Peak Oil: Robust Global Demand Will Continue Says Top OPEC Official - Bloomberg
OPEC’s top official said global oil demand will continue strong growth this year and a peak in consumption doesn’t appear to be on the horizon.
“We are seeing positive signs of good revisions to some parts of the global economy, most notably the United States,” OPEC Secretary-General Haitham Al Ghais told a panel at the World Governments Summit in Dubai on Tuesday. “I think talking about peak oil demand is probably something way far out.”
Several influential forecasters predict that oil demand will hit a maximum in the coming years, as countries switch to renewable energy and electric vehicles in an effort to avoid damaging climate change. The International Energy Agency in Paris anticipates a peak before the end of this decade. The Organization of Petroleum Exporting Countries has been a notable exception to this view.
“We still feel very robust” about China and see a “phenomenal economic growth” in India, Al Ghais said. OPEC predicts an increase in global oil demand of more than 2 million barrels a day this year, a continuation of the healthy growth seen in 2023, he said.
Oil demand has surged in the past couple of years as the appetite for transport fuels bounced back from the pandemic. Yet OPEC and its allies have been deepening their production cuts and oil has remained in a range near $80 a barrel in London as supplies from elsewhere satisfy the increase in consumption.
“We’re seeing good production coming out of Guyana, out of Brazil, Canada,” Al Ghais said. There could be a slowdown in output growth in the US, but he cautioned that the industry there has proved “it’s resilient and we keep seeing a surprise in shale production, year on year.”
In this environment OPEC+ will “continue to be very preemptive, proactive,” Ah Ghais said.
Tuesday, 13 February 2024
India, #UAE sign pact on trans-continental trade corridor | Reuters
India, UAE sign pact on trans-continental trade corridor | Reuters
India and the United Arab Emirates on Tuesday signed an agreement on a trade corridor that aims to connect Europe with India through parts of the Middle East by sea and rail, an ambitious plan backed by the U.S. and the European Union.
The corridor, announced last September on the sidelines of the G20 summit in New Delhi, aims to extend from India across the Arabian Sea to the United Arab Emirates and through Saudi Arabia before connecting through Jordan and Israel to Europe.
India and the United Arab Emirates on Tuesday signed an agreement on a trade corridor that aims to connect Europe with India through parts of the Middle East by sea and rail, an ambitious plan backed by the U.S. and the European Union.
The announcement of the framework agreement, reached during a visit by Prime Minister Narendra Modi to the Gulf state, was released in a statement by the Indian foreign ministry, although few details on what the sides had agreed on were made public.
"This would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity," the ministry statement said.
"This would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity," the ministry statement said.
The corridor, announced last September on the sidelines of the G20 summit in New Delhi, aims to extend from India across the Arabian Sea to the United Arab Emirates and through Saudi Arabia before connecting through Jordan and Israel to Europe.
Alpha Dhabi's net profit climbs to record $3.6bln in 2023
Alpha Dhabi's net profit climbs to record $3.6bln in 2023
Alpha Dhabi Holding (Alpha Dhabi), one of the MENA region's most rapidly expanding investment holding companies, today unveiled its financial results for the year ended 31st December 2023, reporting a Group Net Profit of AED 13.3 billion, an increase of 25 percent year-on-year. These outstanding results reflect the Group's strategic implementation across key verticals and its unwavering commitment to generating enhanced shareholder value.
Hamad Al Ameri, Managing Director and CEO of Alpha Dhabi Holding, said, “Alpha Dhabi's impressive performance in 2023 is both a reflection of our strength and capabilities as well as a validation of the depth, resilience, and diversity that's found across our growing portfolio. Reporting a Net Profit of AED 13.3 billion, an increase of 25 percent year-on-year, shows full well the pace of our growth momentum. As we advance into 2024, we are on a strong footing to enhance our core investment activities through strategic partnerships and acquisitions. Our joint ventures with ADNOC Drilling and Mubadala is a testament to this ambition, as we will deploy up to AED 2.1 billion into oil field services and AED 1.7 billion into global credit opportunities."
Alpha Dhabi’s revenue also saw substantial growth, reaching AED 45.4 billion, a 14 percent increase year-on-year from the same period last year.
Throughout 2023, all business divisions delivered excellent performance which is reflected by the increased revenue reported across these segments. 2023 was also marked by the positive impact born out of the strategic acquisitions and investments made since 2022, most notably the consolidation of Aldar Properties PJSC starting Q2 2022.
