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.



Saudi Firms Sign $8.3 Billion Clean Energy Deals

Several Saudi companies signed power purchase agreements on Sunday for clean energy projects with a capacity of 15 gigawatts. SPA
Several Saudi companies signed power purchase agreements on Sunday for clean energy projects with a capacity of 15 gigawatts. SPA
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Saudi Firms Sign $8.3 Billion Clean Energy Deals

Several Saudi companies signed power purchase agreements on Sunday for clean energy projects with a capacity of 15 gigawatts. SPA
Several Saudi companies signed power purchase agreements on Sunday for clean energy projects with a capacity of 15 gigawatts. SPA

Several Saudi companies, including ACWA Power and a subsidiary of oil giant Aramco, signed power purchase agreements on Sunday for clean energy projects with a capacity of 15 gigawatts and investments worth around $8.3 billion, the Saudi state news agency (SPA) said.

ACWA Power signed seven agreements as the main developer, in partnership with the Water and Electricity Holding Co (Badeel), owned by the Saudi Public Investment Fund (PIF), and Aramco Power, a unit of Aramco, according to SPA.

The projects include five photovoltaic solar plants in the cities of Aseer, Madinah, Makkah and Riyadh, and two wind power projects in Riyadh.

Saudi Arabia is aiming to build up to 130 gigawatts of renewable capacity by 2030, it said last year.