Rédaction Africa Links 24 with Najoua Hizaoui
Published on 2024-04-03 10:29:42
The oil will continue to play a vital role in energy markets for decades to come, and any call to do away with it is false and surreal, OPEC Secretary-General Haitham Al-Ghais asserted. In an interview with the Kuwaiti news agency (KUNA), Al-Ghais pointed out the dangers that the world could face if oil production or use were to stop, stating that oil “represents an average of about 31% of the global energy mix.” He also stated that factors related to the abundance of oil, its ease of extraction, refining, and transport, as well as its availability at reasonable prices, have demonstrated the important role of oil since its discovery several decades ago, “until it has become a major element of the global economy and an integral part of daily life.” Al-Ghais predicted that economic development by 2045 would mobilize all available energy resources, notably oil, which will increase by 23% to reach 116 million barrels per day. According to another OPEC scenario, global oil demand could reach 120 million barrels per day by 2045, he said, stressing that sufficient investments must be guaranteed to meet these enormous levels of energy and oil demand. In order to ensure the necessary oil supplies, approximately $14 trillion must be injected into various activities of the oil industry by 2045, which will strengthen energy security and help develop the necessary technologies to reduce greenhouse gas emissions.
Russia Remains China’s Top Oil Supplier
Russia remained the top oil supplier to China during the first two months of 2024, as Saudi supply cuts continued. Chinese imports from Russia increased by 13% year-on-year to 17.72 million tonnes, or 2.16 million barrels per day (bpd) during the January-February period, according to General Customs Administration data. Russia was China’s top supplier throughout 2023, with over 107 million tonnes shipped, or 2.14 million bpd, despite Western sanctions and price caps following the 2022 Ukraine invasion. In coordination with other OPEC+ members, Russia voluntarily reduced its crude oil production by 300,000 bpd in the first quarter of the year to support energy prices. The country will further cut its oil production and exports by an additional 471,000 bpd in the second quarter. Shunned by many international buyers, Russian crude oil traded at significantly lower prices than international benchmarks for most of last year. Imports from Saudi Arabia, once China’s largest supplier, totaled 13.49 million tonnes, or 1.64 million bpd, down 3% from the same period in 2023. The Kingdom announced it would extend its voluntary production cut of 1 million bpd until the end of June, keeping its production at around 9 million bpd.
Read the original article(French) on La Presse Tunisie
