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☆ OPEC sees global oil demand rising to 110 mln bpd by 2045
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: 1 min

KUALA LUMPUR, June 26 (Reuters) - OPEC expects global oil demand to rise to 110 million barrels per day (bpd) and overall energy demand to rise 23% by 2045, its Secretary General Haitham Al Ghais said on Monday. (This story has been corrected to say global energy demand is set to rise 23% by 2045, not oil demand)Reporting by Muyu Xu; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Haitham Al Ghais, Muyu Xu, Kim Coghill Organizations: OPEC, Thomson Locations: KUALA LUMPUR

☆ OPEC says oil demand will hit 110 million barrels per day in 2045
▼ + stars: | 2023-06-26 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

In October last year, the oil cartel announced its decision to cut output by two million barrels per day. Joe Klamar | Afp | Getty ImagesKUALA LUMPUR — Global oil demand will rise to 110 million barrels a day in about 20 years, pushing the world's energy demand up by 23%, said OPEC on Monday. "In our worldwide outlook, we see global oil demand rising to 110 million barrels a day by 2045," he said, adding that oil will still comprise about 29% of the energy mix by then. Stock Chart Icon Stock chart iconThe forecast contradicts the International Energy Agency's predictions of annual demand growth thinning down from 2.4 million barrels per day in 2023 to 400,000 barrels per day in 2028. Two weeks ago, the IEA projected that global oil demand will increase 6% from 2022 to 105.7 million barrels per day in 2028 on the back of petrochemical and aviation sectors.

Persons: Joe Klamar, Haitham Al Ghais, Al Ghais, Al Ghais OPEC's Organizations: Afp, Getty, of, Petroleum, Energy Asia, International Energy, IEA, Gas Locations: OPEC, KUALA LUMPUR, Malaysian, Kuala Lumpur

☆ Guyana not interested in joining OPEC, VP says
▼ + stars: | 2023-06-26 | by ( Kiana Wilburg | ) www.reuters.com time to read: +2 min

[1/2] Guyana's Vice President Bharrat Jagdeo poses for a photo during an interview with Reuters in Georgetown, Guyana, February 16, 2022. REUTERS/Sabrina ValleGEORGETOWN, June 26 (Reuters) - Nascent oil producer Guyana is not interested in joining the Organization of the Petroleum Exporting Countries (OPEC), Guyanese Vice-President Bharrat Jagdeo said on Monday, as the South American country looks to rapidly boost production and attract new operators. The Wall Street Journal reported on Monday that Saudi Arabia's energy minister, Abdulaziz bin Salman, and Haitham al-Ghais, OPEC's secretary-general, have invited Guyana to join the cartel. Guyana is planning an oil auction within a couple of months in hopes it can bring in other oil and gas companies. "We are committed to responsibly developing the resources offshore Guyana to maximize value for all stakeholders, including the government and people of Guyana," said Exxon spokesperson Meghan Macdonald in response to questions about the country and OPEC.

Persons: Bharrat Jagdeo, Sabrina Valle GEORGETOWN, Jagdeo, Abdulaziz bin Salman, Haitham, Meghan Macdonald, Kiana Wilburg, Sabrina Valle, Julia Symmes Cobb, Sandra Maler Organizations: Reuters, REUTERS, Organization of, Petroleum, OPEC, The, Natural Resources, Street, Exxon Mobil Corp, Exxon, Thomson Locations: Georgetown, Guyana, American, Vienna, Saudi

☆ Peak oil is another reason to shun OPEC club
▼ + stars: | 2023-06-26 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

The group known as OPEC+, which includes the organization’s 13 oil-producing members as well as allied nations like Russia, produces over 40% of the world’s oil. Guyana’s recoverable reserves of around 11 billion barrels in that field alone make it an obvious candidate to join OPEC. Non-OPEC oil nations, such as the United States, Brazil and Canada, are growing production. Even OPEC+ members aren’t united in their desire to prioritize price over production. OPEC+, which comprises the cartel’s 13 oil-producing states and ten other allied nations such as Russia, represents over 40% of the world’s oil production.

