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  • Saudi Aramco CEO says no peak in oil demand for some time to come

    Oil demand will reach a new record of 104 million barrels per day (bpd) in 2024, Nasser said. Despite growing investment, alternative energy has yet to displace hydrocarbons at scale, Nasser said. “All this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030,” he said. Rising demand from developing economies could feed oil demand growth through 2045, he said.

  • Oil Markets Steady Despite Growing Insecurity in the Middle East

    The oil market has been relatively stable despite the geopolitical storm in the Middle East engendered by the war in Gaza and the disruption of maritime traffic in the Red Sea by the Houthis in Yemen. Oil prices have traded either side of $80 per barrel even since a number of OPEC+ plus producers, led by Saudi Arabia, said in early March that they would extend oil production cuts totaling 2.2 million barrels per day until midyear.

  • Saudi Aramco CEO says energy transition is failing, world should abandon ‘fantasy’ of phasing out oil

    Gas has grown 70% since the start of the century, Nasser said. The transition from coal to gas is responsible for two-thirds of the reductions in carbon emissions in the U.S., he said. “This is hardly the future picture some have been painting,” Nasser said. “Even they are starting to acknowledge the importance of oil and gas security.”

  • Saudi Aramco CEO says no peak in oil demand for some time to come

    Global oil demand will not peak for some time so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out fossil fuels, Saudi Aramco (2222.SE), opens new tab CEO Amin Nasser said on Monday. The head of the world's largest energy company urged a re-set of global energy transition plans in remarks to oil and gas executives at the CERAWeek conference in Houston. Oil demand will reach a new record of 104 million barrels per day (bpd) in 2024, Nasser said. Despite growing investment, alternative energy has yet to displace hydrocarbons at scale, Nasser said. "All this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030," he said.

  • Saudi Arabia’s Non-Oil Revenue Hits 50% Of GDP

    For decades, Saudi Arabia has been regarded as the de facto leader of OPEC and a swing-producer critical to curtailing large price overshoots in either direction. Over the past few years, the Arab nation has borne the lion’s share of OPEC+ production cuts after recently agreeing to cut 1 million barrels per day or nearly half of the group’s 2.2 mb/d in pledged cuts. Well, it appears that Saudi Vision 2030 is already bearing fruit, and Riyadh might not be feeling the pinch from those cuts as much as many feared. Saudi Arabia’s Ministry of Economy and Planning has revealed that non-oil revenues hit 50% of the Kingdom's gross domestic product (GDP) in 2023, the highest level ever.

  • Metals: Saudi Arabia’s new oil?

    Saudi Arabia's economy has historically been dependent on oil exports, but the country is eager to diversify. Mining valuable minerals hidden under its vast deserts could help to reduce its reliance on oil and grow its share in the energy transition. The kingdom is thought to hold significant deposits of key critical and battery metals including copper, nickel, lithium and bauxite. In January, mining CEOs and investors headed to Riyadh to attend the two-day Future Minerals Forum and rub elbows with the kingdom's influential energy minister Prince Abdulaziz bin Salman and multiple ministers from the Ministry of Industry and Mineral Resources.

  • Non-oil activity in Saudi Arabia now 50% of GDP

    Non-oil economic activity in Saudi Arabia contributed 50 percent to the Kingdom’s gross domestic product in 2023, the highest level ever, the Ministry of Economy and Planning said on Thursday. The total non-oil economy was worth $453 billion at constant prices, driven by continued growth in investment, consumption and exports. There was an unprecedented performance in non-governmental investments over the past two years, with a growth rate of 57 percent, bringing their value in 2023 to a historically high level of $255 billion.

  • OPEC Voices Encouragement after IEA Affirms Support for Oil Security

    The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday expressed encouragement after a commentary from the International Energy Agency (IEA) telling the globe to ensure petroleum supply while transitioning to a clean energy future. The development marks an easing of hostilities between the multi-governmental body and OPEC. The two clashed ahead of COP28 last year over the IEA’s claim that demand for fossil fuels could peak by 2030. In the commentary published Monday the IEA said while its work on energy security has expanded to include “the emerging security dimensions of clean energy transitions”, it has “a firm commitment to oil security”.

  • Saudi Arabia’s Non-oil Economy Hits Record 50% Share of Real GDP

    Saudi Arabia’s non-oil activities hit a historic 50% share of the country’s real GDP in 2023, the highest level on record, according to an analysis of the General Authority for Statistics data by the Ministry of Economy and Planning. This translates to a non-oil economy valued at SAR1.7 trillion (approximately $453 billion) at constant prices, fueled by consistent growth in investment, consumer spending, and exports, the Saudi Press Agency said. The significant contribution from non-oil sectors is attributed to a surge in private-sector investment over the past two years, with a remarkable growth rate of 57%. This has pushed private investment to a record high of SAR959 billion riyals ($254 billion ) in 2023.

  • As dust from elections settles, Iran’s conservatives clash over spoils

    The recent parliamentary and Assembly of Experts elections in Iran have seen hardliners score decisive victories against more traditional conservatives. In the aftermath of the Mar. 1 polls, divided conservatives have been battling out their differences in public. This comes despite the supreme leader warning against sowing differences for political gains.