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☆ OPEC chief says delayed December output hike is 'nothing unusual'
▼ + stars: | 2024-11-04 | 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 EmailOPEC chief says delayed December output hike is 'nothing unusual'Haitham Al Ghais, the OPEC secretary general, says "we're always very proactive, precautionary when necessary," after delaying its December output hike.

Persons: Al Ghais, we're

☆ 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

☆ Watch CNBC's full interview with OPEC Secretary General Haitham al Ghais
▼ + stars: | 2024-04-29 | 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 EmailWatch CNBC's full interview with OPEC Secretary General Haitham al GhaisHaitham Al Ghais, OPEC Secretary-General, speaks to CNBC's Dan Murphy the World Economic Forum in Riyadh about OPEC’s response to the war in Gaza, Iran sanctions and other major energy issues.

Persons: Haitham al, Al, CNBC's Dan Murphy Organizations: World Economic Locations: Al Ghais, Riyadh, Gaza, Iran

☆ OPEC secretary general: Not uncommon for us to go through periods of geopolitical tensions
▼ + stars: | 2024-04-28 | 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 EmailOPEC secretary general: Not uncommon for us to go through periods of geopolitical tensionsHaitham Al Ghais, the OPEC secretary general, says at OPEC "we always try to make sure that there's adequate supplies to the market," despite geopolitical tensions and turmoil.

Persons: Al Ghais

☆ Oil demand rising by over 2 million barrels a day this year: OPEC chief
▼ + stars: | 2024-02-13 | 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 EmailOil demand rising by over 2 million barrels a day this year: OPEC chiefHaitham Al Ghais, the OPEC secretary general, discusses oil output, Middle East tensions, and the energy transition at the World Governments Summit.

Persons: Haitham Al Ghais Organizations: Email, World Governments

☆ Brazil to join OPEC+ but won't cap oil output, Petrobras CEO says
▼ + stars: | 2023-12-01 | by ( Rodrigo Viga Gaier | ) www.reuters.com time to read: +2 min

Jean Paul Prates, CEO of Brazil's state-run oil company Petrobras, speaks during a news conference at the Petrobras headquarters in Rio de Janeiro, Brazil March 2, 2023. "We would never be part of an organization that imposes (production) quotas to Brazil, Petrobras is a publicly-traded company and we cannot have quotas." Brazil's energy minister said on Thursday the country was eager to join OPEC+ after a full technical analysis. Brazil is the largest oil producer in South America, at 4.6 million barrels per day of oil and gas, of which 3.7 million bpd are crude. Prates, who in October received OPEC Secretary General Haitham Al Ghais in Brazil, noted OPEC+ was a group that includes countries with no voting rights and to which production caps are not imposed, which would be the case of Brazil.

Persons: Jean Paul Prates, Pilar Olivares, Luiz Inacio Lula da Silva's, Haitham Al, Brazil's, Prates, Rodrigo Viga Gaier, Gabriel Araujo, Steven Grattan Organizations: Petrobras, REUTERS, DE, PETR4, Reuters, OPEC, Thomson Locations: Brazil's, Rio de Janeiro, Brazil, DE JANEIRO, OPEC, American, South America, Haitham Al Ghais

☆ CNBC Daily Open: Is record Black Friday sales surge a false dawn?
▼ + stars: | 2023-11-28 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

This 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. Shein IPOFast-fashion retailer Shein has confidentially filed to go public in the U.S. and is moving ahead with its long-awaited IPO, CNBC has learned. The last danceTikTok parent ByteDance is cutting hundreds of jobs in its gaming division, Nuverse, a person familiar with the matter told CNBC. CNBC Pro identifies where to get the biggest bang for your idle buck as 2023 winds down.

