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Opec's Secretary General calls for $18.2trln investment in O&G
Opec's Secretary General calls for $18.2trln investment in O&G

Zawya

timean hour ago

  • Business
  • Zawya

Opec's Secretary General calls for $18.2trln investment in O&G

The oil and gas sector needs $18.2 trillion in investments by 2050 to meet future demand, according to Haitham Al Ghais, Opec Secretary General. He stated that oil and gas are essential pillars for a stable and secure energy future, and that the world must invest now to be prepared for what lies ahead. Al Ghais made these comments in an interview with Energy Connects during the 9th Opec International Seminar, in Vienna, Austria. He pointed out that global energy demand was projected to increase by 23 per cent by 2050, with oil demand expected to reach 123 million barrels per day (bpd). He stressed that this growth necessitates substantial investments to ensure energy security, affordability, and reliability while addressing emissions from all sources. The theme of this year's seminar, 'Charting Pathways Together', underscored the importance of collective action in an increasingly fragmented energy landscape. Al Ghais highlighted Opec's commitment to unity, stating: "This is one planet we are living on. It's our planet." He called for a collaborative approach to energy issues, emphasising the need to care for the planet and work together to tackle challenges. Looking ahead, he reflected on the nearly 10-year journey of the Opec+ coalition, which will celebrate its anniversary in December 2026. He affirmed that the unity and cohesiveness within the coalition have never been stronger, with a shared goal of maintaining energy market stability, a vital aspect for the global economy. During the seminar, Al Ghais unveiled the World Oil Outlook 2025, presenting data-driven insights that challenge the narrative of an imminent decline in oil demand. He noted that the updated report indicated an increase in oil demand growth, projecting oil consumption at 123 million bpd by 2050. This reflects a shift in global policies, moving away from overly ambitious net-zero targets and recognising the ongoing necessity of oil in the energy mix, he added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (

EMs to drive oil demand in H2 2025: Peter McGuire
EMs to drive oil demand in H2 2025: Peter McGuire

Economic Times

time2 hours ago

  • Business
  • Economic Times

EMs to drive oil demand in H2 2025: Peter McGuire

We have just got to get to that point again and work through this northern hemisphere summer. But I would expect Q4 to be cheaper than what Q3 is. "But if you continue this sort of role forward, then I am pretty sure that you are going to see a re-engagement as far as consumption and, of course, for the likes of all forms of oil and all forms of energy from road building and all the way through to naturally motor vehicles and trucks and cars and boats and so on," says Peter McGuire, CEO, Australia, We have barely seen any impact of the OPEC plus supply hike announcement that came in a couple of weeks ago. Oil market has not done much. It is currently trading near $69 per barrel mark. How do you see the demand-supply equation shaping up for the oil market and what is the outlook going forward? Peter McGuire: Couple of things. First off, yes, oil prices are very much on a flatline. They have been very rangebound over the last couple of weeks and certainly month or so, so that tightness. There is no real breakout on either side. We are not down at under 65 and we are not above 70. So, it is really in that narrow band. Second part as far as growth, and growth is what the market is identifying in the second half, relatively strong growth from the likes of Brazil. Certainly, when you are looking at economic growth coming from the likes of China as well and India, so this is the first part of it, so that is going to be relatively good from a demand picture and the other side Euro zone and the USA really starting to pick up and be re-engaged post that Covid situation but very much the growth engine of the second half is going to be stronger than the first. Just stretching a little bit into the demand point. Now despite that optimism that we have seen OPEC plus that has kept the 2025 and 2026 oil demand forecast unchanged. So, do you see this as a sign of caution? Peter McGuire: To some extent caution, but the other side is the overall re-engagement. A lot of these economies are relatively okay, I mean, from a growth perspective and moving forward so you are going to see continued demand. There is no going to be any in the sense of any draw downs and you are going to see disruptions, unless you saw something dramatic happen from a geopolitical standpoint. Let us push that out of there. But if you continue this sort of role forward, then I am pretty sure that you are going to see a re-engagement as far as consumption and, of course, for the likes of all forms of oil and all forms of energy from road building and all the way through to naturally motor vehicles and trucks and cars and boats and so on. But there were also some reports which suggested that perhaps OPEC plus could pause the output hike after September. It is already planned till August and September, which means that total 2.2 million barrels of unwinding will be completed one year ahead of their schedule. Do you expect OPEC plus to then pause their output hike after September given how demand is shaping up? Peter McGuire: Well, we have got to work through that. We have got to see how the market anticipates and experiences over the next two months. You have got the introduction of tariffs. We have got the understanding as far as price, what is happening on the inflation story that is globally, and the positioning as far as OPEC plus and compliance. So, we have got to get through the next 55 days or so, 50 days to take a better picture as far as OPEC and what they are expecting in Q4. If they were to stay at that 548,000 as far as production, up from 411,000, then it is very much in their hands. So, you cannot rule out that they would not do it, but I cannot rule out that they will do it. So, we have just got to take it very much week by week to get to that point. Now just as you were mentioning when we started the conversation that emerging markets are showing some sort of strength. So, with India, China, and Brazil with them outperforming, how much of the oil demand outlook that OPC plus has given do you think hinges on these three economies? Peter McGuire: Well, very much so. I mean, you have only got to look at the likes they are powerhouse economies. India, China, you look at Brazil, they are big economies as far as population base and certainly consumption and they are growing consumption. They are really changing the footprint from infrastructure all the way through to usage and their dynamic economy and young I mean, if you look at India or Brazil, young populations, it is not so much in China. So, I am looking at more rapid take up as far as energy consumption over certainly for the rest of this year and then leading in for the rest of the decade. So, it is a very exciting market to be a part of and you cannot rule out growing consumption over the years ahead. But if you can tell us what is the ballpark range where you are expecting oil to settle for the rest of this calendar year? Is it expected to be between that $65 to $70 per barrel for the rest of 2025? Peter McGuire: It will be cheaper and it will be cheaper because of naturally the increase as far as production and what OPEC plus have identified from the production side of it. And I am expecting Q4 to be actually a glut in the market, so probably cheaper prices. We have just got to get to that point again and work through this northern hemisphere summer. But I would expect Q4 to be cheaper than what Q3 is.

