LONDON: Global oil consumption will reach 100 million barrels per day (bpd) — more than double the level of 50 years ago — in months, according to an industry report by Reuters.
Despite overwhelming evidence of carbon-fueled climate change and billions in subsidies for alternative technologies such as wind and solar power, oil is so entrenched in the modern world that demand is still rising by up to 1.5 percent a year, said the report.
There is no consensus on when world oil demand will peak but much depends on how governments respond to global warming, according the International Energy Agency (IEA), which advises Western economies on energy policy.
OPEC Secretary-General Mohammed Barkindo told a conference in South Africa on Sept. 5 that global consumption would hit 100 million bpd this year, sooner than anyone had expected.
With a sophisticated global infrastructure for extraction, refining and distribution, oil produces such a powerful burst of energy that it is invaluable for some forms of transport such as aircraft.
Of the almost 100 million barrels of oil consumed daily, more than 60 million bpd is used for transport. Alternative fuel systems such as battery-powered electric cars still have little market share.
Much of the remaining oil is used to make plastics by a petrochemicals industry that has few alternative feedstocks.
Although government pressure to limit the use of hydrocarbons such as oil, gas and coal is increasing, few analysts believe oil demand will decrease in the next decade.
If the current mix of policies continues, the IEA expects world oil demand to rise for at least the next 20 years, heading for 125 million bpd around the middle of the century.
‘No sign of waning appetite for oil’
‘No sign of waning appetite for oil’
- Oil is so entrenched in the modern world that demand is still rising by up to 1.5 percent a year
- Of the almost 100 million barrels of oil consumed daily, more than 60 million bpd is used for transport
Dar Al Arkan annual profit rises 41% to $301m on stronger property sales
RIYADH: Dar Al Arkan Real Estate Development Co. posted a 40.54 percent rise in annual net profit to SR1.13 billion ($301 million) in 2025, supported by higher property sales.
According to a filing on Saudi Exchange, the company’s net profit rose from SR806.84 million a year earlier, while annual revenue increased 3.75 percent year on year to SR3.90 billion.
Operating profit climbed 18.96 percent to SR1.59 billion, while gross profit rose 15.22 percent to SR1.84 billion.
“The increase in net income is mainly due to the increase in property sales. The increase in finance costs was offset by the increase in lease revenue, decrease in operating expenses, increase in share of income from associates, and increase in non-operating income from Islamic Murabaha deposits and positively impacted the net income,” the company said in the statement.
Shareholders’ equity after minority interest stood at SR22.22 billion as of Dec. 31, compared with SR21.09 billion a year earlier.
In February, Dar Al Arkan announced the full redemption of its $400 million sukuk.
In a Tadawul statement, the company said that the sukuk were redeemed at maturity using internal resources, with the amount transferred to the designated account.
The company further said that the impact of the sukuk redemption will appear in its first-quarter financial statement.
The company also disclosed last month that it had received three white land tax-related invoices totaling about SR201.15 million for plots within the Shams Ar Riyadh development, licensed under the Wafi off-plan sales program. The invoices were valued at SR48.32 million, SR108.10 million, and SR44.73 million , respectively.
In a separate disclosure in September, Dar Al Arkan said 2.83 million sq. meters of its land portfolio falls under the Kingdom’s White Land Tax Law.
