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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    OPEC Secretary General: We do not expect demand for oil to reach its peak in the long term

    Rocky
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    OPEC Secretary General: We do not expect demand for oil to reach its peak in the long term Empty OPEC Secretary General: We do not expect demand for oil to reach its peak in the long term

    Post by Rocky Fri 14 Jun 2024, 4:49 am

    OPEC Secretary General: We do not expect demand for oil to reach its peak in the long term

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    OPEC Secretary General Haitham Al-Ghais



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    Economy News - follow up
    The Secretary-General of the Organization of the Petroleum Exporting Countries, Haitham Al-Ghais, confirmed on Thursday that the organization does not expect the volume of demand for oil to reach a peak in its long-term expectations, but rather expects it to grow to 116 million barrels per day by 2045.
                  
    The International Energy Agency expected, in a report yesterday, On Wednesday, the volume of oil demand will reach its peak by 2029 before stabilizing at about 106 million barrels per day near the end of the decade.
    In a comment to Energy Aspects, Al-Ghais described the agency’s report as “a dangerous comment, especially for consumers, and will only lead to instability in the energy sector on a likely unprecedented scale.”
    The OPEC+ alliance, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, has been making a series of major production cuts since late 2022 to support the market.
    OPEC+ member countries reduce their production by a total of 5.86 million barrels per day, or about 5.7% of the volume of global demand.

    This includes cuts of 3.66 million barrels per day, which the coalition agreed on June 2 to extend for a year until the end of 2025, in addition to another 2.2 million that OPEC+ will gradually reduce over a year, starting in October.
    The International Energy Agency brought forward the date for peak oil demand after it had said in October that it would be achieved by 2030.

    It added that oil demand would begin to shrink in 2030 at a time when the United States and non-OPEC countries would increase supplies. . The agency is headquartered in Paris and provides advice to industrialized countries.
    Al-Ghais said that similar narratives had been proven incorrect in the past, such as the agency’s indication that demand for gasoline reached its peak in 2019 or that demand for coal reached its peak in 2014.
    He added, "In OPEC, we expect demand for oil to grow by four million barrels per day over the years 2024 and 2025, with other parties also expecting growth exceeding three million barrels per day. Indeed, the International Energy Agency expects growth of two million barrels per day over this period and by 800 thousand in 2026. Then the volume of demand will fall sharply, with almost no growth recorded over the next four years until 2030.”            
    He continued, "This is an unrealistic scenario, and it will negatively affect economies around the world. It is simply a continuation of the anti-oil narrative from the International Energy Agency."


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