Persons: Shein, Binance, Brian Armstrong, Armstrong, Tencent, Nuverse, Haitham Al Ghais Organizations: National Retail Federation, CNBC, Dow Jones, Nasdaq, U.S . Department of Justice, U.S, Bank, of Petroleum, United Nations, United Arab, Federal Locations: New York, U.S, China, Iran, United Arab Emirates

Secretary General of Organization of the Petroleum Exporting Countries (OPEC) Haitham Al Ghais speaks during the Energy Asia conference in Kuala Lumpur, Malaysia June 26, 2023. "This presents an extremely narrow framing of challenges before us, and perhaps expediently plays down such issues as energy security, energy access and energy affordability," Al Ghais said in a statement. Al Ghais has said OPEC would be present at the climate talks. In Thursday's note, the IEA was also critical of carbon capture technologies. It is that the energy challenges before us are enormous and complex and cannot be limited to one binary question," Al Ghais said.

Persons: Haitham Al Ghais, Hasnoor Hussain, Al Ghais, facto, Maha El, Mark Potter Organizations: Organization of, Petroleum, Energy Asia, REUTERS, IEA, Dubai DUBAI, International Energy Agency, of the Petroleum, United Arab Emirates, Thomson Locations: Kuala Lumpur, Malaysia, Dubai, Paris, UAE, OPEC, Saudi Arabia, Egypt, U.N, Russia, Ukraine

☆ OPEC says oil industry unjustly vilified ahead of COP28 climate talks
▼ + stars: | 2023-11-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

The Organization of Petroleum Exporting Countries on Monday said the oil and gas industry is being unjustly vilified ahead of a pivotal United Nations conference on the climate crisis later this week. OPEC Secretary General Haitham Al Ghais pushed back against accusations that the industry is not doing enough to reduce carbon emissions. The industry was taken to task last week for its role in the climate crisis and its commitment to clean energy by the Paris-based International Energy Agency (IEA). Just 1% of global investment in clean energy comes from the oil and gas industry, according to the IEA. Al Ghais also said oil and gas companies are making major investments in renewables and technologies that reduce emissions.

Persons: Haitham Al Ghais, who's, Al Ghais, Fatih Birol, Birol Organizations: OPEC, of Petroleum, United Nations, International Energy Agency, Change, United Arab, UAE, Exxon, Chevron, Natural Resources, IEA, Producers, Occidental Petroleum, U.N Locations: Russia, Paris, Kuwaiti, United Arab Emirates, U.S, Al

☆ OPEC hikes long-term oil demand outlook — in stark contrast to other predictions of peak crude
▼ + stars: | 2023-10-09 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

OPEC on Monday raised its medium- and long-term forecasts for global oil demand. OPEC's long-term forecast for global oil demand diverges from that of the International Energy Agency, the world's leading energy watchdog. OPEC and the IEA, both big names in the energy industry, are currently locked in a war of words over peak oil demand. For its long-term oil demand forecast to be met, OPEC said oil sector investments of $14 trillion, or around $610 billion on average per year, would be needed. In the medium term, OPEC said global oil demand was likely to reach a level of 110.2 million bpd in 2028, reflecting a jump of 10.6 million bpd when compared to 2022 levels.

Persons: Haitham, Ghais Organizations: International Energy Agency, OPEC, Oil Outlook Locations: Nolan , Texas, OPEC, India, China, Africa

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo Acquire Licensing RightsLONDON/DUBAI, Oct 6 (Reuters) - OPEC has raised its medium- and long-term oil demand outlook in a forthcoming report, three OPEC sources said, despite the transition toward renewable energy, highlighting the oil exporting group's more bullish view compared to other forecasters. Higher oil demand would be a boost for producers and the 13-nation OPEC and would underscore the need for continued investment. It also highlights OPEC's more bullish view on the oil demand outlook compared to the International Energy Agency (IEA) and other forecasters. The 2022 version of OPEC's report sees oil demand reaching a plateau after 2035.

