Petronas: Global oil prices are surging in anticipation of a supply shock due to the escalating conflict around the Strait of Hormuz, according to Petroliam Nasional Bhd (Petronas).
At the time of writing, the Brent crude oil price rose 0.97 per cent to US$74.95 per barrel.
According to BERNAMA News Agency, Petronas president and group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz described the current price rally as one of the most intense since the 2022 energy crisis. He noted that this development is occurring while the world is still dealing with the effects of reciprocal tariffs. Although the precise impact of these events cannot yet be measured, he highlighted that the global energy system remains at significant risk due to ongoing strains.
Tengku Muhammad Taufik also addressed the path to net-zero carbon emissions in Asia, stating that achieving this objective will necessitate US$88.7 trillion in energy investments by 2050. He stressed the importance of investment in both conventional and renewable energy systems to ensure energy availability and affordability. Collaborative efforts from governments, financial institutions, and industries are essential to create policies and frameworks that unlock capital for energy projects, particularly in emerging and developing economies.
Furthermore, Tengku Muhammad Taufik commented on the advent of the fifth industrial revolution, driven by the rapid integration of artificial intelligence (AI) across sectors. He projected that electricity demand from data centres would reach 945 terawatt hours (TWh) globally by 2030, more than double the consumption in 2024, accounting for over 20 per cent of total demand growth during this period.
He emphasized that current energy systems are being pushed to meet this rising demand, even as the world navigates shifts in environmental, social, and governance policies that could compromise net-zero ambitions. He described these intersecting challenges of global conflicts, technological advancements, and climate change as a ‘polycrisis,’ setting the context for the Energy Asia 2025 gathering.
Energy Asia 2025 will feature over 180 globally renowned speakers in more than 50 strategic dialogues across seven sub-themes. The conference aims to explore collaborative efforts among Asian nations to enhance energy security, promote renewable energy adoption, deploy decarbonisation solutions, facilitate technology transfer, and drive economic and socio-economic development.