Alpha Dhabi Holding (Alpha Dhabi), one of the MENA region's most rapidly expanding investment holding companies, today unveiled its financial results for the year ended 31st December 2023, reporting a Group Net Profit of AED 13.3 billion, an increase of 25 percent year-on-year. These outstanding results reflect the Group's strategic implementation across key verticals and its unwavering commitment to generating enhanced shareholder value.
Hamad Al Ameri, Managing Director and CEO of Alpha Dhabi Holding, said, “Alpha Dhabi's impressive performance in 2023 is both a reflection of our strength and capabilities as well as a validation of the depth, resilience, and diversity that's found across our growing portfolio. Reporting a Net Profit of AED 13.3 billion, an increase of 25 percent year-on-year, shows full well the pace of our growth momentum. As we advance into 2024, we are on a strong footing to enhance our core investment activities through strategic partnerships and acquisitions. Our joint ventures with ADNOC Drilling and Mubadala is a testament to this ambition, as we will deploy up to AED 2.1 billion into oil field services and AED 1.7 billion into global credit opportunities."
Alpha Dhabi’s revenue also saw substantial growth, reaching AED 45.4 billion, a 14 percent increase year-on-year from the same period last year.
Throughout 2023, all business divisions delivered excellent performance which is reflected by the increased revenue reported across these segments. 2023 was also marked by the positive impact born out of the strategic acquisitions and investments made since 2022, most notably the consolidation of Aldar Properties PJSC starting Q2 2022.
Mideast Stocks: Most Gulf markets gain ahead of US inflation report
Mideast Stocks: Most Gulf markets gain ahead of US inflation report
Most stock markets in the Gulf ended higher on Tuesday, as investors waited for a U.S. inflation report to gauge when the Federal Reserve could cut interest rates this year.
January U.S. inflation data could jolt markets at 1330 GMT. Economists polled by Reuters expect the consumer price index (CPI) to rise 2.9% year-on-year, down from 3.4% in the previous month.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy because most regional currencies are pegged to the U.S. dollar.
January U.S. inflation data could jolt markets at 1330 GMT. Economists polled by Reuters expect the consumer price index (CPI) to rise 2.9% year-on-year, down from 3.4% in the previous month.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy because most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index advanced 0.9%, led by a 1.1% rise in Al Rajhi Bank and a 2.8% increase in oil behemoth Saudi Aramco. Aramco has started trading a U.S. crude oil grade that underpins the global Brent benchmark in a process run by oil-index publisher S&P Global Commodity Insights, the publisher said.
The Saudi stock market continued to climb, breaking above its January peak. The market recorded positive performances across several sectors in particular banks and energy, said George Khoury, Global Head of Education and Research at CFI.
The Qatari benchmark finished 0.5% higher, led by an 8.3% jump in Qatar Gas Transport (Nakilat), rising for a third consecutive session. On Saturday, QatarEnergy said it has selected Qatar Gas Transport to be the owner and operator of up to 25 conventional-size LNG carriers.
The Saudi stock market continued to climb, breaking above its January peak. The market recorded positive performances across several sectors in particular banks and energy, said George Khoury, Global Head of Education and Research at CFI.
The Qatari benchmark finished 0.5% higher, led by an 8.3% jump in Qatar Gas Transport (Nakilat), rising for a third consecutive session. On Saturday, QatarEnergy said it has selected Qatar Gas Transport to be the owner and operator of up to 25 conventional-size LNG carriers.
In Abu Dhabi, the index added 0.3%, ending two sessions of losses.
Oil prices - a catalyst for the Gulf's financial markets -edged up as uncertainty over fighting in the Middle East kept markets on edge, but gains were capped by concerns that continued high interest rates may weigh on energy demand.
Dubai's main share index gained 0.2% helped by a 2.3% rise in Mashreqbank.
Outside the Gulf, Egypt's blue-chip index was up 0.4%.
Oil prices - a catalyst for the Gulf's financial markets -edged up as uncertainty over fighting in the Middle East kept markets on edge, but gains were capped by concerns that continued high interest rates may weigh on energy demand.
Dubai's main share index gained 0.2% helped by a 2.3% rise in Mashreqbank.
Outside the Gulf, Egypt's blue-chip index was up 0.4%.