Persons: Ramzi Boudina, Haitham Al Ghais, Prince Abdulaziz bin Salman, Fatih Birol, Alex Lawler, Maha El, Simon Webb, Sharon Singleton Organizations: Organization of, Petroleum, REUTERS, OPEC, of, International Energy Agency, Saudi Energy, IEA, Financial Times, Thomson Locations: Algiers, Algeria, DUBAI, Riyadh, Saudi Arabia, OPEC, Vienna

☆ Peak crude demand is fueling anger and argument in the world of oil
▼ + stars: | 2023-10-05 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

Peak oil demand refers to the point in time when the highest level of global crude demand is reached, which will be immediately followed by a permanent decline. This would theoretically decrease the need for investments in crude oil projects and make them less economical as other energy sources take over. "Such narratives only set the global energy system up to fail spectacularly," OPEC Secretary General Haitham al-Ghais said in a Sept. 14 statement. The IEA's roadmap calls for daily oil demand to be slashed by 25% in seven years' time. 'We all strive for the same thing'OPEC leaders, meanwhile, point to continuing yearly increases in oil demand, particularly from major emerging markets like China and India.

Persons: Leonard Ortiz, It's, Haitham, Ghais, Claudio Descalzi, Steve Sedgwick, Descalzi Organizations: MediaNews, Orange, Getty, International Energy Agency, OPEC, IEA, Abu Dhabi International Petroleum Exhibition Conference, Abu Dhabi International Progressive Energy Conference, United, Eni Locations: Huntington Beach , California, United Arab Emirates, UAE, OPEC, China, India

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. Brent December crude futures rose $1.04 to $93.24 a barrel by 1124 GMT after falling 90 cents on Friday. Both benchmarks rallied nearly 30% in the third quarter on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year. A Reuters survey on Monday showed OPEC oil output rose for a second straight month in September, led by increases in Nigeria and Iran despite cuts by Saudi Arabia. Despite the brighter China news, European manufacturing data showed the euro zone, Germany and Britain all remained mired in a downturn in September - bad news for oil demand.

Persons: Agustin Marcarian, Baker Hughes, Brent, Hiroyuki Kikukawa, Haitham Al Ghais, Paul Carsten, Yuka Obayashi, Emily Chow, Kim Coghill, Kirsten Donovan Organizations: REUTERS, . West Texas, of, Petroleum, Reuters, NS, ING, PMI, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, U.S, Saudi Arabia, Russia, OPEC, Nigeria, Iran, Turkey, Iraq, China, Germany, Britain, London, Tokyo

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. Brent December crude futures rose 17 cents, or 0.18%, to $92.37 a barrel by 0802 GMT after falling 90 cents on Friday. Brent November futures settled 7 cents lower at $95.31 a barrel at the contract's expiry on Friday. U.S. West Texas Intermediate crude futures gained 26 cents, or 0.29%, to $91.05 a barrel, after losing 92 cents on Friday. Both benchmarks rallied nearly 30% in the third quarter on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year.

☆ ‘Extremely risky’: OPEC criticizes IEA forecast that fossil fuel demand will peak before 2030
▼ + stars: | 2023-09-14 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Oil producer group OPEC on Thursday sharply criticized the IEA's forecast that demand for fossil fuels like coal, oil and gas will peak before the end of the decade, describing such a narrative as "extremely risky," "impractical" and "ideologically driven." The IEA, the world's leading energy watchdog, said Tuesday that the world was now at the "beginning of the end" of the fossil fuel era. His assessment is based off of the IEA's World Energy Outlook, an influential report which is due out in October. OPEC, a multinational group of mainly Middle Eastern and African nations, published a statement Thursday to outline its objections to the IEA chief's forecast. OPEC said that previous predictions of peak fossil fuel demand had failed to materialize.

Persons: Biden, Fatih Birol, Birol, Haitham, Ghais Organizations: Trans, Trans Alaska Pipeline System, National Petroleum Reserve, Financial Times, Energy, OPEC, IEA Locations: Trans Alaska, Alaska, Delta Junction

☆ Oil prices stable as market awaits data on inventories, economy
▼ + stars: | 2023-09-12 | by ( ) www.cnbc.com time to read: +1 min

OPEC Secretary General Haitham Al Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." Investors awaited industry data on U.S. crude stockpiles due at 2030 GMT on Tuesday. Crude inventories were expected to have fallen by about 2 million barrels in the week to Sept. 8, a preliminary Reuters poll showed on Monday. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lackluster macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast for 2024 unchanged.

