Oil & Gas Oil price to hit $100 if Opec+ cuts continue says Vitol chief By Pramod Kumar April 10, 2024, 6:26 AM Oman News Agency Vitol expects global growth of 1.9 million bpd this year, driven by China, India and increased air travel boosting demand for jet fuel Crude prices are likely to reach $100 per barrel in 2024 if Opec+ maintains its output cuts, a global commodity trader has said. The supply-constrained market has already reached an average price of $83 per barrel this year, S&P Global Commodity Insights reported, quoting Vitol CEO Russell Hardy’s speech on Tuesday at a summit in Lausanne, Switzerland. He added that $80 to $100 per barrel “feels like a sensible range for the market” due to Opec’s global control of inventories. NewsletterGet the Best of AGBI delivered straight to your inbox every week Vitol expects global growth of nearly 2 million barrels per day (bpd) this year, matching 2023 numbers, with key contributors including China, India and increased air travel boosting demand for jet fuel. In September 2023, experts told AGBI that oil was primed to hit the psychologically important $100 level. Oil prices hovered around the $90 mark on Wednesday, after two straight days of losses, Reuters reported. The IEA and Opec: 50 years of prickly co-existence Oil industry needs trillions in investment, says Opec chief IEA predicts oil supply will turn to deficit in 2024 Brent crude futures were up marginally at $89.49 per barrel, while US West Texas Intermediate crude futures rose 8 cents to $85.31. US investment bank Morgan Stanley this week upped its Brent crude price forecast for the third quarter of 2024 by $4 per barrel to $94 due to geopolitical risks in the region related to the Gaza conflict. “That the degree of geopolitical risk in key oil producing regions has increased recently seems clear and uncontroversial,” Reuters reported, quoting the bank’s note to its clients.
Renewable Energy Masdar views Middle East as biggest growth market UAE’s renewable energy company Masdar considers the Middle East its biggest market, even though its target is to grow globally, a senior executive has said. “The Middle East is the biggest market for us, we are a company from here, and this market is growing significantly,” Abdulaziz Alobaidli, chief executive officer of Masdar, told AGBI […] 2 hours ago
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Economy Inflation, not war, is Gulf states’ top concern, says WEF Economic concerns such as inflation dominate risk perception for the coming year in the Gulf and across Mena, according to the World Economic Forum. Its survey of thousands of experts and business leaders, the Global Risks Report 2025, found that geopolitical conflict was the No 1 risk globally, selected by respondents as the “most likely […] 51 mins ago
Oil & Gas Adia to help fund $1bn Malaysian oil and gas firm Abu Dhabi Investment Company (Adia) is to invest in an oil and gas equipment-making unit in Malaysia. Adia is participating in the $1 billion funding round for Yinson Holdings’ equipment-maker alongside Asian investment firm RRJ Capital and British Columbia Investment Management. The funding, expected to close in the first quarter of 2025, will primarily support […] 38 mins ago
