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Jeddah - Yasmine El Tohamy - RIYADH: Oil prices rose on Monday after a revolt by Russian mercenaries over the weekend raised concerns about political instability in Russia and the potential impact on oil supply from one of the world’s largest producers.
Brent futures climbed 70 cents, or 0.95 percent, to $74.55 a barrel at 10:20 a.m. Saudi time, while US West Texas Intermediate crude futures were up 57 cents, or 0.82 percent, at $69.73 a barrel.
OPEC sees global oil demand rising to 110m bpd by 2045
The Organization of the Petroleum Exporting Countries expects oil demand to rise to 110 million barrels per day by 2045, its Secretary-General Haitham Al-Ghais said.
“Oil is irreplaceable for the foreseeable future,” he said during the inaugural Energy Asia conference held in Kuala Lumpur on Monday.
According to the secretary-general, oil will comprise about 29 percent of the energy mix by 2045.
“Gas hydro, nuclear hydrogen and biomass will expand. But it is clear that oil remains an integral part of the mix,” added Al-Ghais.
He further pointed out that underinvestment in the oil sector challenges the viability of current energy systems, which will ultimately result in energy chaos.
Hydrocarbons a crucial part of energy mix: Malaysian PM
During the Energy Asia conference, Malaysian Prime Minister Anwar Ibrahim said that hydrocarbons will be a crucial part of the energy mix, even as the world sails toward achieving a sustainable future.
During his speech, Ibrahim said that achieving net-zero emission targets should not come at the expense of economic growth or vice versa.
“Asia must take every opportunity to further dialogue and actions around how we can responsibly plan to enable every country (in) its right to development and lower carbon aspirations,” he said.
The prime minister added that Malaysia will launch two roadmaps in the second half of 2023 detailing the country’s potential for developing hydrogen fuel and carbon capture and storage technology.
Pertamina, Petronas aim to replace Shell in Masela project: minister
Shell’s participating interest in Indonesia’s Masela gas project could be jointly taken over by the country’s state-owned energy firm Pertamina along with its Malaysian counterpart Petronas, a top minister said.
“They are both doing the negotiation,” Indonesia’s Energy Minister Arifin Tasrif told Reuters.
Shell has been seeking to divest its 35 percent share in Masela, and Indonesian authorities are keen for the companies to complete the deal to move the project forward after years of delay.
“They have to finalize what kind of joint scheme they are preparing,” he said.
Petronas said it “actively seeks new opportunities to ensure the company remains resilient in the evolving energy landscape,” but did not comment specifically on the Masela project.
Pertamina and Petronas are preparing for a sales agreement with Shell, Arifin said, adding that he hoped a deal would be settled within a month.
(With input from Reuters)
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