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Top related persons:
Haitham Al Ghais - 1 Al Ghais - 1 Fatih Birol - 1 OPEC's Al Ghais - 1 Helima - 1 Croft - 1 I'm - 1 Robert McNally - 1
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Search resuls for: "Robert McNally"


2 mentions found


☆ OPEC calls for more fossil fuel investment to prevent shortfall, dismisses peak oil demand prediction
  + stars: | 2024-06-13 | by ( Spencer Kimball | ) www.cnbc.com   time to read: +4 min
The head of OPEC said Thursday the world will need to invest in fossil fuels for decades to come in order to prevent an energy shortage, dismissing predictions that oil demand will peak in the near future. The OPEC chief called for "continued oil industry investment, today, tomorrow, and many decades into the future given the products derived from crude oil are essential for our daily lives." Oil supply capacity will rise to 114 million per day by 2030, 8 million barrels more than global demand, according to the IEA. Deutsche Bank and Citi, however, see OPEC coming under pressure in the coming years. Citi analysts see a substantial oil surplus in 2025 as production keeps growing in North America, Brazil and Guyana, while demand slows due to energy efficiency improvements and electric vehicle adoption.
Persons: Haitham Al Ghais, Al Ghais, Fatih Birol, OPEC's Al Ghais, Helima, Croft, I'm, Robert McNally, McNally, EVs, Michael Hsueh Organizations: OPEC, International Energy Agency, IEA, IEA ., RBC Capital Markets, Rapidan Energy, Deutsche Bank, Citi, Brent Locations: China, India, North America, Europe, Northeast Asia, Asia, U.S, OPEC, Brazil, Guyana
☆ Reaction: OPEC output cuts to roil markets
  + stars: | 2023-04-02 | by ( ) www.reuters.com   time to read: +3 min
The OPEC move and Russia's extension through year-end of cuts was a coordinated effort that signaled the OPEC+ remains in charge of global markets. ANDY LIPOW, PRESIDENT, LIPOW OIL ASSOCIATES"It’s very significant that the majority of the production cuts are coming from the core OPEC members. "OPEC is clearly concerned about lower oil prices impacting on their individual government budgets. The 1 million barrel per day cut is likely to be from production quotas and result in an actual production cut of somewhat less. This is the biggest surprise since January 2021" when OPEC+ disclosed a gradual increase in output follow COVID cuts.
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