Producers Bullish On Demand, Call for Multispeed Transition  

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  • Oil producers continued to push back against negative market sentiment at this week’s Opec Seminar in Vienna.

  • The seminar, the first since 2018, was unsurprisingly a bastion of pro-fossil fuel sentiment but still saw a pivot toward more diverse participation and top billing for the energy transition.  
  • Producers again warned a one-size-fits-all, top-down energy transition approach would backfire, but some seminar participants pushed back.

Despite ominous macroeconomic signals, a tepid jet-fuel recovery and the sluggish response to repeated supply cuts, producers remain optimistic about demand. Opec projects 2023 demand growth of over 2 million barrels per day. "That is something we haven't seen in the average of the previous 10 years," United Arab Emirates Energy Minister Suhail al-Mazrouei told Energy Intelligence.

Opec/Opec-Plus, Macroeconomics , Hydrogen, CO2 Emissions, Carbon Capture (CCS)
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