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OPEC Head Expresses Optimism about Continued Strong Oil Demand

OPEC Secretary General Haitham Al Ghais attends a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 6, 2024. Sergey Kulakov/Roscongress Foundation via REUTERS
OPEC Secretary General Haitham Al Ghais attends a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 6, 2024. Sergey Kulakov/Roscongress Foundation via REUTERS
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OPEC Head Expresses Optimism about Continued Strong Oil Demand

OPEC Secretary General Haitham Al Ghais attends a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 6, 2024. Sergey Kulakov/Roscongress Foundation via REUTERS
OPEC Secretary General Haitham Al Ghais attends a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 6, 2024. Sergey Kulakov/Roscongress Foundation via REUTERS

OPEC Secretary General Haitham Al Ghais on Thursday defended the recent adjustments to the OPEC+ oil output deal, calling it a success.
Speaking at an economic forum in St Petersburg, Russia, Al Ghais expressed optimism about continued strong oil demand, citing a rebound in travel.
OPEC+ on Sunday agreed to extend most of its oil output cuts into 2025 but left room for voluntary cuts from eight members to be gradually unwound from October onward.
Investors were worried that a complicated OPEC+ output decision could lead to higher supplies later in the year even though demand growth has been slow.

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Honda and Nissan Reportedly Consider Mutual Production of Vehicles

FILE PHOTO: A Honda logo is seen during the New York International Auto Show, in Manhattan, New York City, US, April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo/File Photo
FILE PHOTO: A Honda logo is seen during the New York International Auto Show, in Manhattan, New York City, US, April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo/File Photo
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Honda and Nissan Reportedly Consider Mutual Production of Vehicles

FILE PHOTO: A Honda logo is seen during the New York International Auto Show, in Manhattan, New York City, US, April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo/File Photo
FILE PHOTO: A Honda logo is seen during the New York International Auto Show, in Manhattan, New York City, US, April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo/File Photo

Honda and Nissan are considering producing vehicles in one another's factories as part of their plan to deepen ties and potentially merge, Japan's Kyodo news agency said on Saturday.
Honda will consider supplying hybrid vehicles to Nissan as part of the plan, the report said, without citing the source of the information.
A merger of Honda, Japan's second-largest car company, and Nissan, its third-largest, would create the world's third-largest auto group by vehicle sales, behind Toyota and Volkswagen, making 7.4 million vehicles a year, Reuters said.
The two automakers forged a strategic partnership in March to cooperate in electric vehicle development, but Nissan has faced financial and strategic troubles in recent months.
As announced, Honda, "Nissan and Mitsubishi Motors are in the process of bringing together our strengths and exploring potential forms of cooperation, but nothing has been decided yet,” a Honda spokesperson said, when asked about the report.
Nissan declined to comment, saying the details of the report were not based on a company announcement. Nissan is the top shareholder in Mitsubishi Motors.
Kyodo said Honda could use Nissan's car factory in Britain, as it now only has factories for engines and motorcycles in Europe.
The move comes amid concerns over how president-elect Donald Trump's policies may shake up manufacturing with his promises of protectionist trade policies, the report said.