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OPEC Sticks to Global Oil Demand Forecasts, Reports Output Jump

FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
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OPEC Sticks to Global Oil Demand Forecasts, Reports Output Jump

FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

OPEC on Wednesday kept its forecast for relatively strong growth in global oil demand in 2025, saying air and road travel would support consumption, and reported that Kazahkstan led a jump in February OPEC+ output despite an ongoing production pact.

The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 1.45 million barrels per day (bpd) in 2025 and by 1.43 million bpd in 2026. Both forecasts were unchanged from last month.

"Trade concerns are expected to contribute to volatility as trade policies continue to be unveiled. However, the global economy is expected to adjust," OPEC said in the report.

OPEC also published figures showing a 363,000 bpd increase in production by the wider OPEC+ group in February, led by a jump in Kazakhstan which is lagging in its adherence to OPEC+ output quotas.

According to the OPEC data, Kazakhstan produced 1.767 million barrels per day (bpd) of oil in February, up from 1.570 million bpd in January.
It has promised to cut the output and compensate for overproduction.
However, it is boosting oil production at the Chevron-led Tengiz oilfield, the country's largest.
Russia's crude oil output edged down by 0.04% to 8.973 million barrels per day (bpd) in February from 8.977 million bpd January, according to OPEC.
It was slightly below Russia's output quota of 8.98 million bpd under a pact among OPEC+ producers.
Russia's quota is expected to rise to 9.004 mln bpd from April with OPEC+' overall gradual increase of output.

Deputy Prime Minister Alexander Novak said last week that the OPEC+ group agreed to start increasing oil production from April, but could reverse the decision afterward if there are market imbalances.

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Qatar’s Energy Minister: AI Will Secure Future Demand for LNG

Al-Kaabi speaks at a panel discussion at the Doha Forum 2025. (X)
Al-Kaabi speaks at a panel discussion at the Doha Forum 2025. (X)
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Qatar’s Energy Minister: AI Will Secure Future Demand for LNG

Al-Kaabi speaks at a panel discussion at the Doha Forum 2025. (X)
Al-Kaabi speaks at a panel discussion at the Doha Forum 2025. (X)

Statements by Qatar’s Minister of State for Energy Affairs Saad Al-Kaabi became a focal point at the Doha Forum 2025, opened by Emir Sheikh Tamim bin Hamad Al Thani under the theme “Anchoring Justice: From Promises to Tangible Reality.”

Al-Kaabi delivered an upbeat assessment of the gas sector’s future, insisting he has “no concern whatsoever” about long-term demand thanks to the soaring power needs of artificial intelligence data centers.

Al-Kaabi said global demand for natural gas will remain robust as AI-driven energy consumption accelerates, forecasting that liquefied natural gas (LNG) demand will reach 600–700 million tons annually by 2035. He warned, however, that insufficient investment could constrain future LNG and gas supplies.

“I have absolutely no worries about future gas demand,” he said, adding that AI-related power consumption will be a key driver.

Once fully operational, Qatar’s North Field expansion is expected to produce 126 million metric tons of LNG a year by 2027 - an 85 percent increase from today’s 77 million tons.

He also noted that the first train of the Golden Pass LNG project, a joint venture with ExxonMobil in Texas, is scheduled to begin operations in the first quarter of 2026.

Al-Kaabi argued that oil prices between $70 and $80 per barrel would generate sufficient revenue for companies to invest in future energy needs, while prices above $90 would be “too high.”

He separately cautioned that the Gulf region is witnessing an “excess of real-estate construction,” raising the risk of a property bubble.

The minister hoped that the European Union will address corporate concerns over new sustainability regulations by the end of December.

Gulf Cooperation Council states voiced deep concern on Friday about two proposed EU directives, which tackle corporate sustainability due diligence and sustainability reporting, recently amended by the European Parliament for trilogue negotiations.

The GCC warned that the measures would effectively compel major European and international companies to adopt the EU’s sustainability model, comply with additional human rights and environmental obligations, submit climate-transition plans beyond existing global accords, file detailed sustainability reports, and face penalties for non-compliance.

Qatar has also criticized the due-diligence directive and has threatened to halt gas supplies. The dispute centers on potential fines of up to 5 percent of a company’s global revenue.

Al-Kaabi has repeatedly stated that Qatar will not meet net-zero emissions targets under such conditions.

Business

Qatar Airways Names Hamad Al-Khater Group CEO

A Qatar Airways Airbus A350-900 aircraft takes off in Colomiers near Toulouse, France, October 19, 2017. (Reuters)
A Qatar Airways Airbus A350-900 aircraft takes off in Colomiers near Toulouse, France, October 19, 2017. (Reuters)
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Qatar Airways Names Hamad Al-Khater Group CEO

A Qatar Airways Airbus A350-900 aircraft takes off in Colomiers near Toulouse, France, October 19, 2017. (Reuters)
A Qatar Airways Airbus A350-900 aircraft takes off in Colomiers near Toulouse, France, October 19, 2017. (Reuters)

State-owned Qatar Airways has named Hamad al-Khater as the group's chief executive officer, effective December 7, replacing Badr Mohammed Al-Meer, it said on Sunday.

Al-Meer was appointed as the carrier's CEO in October 2023. He replaced Akbar Al Baker, one of the airline industry's most outspoken leaders, who retired after almost three decades of running the airline.

Khater served as the chief operating officer at Hamad International Airport and held other positions at Qatar's state-oil company QatarEnergy.

Business

ECB's Rehn Sees Downside Risks to Inflation, Urges Action on Ukraine Funding

FILE PHOTO: Olli Rehn in Helsinki, Finland, January 28, 2024. Lehtikuva/Heikki Saukkomaa via REUTERS
FILE PHOTO: Olli Rehn in Helsinki, Finland, January 28, 2024. Lehtikuva/Heikki Saukkomaa via REUTERS
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ECB's Rehn Sees Downside Risks to Inflation, Urges Action on Ukraine Funding

FILE PHOTO: Olli Rehn in Helsinki, Finland, January 28, 2024. Lehtikuva/Heikki Saukkomaa via REUTERS
FILE PHOTO: Olli Rehn in Helsinki, Finland, January 28, 2024. Lehtikuva/Heikki Saukkomaa via REUTERS

Inflation in the euro zone faces downside risks in the medium term, even as price growth has returned to the ECB's 2% target, European Central Bank policymaker Olli Rehn said, according to a report in a magazine on Saturday.

The sharp drop from the October 2022 peak of 10.6% to around 2% currently was achieved without triggering mass unemployment or a severe slowdown, he told Italian financial magazine Milano Finanza.

"The good news is that inflation has stabilized around the ECB's symmetric 2% target, supporting real incomes in Europe," Reuters quoted him as saying. "Our latest forecast suggests inflation will remain slightly below 2% over the horizon."

Rehn also urged EU leaders to resolve a stalled plan for a Ukraine "repair loan" funded by Russia's frozen assets, calling it "essential, even existential."

He dismissed speculation about ECB involvement, saying such a move would breach the EU Treaty's ban on monetary financing.

Instead, he backed a European Commission proposal under Article 122, often called the 'EU's emergency clause,' that gives the EU Council the power to adopt measures proposed by the European Commission in exceptional circumstances, bypassing the ordinary legislative process and the European Parliament.

"Every European should support using frozen Russian assets to help Ukraine," he said.

The Finnish policymaker, who has served in senior EU roles for decades, confirmed he would be a strong candidate for ECB vice president when the post opens next year.

"I have received encouragement from various parts of Europe," Rehn added.