OPEC released its 2024 World Oil Outlook on Thursday, forecasting a 19 percent rise in global oil demand by 2050—driven by population growth, urbanization, and soaring power needs, particularly from AI and industrial expansion in developing nations. The group projects oil demand will increase from 103.7 million barrels per day (bpd) in 2024 to 123 million bpd by 2050.
Shipping costs surged across the Middle East in June, with rates from Shanghai to the UAE’s Port of Khor Fakkan jumping 76% due to fears over Iran-Israel tensions. Despite President Donald Trump's announcement of a ceasefire on Monday, risks remain high for global shipping lanes, particularly through the Strait of Hormuz.
On this week’s “Sunday Morning Futures” on Fox News, Secretary of State Marco Rubio issued a sharp warning about Iran’s potential to disrupt global oil flows by closing the vital Strait of Hormuz. Rubio emphasized that such a move would mark a “massive escalation” and compel a coordinated international response.
The Department of the Interior, under Secretary Doug Burgum, announced on Wednesday a sweeping reform to dramatically accelerate the permitting process for energy and mineral development. Permits that once took years will now be reviewed in as little as 28 days, a move driven by President Donald Trump’s National Emergency Declaration to boost national energy security.
