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Al Ghais: World Oil Outlook to be Launched in Riyadh for its Pioneering Role in Market Stability

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo
A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo
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Al Ghais: World Oil Outlook to be Launched in Riyadh for its Pioneering Role in Market Stability

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo
A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo

The Organization of the Petroleum Exporting Countries (OPEC) will launch the 17th edition of its World Oil Outlook (WOO) on Monday in Riyadh at King Abdullah Petroleum Studies and Research Center (KAPSARC).

Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy, will participate as a special guest of honor.

OPEC Secretary General Haitham Al Ghais will deliver the opening remarks, followed by a video outlining the publication’s key messages.

“The World Oil Outlook demonstrates OPEC’s long-standing commitment to market stability through knowledge sharing and data transparency. The quality of the publication serves as a testament to the excellence of those involved in its production, including Member Countries’ officials and experts, and OPEC Secretariat specialists. We are confident that this year’s edition continues to contribute to a better understanding of the global oil and energy markets and industry developments,” Al Ghais said.

“It is appropriate that this edition is launched in Riyadh in view of the leadership role Saudi Arabia has played to help bring stability and balance to global oil markets”, the Secretary-General added.

First published in 2007, the WOO is one of the Organization’s flagship publications. It provides an in-depth review and analysis of the global oil and energy industries and offers assessments of various scenarios in the medium- and long-term development of the oil sector.

The WOO also presents insights into related key issues, including supply and demand, investment, the potential impact of policies and sustainable development, and a detailed analysis of the challenges and opportunities facing the global oil and energy industries.

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Oil Prices Slip about 1.5% on High US Crude Stocks, US-Iran Positivity

A worker examines pipe valves connected to oil tanks at the Turkish Ceyhan port on the Mediterranean Sea (Reuters)
A worker examines pipe valves connected to oil tanks at the Turkish Ceyhan port on the Mediterranean Sea (Reuters)
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Oil Prices Slip about 1.5% on High US Crude Stocks, US-Iran Positivity

A worker examines pipe valves connected to oil tanks at the Turkish Ceyhan port on the Mediterranean Sea (Reuters)
A worker examines pipe valves connected to oil tanks at the Turkish Ceyhan port on the Mediterranean Sea (Reuters)

Oil prices fell on Thursday after the biggest jump in US crude inventories in three years, with signs of weakness in the physical oil market also weighing on prices, while traders assessed US-Iran talks.

Brent crude futures were down 95 cents, or 1.3%, at $69.90 a barrel by 1351 GMT. WTI futures lost $1.06, or 1.6%, to $64.36.

US crude inventories rose by 16 million barrels last week, Energy Information Administration data showed on Wednesday.

Weakness in the North Sea physical oil market is also weighing on oil prices, said UBS analyst Giovanni Staunovo, adding that markets would focus on the outcome of Thursday's third round of US-Iran talks.

Mediator Oman voiced hope that Iran and the United States would make more progress at talks on their nuclear dispute on Thursday after exchanging "positive and creative ideas" while a senior Iranian official said the talks were "serious", Reuters reported.

The North Sea physical market underpins the Brent futures contract, prices of which have advanced by about 15% so far this year as potential military conflict between the US and Iran has outweighed expectations of oversupply. OPEC+, which groups members of the Organization of the Petroleum Exporting Countries and allies including Russia, is likely to consider raising oil output by 137,000 barrels per day in April, three sources with knowledge of OPEC+ thinking said as the group prepares for peak summer demand while prices remain strong.

Brent rose on Monday to its highest since July 31 as Washington positioned military forces in the Middle East to press Iran to negotiate an end to its nuclear and ballistic missile programme.

An extended conflict could disrupt supplies from Iran, OPEC's third-biggest crude producer, and other Middle East exporters.

"A constructive resolution would likely prompt the market to gradually unwind as much as a $10 per barrel risk premium," ING analysts said in a note.

Business

Merz Says Germany, China Must Overcome Trade Gaps 'Together'

Chinese Premier Li Qiang welcomes German Chancellor Friedrich Merz with military honors in the Great Hall of the People in in Beijing, China, February 25, 2026. (Reuters)
Chinese Premier Li Qiang welcomes German Chancellor Friedrich Merz with military honors in the Great Hall of the People in in Beijing, China, February 25, 2026. (Reuters)
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Merz Says Germany, China Must Overcome Trade Gaps 'Together'

Chinese Premier Li Qiang welcomes German Chancellor Friedrich Merz with military honors in the Great Hall of the People in in Beijing, China, February 25, 2026. (Reuters)
Chinese Premier Li Qiang welcomes German Chancellor Friedrich Merz with military honors in the Great Hall of the People in in Beijing, China, February 25, 2026. (Reuters)

German Chancellor Friedrich Merz ended his two-day visit to China on Thursday in the tech hub of Hangzhou, identifying "challenges that we must overcome together" after meeting President Xi Jinping and announcing an Airbus deal.

Merz's first official visit to China came as Berlin and Beijing seek to build on decades-old economic ties to weather global uncertainty sparked by US President Donald Trump's tariff blitz and erratic foreign policies, said AFP.