EMs to drive oil demand in H2 2025: Peter McGuire
EMs to drive oil demand in H2 2025: Peter McGuire

Time of India

time2 hours ago

  • Business
  • Time of India

EMs to drive oil demand in H2 2025: Peter McGuire

"But if you continue this sort of role forward, then I am pretty sure that you are going to see a re-engagement as far as consumption and, of course, for the likes of all forms of oil and all forms of energy from road building and all the way through to naturally motor vehicles and trucks and cars and boats and so on," says Peter McGuire , CEO, Australia, We have barely seen any impact of the OPEC plus supply hike announcement that came in a couple of weeks ago. Oil market has not done much. It is currently trading near $69 per barrel mark. How do you see the demand-supply equation shaping up for the oil market and what is the outlook going forward? Peter McGuire: Couple of things. First off, yes, oil prices are very much on a flatline. They have been very rangebound over the last couple of weeks and certainly month or so, so that tightness. There is no real breakout on either side. We are not down at under 65 and we are not above 70. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Emas Melonjak di 2025 — Trader Cerdas Sudah Masuk IC Markets Pelajari Undo So, it is really in that narrow band. Second part as far as growth, and growth is what the market is identifying in the second half, relatively strong growth from the likes of Brazil. Certainly, when you are looking at economic growth coming from the likes of China as well and India, so this is the first part of it, so that is going to be relatively good from a demand picture and the other side Euro zone and the USA really starting to pick up and be re-engaged post that Covid situation but very much the growth engine of the second half is going to be stronger than the first. Just stretching a little bit into the demand point. Now despite that optimism that we have seen OPEC plus that has kept the 2025 and 2026 oil demand forecast unchanged. So, do you see this as a sign of caution? Peter McGuire: To some extent caution, but the other side is the overall re-engagement. A lot of these economies are relatively okay, I mean, from a growth perspective and moving forward so you are going to see continued demand. There is no going to be any in the sense of any draw downs and you are going to see disruptions, unless you saw something dramatic happen from a geopolitical standpoint. Let us push that out of there. But if you continue this sort of role forward, then I am pretty sure that you are going to see a re-engagement as far as consumption and, of course, for the likes of all forms of oil and all forms of energy from road building and all the way through to naturally motor vehicles and trucks and cars and boats and so on. Live Events But there were also some reports which suggested that perhaps OPEC plus could pause the output hike after September. It is already planned till August and September, which means that total 2.2 million barrels of unwinding will be completed one year ahead of their schedule. Do you expect OPEC plus to then pause their output hike after September given how demand is shaping up? Peter McGuire: Well, we have got to work through that. We have got to see how the market anticipates and experiences over the next two months. You have got the introduction of tariffs. We have got the understanding as far as price, what is happening on the inflation story that is globally, and the positioning as far as OPEC plus and compliance. So, we have got to get through the next 55 days or so, 50 days to take a better picture as far as OPEC and what they are expecting in Q4. If they were to stay at that 548,000 as far as production, up from 411,000, then it is very much in their hands. So, you cannot rule out that they would not do it, but I cannot rule out that they will do it. So, we have just got to take it very much week by week to get to that point. Now just as you were mentioning when we started the conversation that emerging markets are showing some sort of strength. So, with India, China, and Brazil with them outperforming, how much of the oil demand outlook that OPC plus has given do you think hinges on these three economies? Peter McGuire: Well, very much so. I mean, you have only got to look at the likes they are powerhouse economies. India, China, you look at Brazil, they are big economies as far as population base and certainly consumption and they are growing consumption. They are really changing the footprint from infrastructure all the way through to usage and their dynamic economy and young I mean, if you look at India or Brazil, young populations, it is not so much in China. So, I am looking at more rapid take up as far as energy consumption over certainly for the rest of this year and then leading in for the rest of the decade. So, it is a very exciting market to be a part of and you cannot rule out growing consumption over the years ahead. But if you can tell us what is the ballpark range where you are expecting oil to settle for the rest of this calendar year? Is it expected to be between that $65 to $70 per barrel for the rest of 2025? Peter McGuire: It will be cheaper and it will be cheaper because of naturally the increase as far as production and what OPEC plus have identified from the production side of it. And I am expecting Q4 to be actually a glut in the market, so probably cheaper prices. We have just got to get to that point again and work through this northern hemisphere summer. But I would expect Q4 to be cheaper than what Q3 is.