Persons: Groucho Marx, It’s, aren’t, Abdulaziz bin Salman, Haitham, Bharrat Jagdeo, Hess, Peter Thal Larsen, Oliver Taslic Organizations: YORK, Reuters, Organization of, Petroleum, Wall Street, Exxon Mobil, International Energy Agency, OPEC, United Arab Emirates, Cooperation, Saudi Energy, Wall Street Journal, Exxon, Thomson Locations: Guyana, OPEC, Russia, United States, Brazil, Canada, Nigeria, Saudi Arabia

☆ Oil settles narrowly mixed after smaller ECB hike; demand concerns linger
▼ + stars: | 2023-05-04 | by ( ) www.cnbc.com time to read: +2 min

OPEC Secretary General Haitham Al Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." Oil prices settled nearly unchanged on Thursday after the European Central Bank (ECB) decided to slow the pace of interest rate hikes, with prices still down more than 9% for the week on demand concerns in major consuming countries. Oil prices tumbled this week after concerns about the U.S. economy and signs of weak manufacturing growth in the world's largest oil importer China, sliding further after the U.S. Federal Reserve raised interest rates on Wednesday. The ECB increased its three policy rates by 25 basis points, the smallest hike since the central bank starting lifting them last summer, and kept its options open on future moves as it fights stubbornly high euro zone inflation. Along with investor indigestion over central bank messaging, Wall Street stock indexes were under pressure Thursday from another rout in U.S. bank shares, which have reeled from the collapse of a third major regional bank over the weekend.

☆ IEA should be 'very careful' about undermining key oil investments -OPEC chief
▼ + stars: | 2023-04-27 | by ( Maha El Dahan | ) www.reuters.com time to read: +3 min

Such comments could lead to oil market volatility in future, he said. Oil prices rose above $80 a barrel on the back of the decision, having fallen as low as $70 per barrel last month. Birol, in an interview with Bloomberg on Wednesday, said OPEC should be careful about pushing oil prices up as that would translate into a weaker global economy. OPEC+ and the IEA have jousted in recent months over their outlooks for global oil supply and demand. OPEC+ decided last year it would stop using data from the West's energy watchdog when assessing the state of the oil market.

☆ OPEC says IEA should be 'very careful' with repeated calls to stop investing in oil
▼ + stars: | 2023-04-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

OPEC Secretary General Haitham Al Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." OPEC Secretary General Haitham al-Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." He added that the influential group of 23 oil-exporting exporting nations was not targeting oil prices, but instead focusing on market fundamentals. In a Bloomberg TV interview on Wednesday, IEA Executive Director Fatih Birol used similar language in warning OPEC about boosting oil prices. "Other energy markets have been far more volatile," al-Ghais said, "with oil markets less so, mainly due to the stabilizing role of OPEC and the OPEC+ group."

☆ Oil prices settle higher on optimism about fuel demand in China
▼ + stars: | 2023-04-24 | by ( ) www.cnbc.com time to read: +2 min

OPEC Secretary General Haitham Al Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." Oil prices settled higher on Monday, reversing losses as investors grew optimistic that holiday travel in China would boost fuel demand in the world's largest oil importer. China's bumpy economic recovery after the COVID-19 pandemic has clouded the oil demand outlook, though Chinese customs data on Friday showed record volumes of imports in March. "There's a lot of optimism around Chinese holidays as it relates to jet fuel demand, the first genuine numbers on Chinese demand construction," said Bob Yawger, director of energy futures at Mizuho. "Planned output cuts by the OPEC+ alliance and a strong demand outlook from China could provide a fillip to prices in the coming days", said independent oil analyst Sugandha Sachdeva.

☆ Analysis: OPEC+ in driver's seat as oil supply growth lags demand
▼ + stars: | 2023-04-04 | by ( Alex Lawler | ) www.reuters.com time to read: +4 min

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.

☆ Iraq, OPEC stress need to coordinate to stabilise prices
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: 1 min

CAIRO, March 19 (Reuters) - Iraq's Prime Minister Mohammed Shia al-Sudani and OPEC Secretary General Haitham Al Ghais stressed the need to coordinate among oil-exporting nations to ensure prices do not fluctuate and impact both exporter and consumer countries, the Iraqi government said in a statement. Iraq is one of the founding members of the Organization of the Petroleum Exporting Countries (OPEC). Reporting by Omar Abdel-Razek; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ Barclays cuts 2023 oil price forecasts on resilient Russian output
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

Companies Barclays PLC FollowMarch 8 (Reuters) - Barclays cut its 2023 oil price forecasts on Wednesday, due in part to more resilient output from Russia than expected, and said the market could flip into a deficit in the second half of the year due to growing demand in China. China's oil demand could increase by 500,000 to 600,000 bpd in 2023, Haitham Al Ghais, the secretary general of the Organization of the Petroleum Exporting Countries (OPEC), said on Tuesday at the CERAWEEK conference, with global oil demand seen rising by 2.3 million bpd in 2023. Barclays, meanwhile, revised its 2023 demand estimate 150,000 bpd higher due in part to a somewhat improved growth outlook for the United States and Europe. It sees a 900,000 bpd increase in Chinese demand this year. The Group of Seven economies, the European Union and Australia agreed a price cap on Russian oil late last year, aiming to deprive Moscow of funds for its war in Ukraine.

