Latest news with #economies
Zawya
11-07-2025
- Business
- Zawya
Global oil demand rising steadily, to hit 123m bpd by 2050: OPEC
The Organisation of the Petroleum Exporting Countries (Opec) revealed its World Oil Outlook 2025 today (July 10) at the 9th Opec International Seminar, delivering a firm message: global oil demand is not in decline. On the contrary, Opec forecasts that demand will rise steadily to nearly 123 million barrels per day (bpd) by 2050, driven by rapid growth in developing economies. The report comes as Opec+ begins easing voluntary production cuts. Since May, over 400,000 bpd has been gradually restored to the market. However, a core cut of 3.65 million bpd remains in effect through to the end of 2026, reflecting a cautious approach to market stability. Addressing the gathering, Opec Secretary General Haitham Al Ghais, said that the world requires more energy in the decades to come, and 'for this to be available in a secure, stable and realistic manner that the world will continue to need all energies'. Al Ghais also highlighted that the world will continue to need all energies. "It is also a future in which we need to embrace all technologies, to drive innovation and efficiencies, and ensure that all peoples are taken into account, particularly given that it is the non-OECD developing world that will drive future energy growth," he stated. This long-term projection runs counter to the International Energy Agency (IEA), which expects oil demand to peak before 2030 due to increased adoption of electric vehicles (EVs) and renewable energy. Opec, however, sees fossil fuels, particularly oil, playing a central role in the global energy mix for decades to come. While demand in Europe and North America is expected to plateau or fall, consumption is set to surge in India, Africa, and the Middle East. Population growth, urbanisation, and rising incomes are increasing energy needs in these regions — and oil remains one of the most accessible and reliable sources. Opec has slightly revised its medium-term demand forecast, citing slower economic growth in China and faster-than-expected EV uptake. Still, it predicts oil demand will hit 111.6 million bpd by 2029, down only marginally from the 111.8 million forecasted previously. To keep pace with rising demand, the oil industry will need to invest approximately $18.2 trillion by 2050, according to Opec. This includes funding for exploration, production, refining, transport, and maintenance. Without adequate investment, the report warns, the world could face supply shortfalls and price instability. Given that many existing oil fields naturally decline by 4–5% each year, sustained funding is essential just to maintain current output - let alone meet future demand. Opec stresses that the global energy transition should be 'orderly, just, and inclusive.' While renewables are expanding, many countries still depend on oil for transport, manufacturing, and development. By 2050, Opec expects fossil fuels to account for over 60% of global energy supply, with oil contributing around 29%. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
France 24
08-07-2025
- Business
- France 24
Trump says 'no extensions' to Aug 1 tariff deadline
While Trump imposed a sweeping 10 percent tariff on goods from almost all trading partners in April, higher rates customized to dozens of economies were unveiled, then halted until July 9. But the president this week again delayed their reimposition, pushing it back to August 1. Trump insisted that there would be no further delay in the tariffs. "There will be no change," he posted on Truth Social. He added that levies would start being paid on August 1, in line with letters now being sent out to trading partners. "No extensions will be granted," Trump said. On Monday night, Trump had told reporters at a dinner that the August 1 deadline was "firm, but not 100 percent firm." Pressed on whether the letters were his final offer, Trump replied: "I would say final -- but if they call with a different offer, and I like it, then we'll do it." In a push for further trade deals, Trump sent letters to more than a dozen partners on Monday, including key US allies Japan and South Korea. Products from both countries would be hit with 25 percent duties, Trump wrote in near-identical letters to leaders in Tokyo and Seoul. Indonesia, Bangladesh, Thailand, South Africa and Malaysia were among other countries facing duties ranging from 25 percent to 40 percent. In his messages to foreign leaders, Trump warned of further escalation if there was retaliation against his levies. Most countries receiving the letters so far saw US tariffs at similar or unchanged rates from those threatened in April, although some like Laos and Cambodia saw notably lower levels. The Trump administration is under pressure to show results after promising a flurry of deals following the US president's tariff threats. So far Washington has only struck two pacts, with Britain and Vietnam, besides an agreement to dial back staggeringly high tit-for-tat levies with China. In threatening tariff hikes on various economies, Trump cited in his letters a lack of reciprocity in trading ties. He also warned that goods transshipped to avoid higher duties would be subjected to steeper levels. But he added that if countries were willing to adjust their trade policies, Washington "will, perhaps, consider an adjustment to this letter." © 2025 AFP
Bloomberg
01-07-2025
- Business
- Bloomberg
Manufacturing Slumps Anew in Asia as US Tariffs Poised to Rise
The slowdown in Asia's manufacturing activity deepened further in June, a warning sign for the region's growth prospects as tariffs on shipments to the US are poised to increase next week. Export-reliant economies including Taiwan and Vietnam saw their purchasing managers indexes deteriorate further, with factories reporting a continued decline in new orders, output and staffing as the trade war saps demand.
Yahoo
28-06-2025
- Business
- Yahoo
US multinationals on track for minimum tax reprieve after G7 deal
The world's leading economies have agreed a deal to spare the US's largest companies from paying more corporate tax overseas, throwing into Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Times
20-06-2025
- Business
- New York Times
The Feminist Case for Spending Billions to Boost the Birthrate
There is a certain type of problem whose sheer time scale makes solutions difficult: The longer the time between today's decisions and tomorrow's catastrophes, the harder it is to demand sacrifices now in order to ensure those catastrophes never happen. Climate change is the obvious example. But it's increasingly clear that there is another: population decline. As the problem of falling birthrates attracts more concern — and previous efforts to reverse it have proved insufficient — a growing body of research indicates that a genuine solution will require a paradigm shift in society's understanding about what is worth paying for and who ought to pay it. Across most of the world, fertility rates are falling. As economies develop, fertility rates tend to decline — and when economies develop especially quickly, fertility rates often plummet to particularly low levels. In many countries they are already below 2.1 births per woman, the 'replacement level' needed to keep populations steady from one generation to the next. If current trends continue, by 2050 more than three-quarters of countries will be below replacement-level fertility. By 2100, populations in some major economies will fall by 20 to 50 percent. And because birthrates compound like debt, the further fertility rates drop in one generation, the more they would need to increase in the next one to make up the numbers. If birthrates do not change, the eventual result would be human extinction. That is a long way off, but population shrinkage is likely to have severe consequences far sooner. As the ratio of working-aged adults to dependent children and retirees falls, there are fewer workers to support the social safety net. The result is that taxes rise, the quality of public services deteriorates, and the economy eventually shrinks. Politicians, policymakers and the public increasingly realize that this is a serious problem. And yet despite a variety of financial incentives, ad campaigns and other policies, birthrates have continued to fall. Want all of The Times? Subscribe.
