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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInternational Energy Forum Secretary General: 'The energy transition won't happen overnight'Brian Sullivan sits down with Joe McMonigle, the Secretary General of the International Energy Forum, from the Milken Institute's Global Conference in Los Angeles, to discuss energy security and the biggest challenges the industry is facing
Persons: Brian Sullivan, Joe McMonigle Organizations: International Energy Forum, International Energy, Milken Institute's Global Conference Locations: Los Angeles
Investments in hydrocarbons have to continue, IEF chief says
  + stars: | 2023-10-25 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestments in hydrocarbons have to continue, IEF chief saysJoe McMonigle, secretary general of the International Energy Forum, discusses the differences between OPEC and the International Energy Agency when it comes to their 2030 market outlooks.
Persons: IEF, Joe McMonigle Organizations: International Energy Forum, International Energy Agency
Oil prices hover near 10-month high on supply concerns
  + stars: | 2023-09-13 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices are expected to increase in the second half of 2023, according to the International Energy Forum. Oil prices edged higher on Wednesday, hovering at a new 10-month high hit the previous day, as expectations of tighter global supply and fears of supply disruption in Libya outweighed concerns of slower demand in some countries such as China. The news of OPEC member Libya shutting four of its eastern oil export terminals due to a deadly storm also lent support to oil prices, he added. The EIA, meanwhile, said global oil inventories were expected to decline by almost a half million bpd in the second half of 2023, causing oil prices to rise with Brent averaging $93 per barrel in the fourth quarter. But U.S. crude oil, distillate and gasoline stockpiles rose last week, according to market sources citing American Petroleum Institute figures on Wednesday.
Persons: LCOc1, Satoru Yoshida, Yoshida, Brent Organizations: International Energy, Brent, U.S, West Texas, OPEC, U.S . Energy, Rakuten Securities, Libya, of, Petroleum, American Petroleum Institute Locations: Libya, China, Saudi Arabia, Russia, OPEC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIEF: Proactive supply cuts by OPEC+ members to continue with 'question mark' over Chinese demandJoseph McMonigle, Secretary General of the International Energy Forum, says that India and China will drive oil demand for the second half of 2023.
Persons: Joseph McMonigle Organizations: International Energy Forum Locations: India, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpectations of a linear energy transition are a little shaken, says International Energy ForumJoseph McMonigle, secretary general of the International Energy Forum, says "climate priorities have to coexist with other priorities like energy security and affordability and energy access."
Persons: Joseph McMonigle Organizations: Energy, International Energy Forum
CNBC Daily Open: Let’s talk about the Dow
  + stars: | 2023-07-24 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +5 min
Michael M. Santiago | Getty Images News | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. For the second half, the bank thinks GDP will grow 1.3%, compared with 0.6%. "India and China combined will make up 2 million barrels a day of demand pick-up in the second half of this year," he said. The bottom lineLet's talk about the Dow Jones Industrial Average and why it did better than the S&P 500 and the Nasdaq Composite last week.
Persons: Michael M, Tesla, Wood, Morgan Stanley, Joe Biden's, Ellen Zentner, Joseph McMonigle, McMonigle, Sarah Min, Dow, Goldman Sachs, Gamble Organizations: New York Stock Exchange, Santiago, Getty, CNBC, Nasdaq, KE Holdings, Joe Biden's Infrastructure Investment, Jobs, International Energy, Federal Reserve, Dow Jones Industrial, JPMorgan Chase, Apple, Microsoft, Nike, Procter, Nvidia, UnitedHealth, Dow Locations: New York City, China, U.S, India
Oil prices are expected to increase in the second half of 2023, according to the International Energy Forum. Oil prices are set to rise in the second half of the year as supply struggles to meet demand, according to the Secretary General of the International Energy Forum. McMonigle attributes the push in oil prices to increasing demand from China — the world's largest importer of crude oil — and India. "India and China combined will make up 2 million barrels a day of demand pick-up in the second half of this year," the Secretary General said. Asked if oil prices could once again spike to $100 a barrel, he noted that prices are already at $80 per barrel and could potentially go higher from here.
Persons: Joseph McMonigle, we're, McMonigle, General, , Brent Organizations: International Energy, International Energy Forum, CNBC, of, Petroleum, West Texas Locations: Goa, India, China, OPEC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina and India's oil demand will rise by 2 million barrels per day in the second half of 2023: IEFJoseph McMonigle, secretary general of the International Energy Forum, speaks to CNBC's Sri Jegarajah and warns of "serious problems" with oil supply in the second half of the year.
Persons: IEF Joseph McMonigle, Jegarajah Organizations: China, International Energy Forum
U.S. shale oil drillers over the last two decades helped to turn the United States into the world's largest producer. OPEC has this year been lowering its U.S. shale oil output forecast, having also done so in 2022. OPEC trims shale forecastsAn OPEC+ source, asked if OPEC+ is in the driver's seat when it comes to the oil market now, said: "We are not in the passenger seat". LACK OF INVESTMENTOPEC sources have cited a lack of sufficient investment to increase supply as likely to support prices this year. Demand growth is expected to exceed non-OPEC supply growthThe International Energy Agency, which represents 31 countries including top consumer the United States, also expects demand growth to exceed supply growth, although to a smaller extent than OPEC.
CHINA OUT./File Photo/File PhotoSummarySummary Companies Energy transition front and centre at Davos meetingEurope energy crisis forces moment of reckoningClimate activists sceptical of oil industry inclusionDAVOS, Switzerland, Jan 20 (Reuters) - A different type of energy transition has taken place at this year's World Economic Forum (WEF) meeting. Unlike 2021's COP26 climate conference in Glasgow, where oil and gas executives were personae non gratae, fossil fuel chiefs and renewable energy bosses sat cheek by jowl in Davos. Thunberg's was not the only voice at Davos with strong objections to the industry's new mantra that the energy crisis justifies new oil investments. Like Birol, British opposition leader Keir Starmer said the oil and gas sector has a role to play in the energy transition. Jaber, who is the founding CEO of Abu Dhabi’s renewable energy firm Masdar and has overseen the UAE's mandate to adopt renewables is not without green credentials.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe have to keep investing in oil and gas until there is viable alternative: IEF SGJoseph McMonigle of the International Energy Forum discusses oil and gas investments.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy security is not a 'short-term thing,' IEF secretary general saysJoseph McMonigle, secretary general of the International Energy Forum, says energy security should not be considered a "short-term thing."
EU distillate inventories were just 360 million barrels at the end of September, the lowest seasonal level since 2004. The global petroleum and refining system has proved unable to keep up with rapid growth in fuel consumption as a result of the manufacturing and freight-led recovery after the coronavirus pandemic. In any event, accelerating refinery processing will simply push the shortage upstream from the fuel market to the crude market. But with spare capacity almost exhausted, a recession is the most likely route to rebalancing the distillate market in particular and the petroleum market in general. Related columns:- OPEC+ risks overtightening the oil market (Reuters, Oct. 12).
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