Latest news with #WorldOilOutlook
Business Standard
11-07-2025
- Business
- Business Standard
India's primary energy demand to see CAGR expansion of 2.7% over next two and half decades
The Organization of Petroleum Exporting Countries or OPEC came up with an upbeat assessment of long-term energy demand for India. OPECs World Oil Outlook noted that India primary energy demand is set to see an expansion of 2.7% on a CAGR basis between 2024-2020. The total primary energy demand is seen at 22 million barrels oil equivalent per day (mboe/d) in 2024 and is likely to hit 43.6 mboe/d by 2050. OPEC sees crude oil accounting for a 31% share of this 2050, increasing from 25.1% right now. Coal dependence is set to fall from 45.8% to 29.6% while the share of gas is estimated to rise from 5.6% to 11.6% during the same time.
CNBC
11-07-2025
- Business
- CNBC
Oil bull says OPEC forecast sets stage for price surge
Oil bull Josh Young tells CNBC's Dan Murphy that OPEC's latest World Oil Outlook forecast could set the stage for a long-term uptick in oil prices.
Gulf Insider
11-07-2025
- Business
- Gulf Insider
OPEC Says Global Oil Consumption Will Hit 123 Million BPD
OPEC projects oil demand rising 19% to 123 million bpd by 2050, led by India and Africa. The forecast contrasts sharply with IEA projections of demand peaking by 2030. U.S. withdrawal from the Paris Agreement seen by OPEC as supporting continued hydrocarbon demand. 'There is no peak oil demand on the horizon,' OPEC Secretary General Haitham Al Ghais wrote in the foreword of OPEC's latest World Oil Outlook (WOO), which sees global oil demand growing by about 19% from now until 2050 to reach 123 million barrels per day (bpd). In view of slowing Chinese demand growth, OPEC revised down its oil demand growth forecasts for all years between 2025 and 2029. However, global economic development with growing demand for oil and an increasing global population and middle class are set to underpin demand growth in the coming decades. OPEC reiterated its view that there is no peak oil demand in sight and the world will see continued rising consumption for decades. India will lead global oil demand growth through 2050, boosting consumption by 8.2 million bpd between 2025 and 2020. The Middle East and Africa will also be key demand growth drivers, according to OPEC's view. Moreover, oil demand will also be supported by U.S. President Donald Trump's exit from the Paris Agreement. 'The US withdrawal from the Paris Agreement will impact climate change negotiations and would most likely result in higher demand for hydrocarbons in general, and oil and gas in particular,' OPEC said in the World Oil Outlook as cited by Bloomberg. 'Continued, and even marginally higher, oil demand in the US is to be expected over the medium-term period.' OPEC's view that there is no peak oil demand on the horizon contrasts with forecasts from the industry and the International Energy Agency (IEA). Many of the largest oil firms see demand plateauing at some point next decade, while the IEA has just doubled down on its narrative that a peak in global oil demand is still on the horizon. Global oil demand is forecast to rise by 2.5 million bpd from 2024 to 2030, reaching a plateau around 105.5 million bpd by the end of the decade, per the IEA's annual Oil 2025 report for the medium term. Annual global growth will slow from about 700,000 bpd in 2025 and 2026 'to just a trickle over the next several years, with a small decline expected in 2030, based on today's policy settings and market trends,' the IEA said. Also read: Oil Markets Are Tighter Than They Look
Zawya
11-07-2025
- Business
- Zawya
World requires more energy in decades to come: OPEC Secretary-General
VIENNA: Haitham Al Ghais, Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), has affirmed that the world will need more energy in the coming decade and stressed the need to ensure oil supplies are delivered in a stable and secure manner. Speaking on the sidelines of the 9th OPEC International Seminar held at the organisation's headquarters in the Austrian capital, VIENNA, Al Ghais underlined the urgent requirement for substantial investments in the energy mix. He said this must be accompanied by an integrated approach that includes the use of modern technologies, emissions reduction, and consideration of the needs of oil markets, particularly in non-energy-producing countries. Al Ghais also announced the launch of OPEC's 2025 World Oil Outlook report during the seminar. This marks the first time the organisation has released its annual outlook during the event. He noted the importance of the report, which outlines OPEC's projections on the complex and interrelated issues shaping the development of the global oil market. The publication provides valuable data and insight for policymakers, decision-makers, industry experts and energy companies.
New Straits Times
11-07-2025
- Business
- New Straits Times
Oil prices recover slightly but US tariffs, OPEC downgrade weigh
BEIJING: Oil prices steadied in early trading on Friday following a 2.0 per cent drop in the previous session that was driven by US President Donald Trump's new tariffs, expected to hurt economic growth, and a cut to OPEC demand forecasts. Brent crude futures rose 19 cents, or 0.28 per cent, to US$68.83 a barrel as of 0037 GMT. US West Texas Intermediate crude ticked up 26 cents to US$66.83 a barrel, up 0.39 per cent. The Organization of the Petroleum Exporting Countries (OPEC), in its 2025 World Oil Outlook published on Thursday, cut its forecasts for global oil demand in 2026 to 2029 because of slowing Chinese demand. Global demand will average 106.30 million barrels per day (bpd) in 2026, OPEC said, down from 108.00 million bpd expected in last year's forecast. US President Donald Trump on Thursday announced a 35 per cent tariff rate for goods imported from Canada, starting Aug 1, and said the United States planned to impose blanket tariffs of 15 per cent or 20 per cent on most other trade partners. Earlier in the day, President Trump threatened punitive tariffs on Brazil, Latin America's largest economy, and laid out plans for duties on copper, semiconductors and pharmaceuticals. The European Union is expected to propose a floating Russian oil price cap in a new sanctions package this week, after a fall in oil prices made the current cap irrelevant, according to EU diplomat sources on Thursday.