China, the world's number two economy, overtook the United States last year to become Germany's biggest trade partner. At the same time, Berlin regards the Communist Party-run state as a systemic rival to the West.

The German leader was accompanied in China by a large delegation of business leaders, including executives of auto giants Volkswagen, BMW and Mercedes.

Merz visited a Mercedes plant in Beijing on Thursday morning, where he was shown a demonstration of self-driving vehicles.

He then travelled to Hangzhou, where he visited the sites of Germany's Siemens Energy and Chinese humanoid robot-maker Unitree.

The eastern city is home to several other major Chinese tech companies like AI unicorn DeepSeek and e-commerce giant Alibaba.

European business leaders, who broadly complain China is flooding the EU market with cheap goods, have urged Merz to keep a cavernous trade imbalance at the top of his agenda.

Germany's trade deficit with China hit a record 89 billion euros ($105 billion) last year.

"We have good cooperation in China. However, there are also some challenges that we must overcome together," Merz said Thursday, singling out "issues relating to competition" and "high capacity in China".

Merz said consultations between his government and Beijing -- interrupted by political developments in Berlin and the pandemic -- would take place "at the beginning of next year at the latest, possibly even this year", with China as host.

- 'New levels' -

Following talks with Xi and top Chinese leaders in the capital on Wednesday, Merz said that China had agreed to purchase up to 120 Airbus aircraft, adding that it "demonstrates how worthwhile such trips can be".

Other contracts were in the pipeline, Merz added.

The two leaders stressed their commitment to developing closer strategic relations, with Xi telling Merz he was willing to take relations to "new levels".

Merz said he had also touched on the sensitive topic of Taiwan, the self-ruled island China claims as its territory and which it has not ruled out the use of force to annex.

Any "reunification" must be done peacefully, Merz said.

He also discussed the Ukraine war with Xi, who, according to Chinese state news agency Xinhua, said diplomacy was "key to the issue".

Merz said he urged Beijing to use its influence over Moscow, such as choking off the supply of items with potential military uses.

"I hope that in my talks I was able to foster a little understanding for the fact that the leadership of this country should also contribute to ending the war in Ukraine," Merz told reporters on Thursday before departing for Berlin.

Merz was the latest in a string of Western leaders to court Beijing recently.

He follows Britain's Keir Starmer, France's Emmanuel Macron and Canada's Mark Carney, as they recoil from the mercurial policies of Trump, who is also expected to visit from March 31.

Business

EBRD: Trump Tariff Turmoil Yet to Dent Emerging Countries' Growth

The headquarters of the European Bank for Reconstruction and Development in London (Reuters)
The headquarters of the European Bank for Reconstruction and Development in London (Reuters)
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EBRD: Trump Tariff Turmoil Yet to Dent Emerging Countries' Growth

The headquarters of the European Bank for Reconstruction and Development in London (Reuters)
The headquarters of the European Bank for Reconstruction and Development in London (Reuters)

US tariffs have rerouted trade, but not dented it as much as feared, allowing larger-than-expected economic growth in certain developing markets, the European Bank for Reconstruction and Development said on Thursday.

Growth in the 40 countries covered by the development finance institution rose by a larger-than-forecast 3.4%, but the bank warned that continued trade turmoil could yet derail growth in some of the economies.

"The picture is somewhat more optimistic than in the autumn...and we expect this year and next year to be even better than last year," the EBRD's chief economist Beata Javorcik told Reuters.

Slowing inflation and big ‌spending on infrastructure projects - ‌particularly in Europe - were helping, but the report also ‌showed ⁠that the impacts ⁠of US President Donald Trump's trade tariffs were not as stark as expected.

The bank now expects 3.6% growth this year and 3.7% in 2027 - both a 0.2 percentage point upward revision compared with its autumn projections.

Exports from some EBRD countries to the United States even grew, particularly those related to the AI boom, as those countries replaced China's exports.

Hungary, the ⁠Czech Republic and Poland all export AI-related products such as ‌servers, processors and computing systems that mean ‌they could benefit from the shift.

But Javorcik warned that the full impact ‌of the tariffs remained unclear; most of the trade tracked by the ‌report arrived in the US prior to the April 2025 "Liberation Day" tariffs, and there was added uncertainty following the US Supreme Court ruling that Trump had exceeded his authority in imposing the initial tariffs.

"This turbulence means that policymakers are forced ‌to focus on the urgent, on the shocks that arrive - weekly, if not daily," she said, adding it drained ⁠countries' abilities ⁠to tackle larger problems, such as the demographics "time bomb" and other factors threatening standards of living.

She also said that the "emergency mode" due to the ongoing war in Ukraine, and subsequent increases in defense spending, could drain money from other government priorities and said the ultimate impact would hinge on whether they spend that money on one-off equipment purchases or on infrastructure such as roads and hospitals that could also aid the economy.

The poly-crises, she said, emphasize the need for leaders to ensure that public investments are focused on projects that can drive economic growth.

"Global uncertainty turbulence is likely to persist, and...it's going to be a force detrimental to private investment, and that's why I have been stressing the role of public investment," Javorcik said.