#Saudi Aramco starts trading US crude that helps set Brent oil benchmark | Reuters
Saudi Aramco starts trading US crude that helps set Brent oil benchmark | Reuters
More players have become involved in trading crude that can set the Brent price in the Platts window since Platts added WTI to the benchmark last year. One expert said Aramco's involvement is an endorsement of the changes.
Saudi state oil company Aramco has started trading a U.S. crude oil grade that underpins the global Brent benchmark in a process run by oil-index publisher S&P Global Commodity Insights, the publisher said.
Aramco on Monday sold a cargo of WTI Midland crude to Total in the Platts Market on Close process, known as the Platts window, after last Thursday selling another cargo of the U.S. crude.
These were Aramco's first WTI trades in the window, Joel Hanley, S&P global director of crude and fuel oil markets, said via email on Monday. Aramco declined to comment.
Aramco, the world's largest oil firm, has been expanding its trading activity. In December, it bought a cargo of North Sea crude DUC, its first deal since joining the process, Hanley said.
Aramco, the world's largest oil firm, has been expanding its trading activity. In December, it bought a cargo of North Sea crude DUC, its first deal since joining the process, Hanley said.
More players have become involved in trading crude that can set the Brent price in the Platts window since Platts added WTI to the benchmark last year. One expert said Aramco's involvement is an endorsement of the changes.
Mideast Stocks: Major Gulf bourses gain ahead of US inflation report
Mideast Stocks: Major Gulf bourses gain ahead of US inflation report
Major stock markets in the Gulf rose in early trade on Tuesday, ahead of a key U.S. inflation report that could help shape the Federal Reserve's rates outlook.
Investor attention this week will be on crucial reports on January's U.S. Consumer Price Index (CPI), due later in the day, and the Producer Price Index, scheduled to be released on Friday.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy because most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index gained 0.4%, driven by a 1.5% rise in Al Rajhi Bank and a 1.2% increase in the country's biggest lender Saudi National Bank.
Elsewhere, oil behemoth Saudi Aramco advanced 1%.
Aramco has started trading a U.S. crude oil grade that underpins the global Brent benchmark in a process run by oil-index publisher S&P Global Commodity Insights, the publisher said on Monday.
In Abu Dhabi, the index inched 0.1% higher, on course to snap two sessions of losses.
Oil prices - a catalyst for the Gulf's financial markets - rose slightly on fears Middle East tensions could disrupt supply, but uncertainty about the pace of potential U.S. interest rate cuts and the ensuing impact on fuel demand capped gains.
Dubai's main share index gained 0.3%, with Mashreqbank rising 2.8%.
The Qatari benchmark increased 0.5%, led by an 8.3% jump in Qatar Gas Transport (Nakilat), on track to rise for a third consecutive session.
On Saturday, QatarEnergy said it has selected Qatar Gas Transport to be the owner and operator of up to 25 conventional-size LNG carriers.
Major stock markets in the Gulf rose in early trade on Tuesday, ahead of a key U.S. inflation report that could help shape the Federal Reserve's rates outlook.
Investor attention this week will be on crucial reports on January's U.S. Consumer Price Index (CPI), due later in the day, and the Producer Price Index, scheduled to be released on Friday.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy because most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index gained 0.4%, driven by a 1.5% rise in Al Rajhi Bank and a 1.2% increase in the country's biggest lender Saudi National Bank.
Elsewhere, oil behemoth Saudi Aramco advanced 1%.
Aramco has started trading a U.S. crude oil grade that underpins the global Brent benchmark in a process run by oil-index publisher S&P Global Commodity Insights, the publisher said on Monday.
In Abu Dhabi, the index inched 0.1% higher, on course to snap two sessions of losses.
Oil prices - a catalyst for the Gulf's financial markets - rose slightly on fears Middle East tensions could disrupt supply, but uncertainty about the pace of potential U.S. interest rate cuts and the ensuing impact on fuel demand capped gains.
Dubai's main share index gained 0.3%, with Mashreqbank rising 2.8%.
The Qatari benchmark increased 0.5%, led by an 8.3% jump in Qatar Gas Transport (Nakilat), on track to rise for a third consecutive session.
On Saturday, QatarEnergy said it has selected Qatar Gas Transport to be the owner and operator of up to 25 conventional-size LNG carriers.
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