The dinner with shale producers and OPEC officials continued a tradition that began around five years ago when they were fierce competitors. It has been held in most recent years during the CERAWeek energy conference in the U.S. oil industry capital. Among the other topics that came up were strong oil demand and what U.S. shale producers could do to meet it given what shareholders want, he said. The event comes at a tumultuous time for global markets with the war in Ukraine disrupting global oil and gas flows while enriching both producer groups. Fewer OPEC officials are present at this year's annual CERAWeek conference, with ministers from key countries, including Saudi Arabia and Iraq, absent from the attendee list.

March 6 (Reuters) - U.S. energy executives met privately with top OPEC officials on Monday on the sidelines of a Houston conference, people familiar with the matter said, continuing a tradition that began around five years ago when the two groups were fierce competitors. OPEC had viewed shale as an untamed force that undercut its revenue by bringing vast new oil supplies to market. The secretive dinner has been held in most recent years during the CERAWeek energy conference in the capital of the U.S. oil industry. This year's private dinner comes at a tumultuous time for global markets with the war in Ukraine disrupting global oil and gas flows while enriching both producer groups. Fewer OPEC officials are present at this year's annual CERAWeek conference, with ministers from key countries, including Saudi Arabia and Iraq, absent from the attendee list.

The comments at the CERAWeek energy conference in Houston show the industry remains on edge after weathering the initial aftermath of one of the biggest shocks to global energy flows in recent memory. On Feb.5, the G7 and allies also implemented a price cap on Russian fuel sales. On Tuesday, the Kremlin said it did not recognize the price cap. A STABLE OIL MARKET? China's oil demand will grow 500,000 to 600,000 barrels per day in 2023, OPEC's Al Ghais said, while global oil demand growth is expected to grow 2.3 million barrels per day in 2023.

The secretive dinner has been held almost annually at the CERAWeek energy conference. This year's event will be the first with Haitham Al Ghais as secretary general for the Organization of the Petroleum Exporting Countries. OPEC had viewed shale as an untamed force that undercut its revenue by bringing vast new oil supplies to market. Fewer OPEC officials are present at this year's annual CERAWeek conferencing, with ministers from key countries including Saudi Arabia and Iraq absent from the attendee list. Reporting by Liz Hampton and Ron Bousso in Houston; additional reporting by Stephanie Kelly Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Most Gulf bourses rise on higher oil prices; Egypt down
▼ + stars: | 2023-02-12 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 12 (Reuters) - Most Gulf bourses closed higher on Sunday in response to Friday's oil price rise, driven by Russian plans to reduce crude production next month. Oil, which fuels the region's economies, rose more than 2%, with Brent crude gaining $1.89 to $86.39 a barrel. Russia plans to reduce crude production by 500,000 barrels per day (bpd) in March, or about 5% of its total output. The index was dragged down by a 4.7% loss in Commercial International Bank Egypt (COMI.CA) and a 2.9% fall in Telecom Egypt (ETEL.CA). Among other losers, Misr Fertilizers (MFPC.CA) and Abu Dhabi Islamic Bank Egypt (ADIB.CA) slid 3.7% and 4.3% respectively.

☆ Iran OPEC official sees oil rebounding to $100/bbl in H2
▼ + stars: | 2023-02-08 | by ( Nidhi Verma | ) www.reuters.com time to read: +1 min

BENGALURU, Feb 8 (Reuters) - Global oil prices may rebound to about $100 per barrel in the second half this year as Chinese demand recovers while supply remains limited, Iran's OPEC representative Afshin Javan said on Wednesday. "I think OPEC is moving in right direction," Javan told reporters on the sidelines of the India Energy Week, referring to the group's decision in December to cut production. "Why OPEC did it was because it was not very optimistic about the demand side," Javan said. Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) although its oil exports are subjected to U.S. sanctions aimed at curbing Tehran's nuclear programme. On Monday, OPEC Secretary General Haitham Al Ghais also defended the group's decision to cut production, adding that the move helped stabilise global oil markets.

☆ Davos 2023: Big oil comes in from the cold on energy transition
▼ + stars: | 2023-01-20 | by ( Maha El Dahan | ) www.reuters.com time to read: +6 min

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.

☆ Davos 2023: China to boost oil demand by up to 500,000 bpd, OPEC tells Sky News Arabia
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: 1 min

DAVOS, Jan 17 (Reuters) - Chinese appetite for oil is expected to raise demand by 500,000 barrels per day after the country curbed its COVID-19 restrictions, OPEC Secretary General Haitham al-Ghais told Abu Dhabi-based Sky News Arabia from Davos on Tuesday. Demand from India and China could compensate for shrinkage expected from developed countries, he added. Separately, Al-Ghais said it is still early to assess the impact of sanctions on Russian oil supply. Reporting by Nadine Awadalla and Yomna Ehab Editing by Clauda Tanios Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ OPEC's U.S. shale worries subside as it cuts forecast
▼ + stars: | 2022-12-16 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

On Tuesday, OPEC trimmed its forecast for 2023 growth in U.S. tight oil, another term for shale, to 780,000 barrels per day. The group kept its 2022 forecast unchanged at 590,000 bpd, having steadily cut the figure from 880,000 bpd in July. from OPEC's monthly oil market reportU.S. shale oil drillers over the last two decades helped to turn the United States into the world's largest producer. OPEC+ in October made its biggest output cut since the pandemic took hold in 2020. Rapid growth in shale has previously caused problems for OPEC, as when it helped to create a supply glut during 2014-2016.