Morgan Stanley Unpicks Oil Market Riddle as Stockpiles Swell
Morgan Stanley Unpicks Oil Market Riddle as Stockpiles Swell

Yahoo

time2 hours ago

  • Business
  • Yahoo

Morgan Stanley Unpicks Oil Market Riddle as Stockpiles Swell

(Bloomberg) -- Global oil inventories have swollen at a rapid clip in recent months, but given the bulk of the increase has been in the Asia-Pacific, prices have been able to hold their ground for now, according to Morgan Stanley. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say While total stockpiles surged by about 235 million barrels in the five months to the end of June, just 10% of that has been in the OECD, the region that's 'critical for price formation,' analysts including Martijn Rats said in a July 15 note, which posed the question 'Is the oil market actually tight? Or not?' Global benchmark Brent has gained ground so far this month, after advances in May and June, despite the drag from the US-led trade war and a major unwind of OPEC+ supply curbs. Although there are widespread expectations for a global glut in the coming quarters, crude's near-term structure — with prompt prices above those further out — suggests current market tightness. 'What bridges this apparent contradiction is the uneven regional distribution of global inventory builds,' the analysts said. 'Most of the inventory builds have taken place in locations that have less impact on prices, whilst inventories in key pricing centers have remained unusually tight – the builds have been in the Pacific, but Brent is priced in the Atlantic.' Morgan Stanley cautioned that once the peak summer-demand season ends, a sizable surplus would be on the horizon again, although the bank still expected that only a 'modest share' would show up in OECD stockpiles. These were seen rising by no more than 165 million barrels over 12 months, returning holdings to 2017 levels, when Brent fluctuated around $65 a barrel, the analysts said. Brent price forecasts were retained at $65 a barrel in the fourth quarter, and $60 for each of the four quarters in 2026. Futures were last at $68.96. Of the stockpile builds tallied in recent months, countries outside the OECD added about 100 million barrels, with China alone accounting for 48 million barrels of that figure, Morgan Stanley said. Elsewhere, the volume of so-called oil-on-water also increased, rising by 106 million barrels. (Updates with non-OECD stockpile figures in final paragraph) Forget DOGE. Musk Is Suddenly All In on AI Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Hims Became the King of Knockoff Weight-Loss Drugs The New Third Rail in Silicon Valley: Investing in Chinese AI How Starbucks Is Engineering a Turnaround With Warm Vibes and Cold Foams ©2025 Bloomberg L.P. 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

Iraq supports global market stability, cohesion of OPEC decisions
Iraq supports global market stability, cohesion of OPEC decisions

Iraqi News

time3 hours ago

  • Business
  • Iraqi News

Iraq supports global market stability, cohesion of OPEC decisions

Baghdad ( – The Iraqi Minister of Oil, Hayan Abdul-Ghani, emphasized on Tuesday that Iraq plays a substantial and crucial role in OPEC's unity and decisions. In a statement to the state-run news agency (INA), Abdul-Ghani mentioned that Iraq is a founding member of OPEC and the organization's second-largest producer and exporter. Iraq has helped to keep global markets stable and OPEC's choices consistent, according to Abdul-Ghani. The Iraqi oil minister stated that Iraq has taken a significant role in stabilizing and consolidating OPEC decisions, particularly those relating to production rates and agreed-upon levels. Iraq also played a significant role in the second voluntary production reduction, which stabilized world markets in a way that benefited both producers and consumers, according to Abdul-Ghani. Eight OPEC+ member countries, including Iraq, are implementing an output modification of 411,000 barrels per day in July 2025, in accordance with the decision made in December 2024. This decision allows for a gradual and flexible return to the previously agreed voluntary adjustments of 2.2 million barrels per day, starting in April 2025. Officials in the Iraqi oil sector mentioned that the government aims to increase oil output to more than six million barrels per day by 2028 or 2029. Iraq produced over 4.4 million barrels of oil per day in 2023, which was less than the previous year, according to Statista, a German online platform that specializes in data collection. The country's oil production rose steadily between 2005 and 2019, reaching a record of over 4.78 million barrels per day. Since then, Iraq's yearly oil output has been steadily dropping.

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