Persons: Haitham Al Ghais, Brent, OPEC's Organizations: Brent, U.S, West Texas, Investors, European Central Bank, European, International Energy Agency, Organization of, Petroleum, IEA Locations: OPEC, Europe, U.S, Saudi Arabia, Russia

☆ Op-ed: Why the world needs more oil, not less
▼ + stars: | 2023-08-30 | by ( His Excellency Haitham Al Ghais | Opec Secretary General | ) www.cnbc.com time to read: +3 min

If oil vanished today, these and many other vital products and services that use oil or its derivatives would vanish too. The World Energy Report for 2022, published by the UK-based Energy Institute and consulting firms KPMG and Kearney, noted that fossil fuels constituted 82% of global energy in 2022. This is comparable to OPEC's latest world oil outlook and represents a similar level to 30 years ago. The bottom line is that it is possible to invest heavily in renewables while continuing to produce the oil the world needs today and in the coming decades. Similarly, in the EU, vehicles using petrol or diesel still accounted for around half of all car sales in 2022.

Persons: BEV, BEVS Organizations: Transportation, Energy, Energy Institute, KPMG, Kearney, Toyota Prius, U.S . National Automobile Dealers Association, EU Locations: U.S, China, Paris

☆ Oil prices steady as markets weigh weak China data, tighter crude supplies
▼ + stars: | 2023-08-16 | 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 held steady in early trading on Wednesday after a 1% drop in the previous session, as markets weighed weak economic data from China, the world's biggest oil importer, against tightening U.S. crude supplies. Brent crude futures rose 3 cents to $84.92 a barrel at 0001 GMT, while U.S. West Texas Intermediate crude rose 5 cents $81.04. Meanwhile, stronger-than-expected retail sales data in the United States, the world's top oil consumer, stoked worries that interest rates could stay higher for longer. Supply cuts by Saudi Arabia and Russia, part of the OPEC+ group comprising the Organization of the Petroleum Exporting Countries and allies, have pushed up oil prices over the past seven weeks.

Persons: Haitham Al Ghais, Neel Kashkari, Fitch Organizations: Brent, U.S, West Texas, American Petroleum Institute, Reuters, Minneapolis Federal, of, Petroleum Locations: OPEC, China, Beijing, United States, Minneapolis, U.S, Saudi Arabia, Russia

☆ Oil steady as weak Chinese economic data offsets gains from lower oil stocks
▼ + stars: | 2023-07-21 | by ( ) www.cnbc.com time to read: +1 min

OPEC Secretary General Haitham Al Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." Brent futures rose 3 cents to $79.67 a barrel by 0016 GMT, while U.S. West Texas Intermediate, or WTI, crude climbed 9 cents to $75.74 a barrel. Brent was on track to close down 0.2% for the week, while WTI was set to tick up 0.4%. Higher interest rates could slow economic growth and reduce oil demand. Keeping a lid on prices, however, were China's weak economic figures.

Persons: Haitham Al Ghais, Brent, WTI Organizations: U.S, West Texas, Energy Information Administration, Federal Locations: OPEC

☆ There is a lot of ambiguity in the macroeconomic picture: OPEC secretary general
▼ + stars: | 2023-07-06 | 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 EmailThere is a lot of ambiguity in the macroeconomic picture: OPEC secretary general“There is a lot of ambiguity” in the macroeconomic picture, OPEC Secretary General Haitham Al Ghais tells CNBC’s Dan Murphy as oil shrugs off recent production cuts.

Persons: Haitham Al Ghais, CNBC’s Dan Murphy

☆ 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.

☆ 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."

☆ 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.

☆ 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.

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