☆ OPEC chief says OPEC+ plays instrumental role in supporting market stability
▼ + stars: | 2022-12-10 | by ( ) www.reuters.com time to read: 1 min

CAIRO, Dec 10 (Reuters) - The OPEC+ alliance plays an instrumental role in supporting market stability, OPEC Secretary General Haitham Al Ghais said on the sixth anniversary of the group's formation. "Six years later, the framework continues to play an instrumental role in supporting market stability, which is essential for growth and development, as well as attracting the necessary investment to ensure energy security," Al Ghais said in a statement. OPEC+, which groups together the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia, last met on Dec. 4. Reporting by Maha El Dahan and Moaz Abd-Alaziz; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

U.S. West Texas Intermediate (WTI) crude rose $1.60, or 1.85%, to $88.13 after falling 1.6% in the previous session. The OPEC+ cuts and record U.S. oil export data also support oil price fundamentals, said CMC Markets analyst Tina Teng. Tamas Varga of oil broker PVM, meanwhile, said that dwindling oil supply, a possible halt to release of oil from the Strategic Petroleum Reserve (SPR) and reinvigotated oil demand growth could also send crude back above $100 a barrel. OPEC raised its forecasts for world oil demand in the medium and longer term on Monday, saying that $12.1 trillion of investment is needed to meet this demand. In a further cap to price gains, U.S. crude oil stocks are likely to rise in the week to Oct. 28, a preliminary Reuters poll showed.

☆ OPEC raises long-term oil demand view, calls for investment
▼ + stars: | 2022-10-31 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

Summary OPEC raises 2030, 2045 oil demand forecastsMaintains view that oil demand will plateau after 2035Sees $12.1 trillion of oil investment needed to 2045ABU DHABI, Oct 31 (Reuters) - OPEC raised its forecasts for world oil demand in the medium-and longer-term in an annual outlook released on Monday and said$12.1 trillion of investment is needed to meet this demand despite the energy transition. Another decade of oil demand growth would be a boost for OPEC, whose 13 members depend on oil income. In the report, OPEC maintained its view that world demand will plateau after 2035.Other predictions from companies and banks see oil demand peaking earlier. ENERGY SECURITY DEMAND BOOSTThe report said world oil demand will reach 103 million barrels per day in 2023, up 2.7 million bpd from 2022. By 2030, OPEC sees world demand averaging 108.3 million bpd, up from 2021, and lifted its 2045 figure to 109.8 million bpd from 108.2 million bpd in 2021.

☆ OPEC expected to stick to view of long-term oil demand rise
▼ + stars: | 2022-10-28 | by ( Alex Lawler | ) www.reuters.com time to read: +4 min

The Organization of the Petroleum Exporting Countries is scheduled to update its long-term oil demand forecasts in its 2022 World Oil Outlook on Oct. 31. The 2021 version sees oil demand plateauing after 2035. The latest update is likely to keep OPEC among the more optimistic forecasters of oil demand. OPEC World Oil Outlook 2021"It is similar to last year in terms of the demand outlook," one of the OPEC sources said. LOWER PROJECTIONSLast year, OPEC saw oil demand reaching 108.2 million barrels per day in 2045, up from 90.6 million bpd in 2020.

☆ OPEC Secretary-General: move to cut oil output was unanimous
▼ + stars: | 2022-10-18 | by ( Wendell Roelf | ) www.reuters.com time to read: +2 min

CAPE TOWN, Oct 18 (Reuters) - The OPEC+ oil producers group moved unanimously to cut output to prevent a crisis and stem a tide of volatility, OPEC's secretary-general told an energy conference in South Africa on Tuesday. read moreOPEC+ comprises the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia. Ghais told conference delegates in Cape Town that Africa's oil and natural gas reserves would be sought-after as energy demand was set to rise dramatically in the coming decades. He said OPEC forecast that global energy demand would increase by 23% from 286 million barrels of oil equivalent a day in 2021 to reach 351 million barrels of oil equivalent a day by 2045, with oil retaining the largest share in the energy mix. He said if investments in oil were not met there could eventually be "a serious supply shortfall resulting in more heightened volatility".

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