The CEO of BlackRock, the world’s largest asset management company, Larry Fink, during his participation in the Future Investment Initiative, which kicked off today in the Saudi capital, Riyadh, expected oil prices to reach $100 a barrel.
He said that there are increasing possibilities of oil prices rising to $100 a barrel, in light of rising energy prices by next year, due to short-term policies.
Goldman Sachs Estimates
BlackRock’s estimates come close to a report by investment bank “Goldman Sachs”, which indicated that oil prices may exceed $ 90 by the end of this year.
The American Investment Bank indicated that oil demand is expected to soon reach pre-coronavirus levels of about 100 million barrels per day, with consumption recovering in Asia after the wave of the mutated strain Delta.
The CEO of BlackRock called for more collaboration between the public and private sectors to address global challenges such as climate change, noting that two-thirds of the world’s economy is dependent on (managed) assets, and we should hire people who have the ability to manage capital more responsibly.
Fink called for a reformulation of the role of the International Monetary Fund and the World Bank, explaining that the world is going through a fundamental problem, which is the dominance of the private sector over business, and there is a need to focus on sustainable investment.
Future Investment Initiative
Today, Tuesday, the work of the fifth session of the Future Investment Initiative 2021, which will be held at the King Abdulaziz International Conference Center under the title “Investing in Humanity”, began in Riyadh, and will last for 3 days, with the participation of more than 2,000 missions, 5,000 participants from decision-makers and company leaders. And policy makers, investors and innovators from around the world, according to the Saudi Press Agency.
Khaldoon Khalifa Al Mubarak, CEO and Managing Director of the UAE’s Mubadala Investment Company, stressed that the changes facing the world, including climate change and the Covid-19 pandemic, have made the world work together to find solutions to these crises, and to provide the best possible solutions for humanity.
This came during a panel discussion entitled “Change Makers Council: Investing for Impact”, which addressed the importance of climate change, the challenges that will face future generations, potential investment opportunities, and the world’s focus on climate change.
The session touched on the importance of investing in small and medium-sized companies, and supporting young people for growth in the global economy, which will give them the opportunity to be more sustainable, and that focusing on renewable energy is one of the most important investments that should be focused on, as investing in these companies will bring general benefit to all countries.
The participants in the session urged the need to benefit from human energies, empower women and find innovative solutions to overcome current obstacles, in addition to being guided in the use of electricity and searching for alternatives in clean energy.