how does oil see prices electric vehicles and opec cuts
Tuesday 24 December 2024
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

How does oil see prices, electric vehicles and OPEC cuts?

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleHow does oil see prices, electric vehicles and OPEC cuts?

The audience included top officials at state-owned oil companies
Jeddah - Muslimchronicle

How does the oil industry view the rise of electrical cars, the price of crude, and the prospect of extending production cuts?
All these questions were asked in an audience poll at the S&P Global Platts APPEC conference in Singapore last week.
The audience included top officials at state-owned oil companies, traders from the world’s biggest trading houses, top refiners, and established research houses. They are the people who produce, sell, market, and trade oil in the world.
Starting with oil prices, the majority of participants (68 percent) saw Brent oil prices trading at between $50 and $60 by September next year, Bloomberg reported. Only 5 percent of the people who voted saw prices at between $60 and $70, and another 5 percent believed oil could trade above $70.
Turning to electrical vehicles (EVs), the industry is seeing a split on the extent of expansion of these cars in the coming few years.
Only 44 percent of the industry estimates that EVs will make up less than 5 percent of new car sales in the world in 2025, whereas 33 percent think it will be at 5-15 percent, and 22 percent of them thought that the percentage will be higher than this at 15 to 25 percent.
The good news is that no one believed it will exceed 25 percent in eight years.
The poll included many other important issues such as the current deal of the Organization of Petroleum Exporting Countries (OPEC) with non-OPEC countries.
Almost four out of five expected that the deal will be extended beyond it expiry in March next year at the current level of cuts.
Just under a quarter believed that the cuts will not be extended, and none believed that would be extended under a condition that the size of the cuts would be increased.
Staying with OPEC, in a recorded video address to the APPEC conference on the opening day, OPEC Secretary-General Mohammed Barkindo projected that crude exports from the Middle East to Asia would rise from 14.5 million barrels per day in 2016 to 22 million bpd in 2040.
“Expansion at these levels from the fast-growing economies in Asia will require supplies from all producing regions and OPEC member countries will surely play an important part in helping meet these increasing needs,” he said from the OPEC secretariat in Vienna.
“For the foreseeable future, we can count on the Asia-Pacific (region) to be the primary outlet for OPEC and Middle Eastern export barrels.”
With Asia expected to contribute some 70 percent of global demand growth in the coming years, Barkindo said his organization welcomes more opportunities to engage with buyers from the region.

Source:Arabnews

 

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

how does oil see prices electric vehicles and opec cuts how does oil see prices electric vehicles and opec cuts

 



Themuslimchronicle, themuslimchronicle

GMT 09:46 2017 Sunday ,27 August

Norway fines tourist guide for scaring polar bear

GMT 07:33 2018 Monday ,08 January

CIA chief denies agency role in Iran unrest

GMT 08:55 2017 Tuesday ,15 August

Shares of Fiat Chrysler surge

GMT 00:09 2017 Friday ,27 October

Alphabet quarterly profit climbs

GMT 09:53 2017 Saturday ,08 April

Mexico inflation hits new seven-year high

GMT 18:28 2012 Friday ,09 March

All balanchine

GMT 07:09 2015 Friday ,11 December

Syria government scrapes barrel

GMT 15:57 2017 Tuesday ,24 October

2018 Olympic torch ceremony hit by poor weather

GMT 03:22 2017 Wednesday ,02 August

At least 29 killed in Afghan Shiite mosque attack

GMT 19:25 2011 Tuesday ,12 July

Jewel gives birth to a son

GMT 12:36 2017 Friday ,08 September

Germany rejects Polish call for more WWII reparations

GMT 12:45 2017 Friday ,07 April

Politician calls for ending division

GMT 00:28 2017 Wednesday ,06 December

Trump holds calls with Saudi king and Egypt's Sisi

GMT 10:52 2017 Sunday ,26 November

Messi extends Barcelona contract until 2021

GMT 14:15 2017 Friday ,22 December

Time to pursue the Palestinian cause intelligently
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle