minister Suhail Al-Mazrouei told reporters. Global oil demand will increase by about 1.2-1.3 million bpd for the rest of this year, despite challenges from US tariffs and trade tensions, Amin Nasser, the CEO of Saudi oil giant Aramco told the seminar. Nasser cited rising US gasoline demand and China's petrochemical sector as growth drivers. OPEC has ramped up production partly because it wants to regain market share from rivals such as the United States, sources have told Reuters. BP CEO Murray Auchincloss said he saw non-OPEC production stagnating next year after hitting new highs in recent months. The physical oil market looks tight and China is boosting stockpiles, Auchincloss said. Shell CEO Wael Sawan said he was more concerned about oil field depletion rates of 4-5 percent a year, meaning more investments were needed. TotalEnergies CEO Patrick Pouyanne said he thought the market was rather well supplied given that demand growth has halved in China in recent years. With planned output rises, OPEC+ will likely complete the return to the market of the 2.17 million bpd of voluntary cuts in September. It is also allowing the UAE to complete a 300,000 bpd separate output increase. OPEC+ still has separate cuts of 3.65 million bpd in place, consisting of 1.65 million bpd in voluntary cuts by eight members and 2 million bpd across all members. Those cuts expire at the end of 2026. Iranian Oil Minister and current OPEC President Mohsen Paknejad underscored the importance of scientific and pragmatic approaches to energy issues, urging the global community to set aside ideological divides in favor of realistic and inclusive dialogue. 'Energy is the cornerstone of the global economy and an essential part of our daily lives,' Paknejad said in a video address. 'Last year witnessed an unprecedented rise in energy demand across all sources, including oil and gas.' Paknejad reaffirmed oil's prominent role in the global energy mix, noting it continues to supply nearly 30 percent of global energy needs. He stressed OPEC's crucial role in maintaining market balance and preventing price volatility that affects not only producing nations but the entire international economy. On the energy transition, he acknowledged significant progress in renewable energy and electric vehicle deployment but cautioned that decarbonization efforts must be grounded in science and practical policy rather than slogans. Calling for the inclusion of all technologies, sectors and stakeholders, he said: 'This is the only path to success — and precisely why OPEC remains a vital organization for the world.' – Agencies
