Oil & Gas IEA at odds with Opec over oil demand growth By Eva Levesque February 16, 2024, 12:21 PM Ole Berg-Rusten/NTB/via Reuters IEA executive director Fatih Birol. The energy watchdog cut its 2024 expansion forecast to 1.2m bpd in 2024, compared with 2.3m bpd last year Momentum easing, says watchdog 2024 forecast set at 1.2m bpd Sharp contrast with Opec figures Global oil market balances tightened in January but crude demand growth is losing momentum, the International Energy Agency said. The industrialised world’s energy watchdog cut its 2024 expansion forecast on Thursday to 1.2 million barrels per day (bpd) in 2024, compared with 2.3 million bpd last year. The IEA noted in its monthly report a sharp drop in Chinese consumption in the last quarter of 2023, which underpinned an 830,000 bpd reduction in global oil demand. Opec says IEA has ‘vilified’ oil and gas producers Market confusion over Opec+ cuts hits oil prices IEA is wrong to blame Opec+ for global inflation Its forecast is in contrast to Opec’s estimates published earlier this week. Opec stuck to its previous oil demand growth forecast at 2.25 million bpd for 2024. “The expansive post-pandemic growth phase in global oil demand has largely run its course,” said the IEA in its report. Crude traded flat on Friday at around $82 a barrel. The IEA expects global crude demand to peak soon as use of electric vehicles and renewables grows. Some other analysts, Opec and energy companies do not share the IEA’s point of view. Opec secretary general Haitham Al Ghais said this week: “Oil and gas will continue to be a major component of the energy pie that will continue to grow in future years after 2045.”
Economy Bahrain debt hits $48bn but analyst downplays spending fears Bahrain’s public debt has risen to almost BHD18 billion ($48 billion), according to its ministry of finance, but a banking expert has downplayed concerns over its spending. Bahrain, the smallest country in the GCC bloc of six with a population of almost 1.5 million people, has dwindling reserves of oil and gas. It is partially […] 2 hours ago
Construction Eagle Hills signs contract for Budapest redevelopment Abu Dhabi-based developer Eagle Hills has signed a real estate purchase agreement with Hungary to start work on transforming a rundown area of Budapest. The project, spanning an area of 100 hectares, will have a development cost of more than €12 billion ($12.3 billion), the developer said in a statement. The project is supported by the […] 27 mins ago
Finance Kuwait ministries free to increase public service charges Kuwait issued a decree on Sunday that will allow ministries to set charges for public services for the first time in 30 years. The decree, which abolishes a 1995 law, gives ministries authority to decide on fees and costs for public services, which will then be approved by the cabinet. The government aims to better […] 17 mins ago
Economy Lebanon and Sudan swell Arab countries’ public debt Public debt in Arab countries swelled by nearly $142 billion at the end of 2023, mainly because of a sharp rise in obligations by Lebanon and war-battered Sudan. Total debt increased despite a fall in Egypt’s public, mostly domestic, dues as a result of a large depreciation in the pound against the US dollar. The […] 40 mins ago
