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00:00 We have recently heard about the differences in visions and interests within the energy markets, this time between the International Energy Agency and OPEC.
00:08 Let's focus on the latest statements we have heard from both sides.
00:14 This time, the debate was on the fossil fuels.
00:20 The International Energy Agency says that the member states represent 80% of energy consumption.
00:25 We are talking about OPEC, 13 of the largest oil exporters.
00:30 The statements made by the International Energy Agency
00:34 on the demand for fossil fuels before 2030,
00:39 we were talking about the spread of electricity and the interest in renewable energy.
00:45 On the other hand, OPEC says that the claims do not support these data,
00:50 because fossil fuels make up 80% of the energy mix,
00:54 and these levels are actually the same as the level that was recorded in the previous three decades,
01:02 or in the last three decades, in terms of fossil fuels,
01:06 which still make up 80% of the global energy mix.
01:11 What are the different visions that we have seen on the level of demand for oil?
01:17 We are still talking about the expansion of demand,
01:19 as we saw from the International Energy Agency.
01:23 We saw how it was talking about this fear of demand
01:26 at the end of the year, 2023, or in the last quarter of this year.
01:35 As for OPEC's expectations for 2023,
01:39 we will reach 2.4 million barrels,
01:43 and the reach will exceed 102 million,
01:45 while the next year may reach 2.2 million
01:49 with more than 104 million for demand for oil.
01:54 On the other hand, the International Energy Agency says
01:57 that we are talking about the same expectations as we have seen for the year,
02:00 and by the end of 2023, while in 2024,
02:05 it will reach a million barrels per day,
02:08 to the limit of 103 million and 200 thousand barrels.
02:10 We used to hear,
02:13 previously, the statements of the Saudi Minister of Energy,
02:15 Prince Abdulaziz bin Salman, who pointed out,
02:19 and these statements were made by the International Energy Agency,
02:22 that the Agency has moved away from the market situation
02:27 and is playing a bigger political role
02:30 than monitoring the market.
02:33 He also pointed out that,
02:35 both for Saudi Arabia and OPEC,
02:38 the prices are targeted, not the prices,
02:41 but the fluctuations in the market,
02:43 and this is what we have seen from the statements of the Minister of Energy in OPEC,
02:47 that they do not target the oil prices,
02:50 which are still rising,
02:52 but they target the stability in the energy markets
02:56 in a bigger way for these movements.
03:00 So, these differences and the differences in interests
03:03 between the energy markets,
03:04 between the International Energy Agency and OPEC,
03:07 are still present.