to the university of leeds, we appreciate your time and your insights tonight. thank you. thank you. you're watching dw news up next is dw business news with steven beardsley. i will see you tomorrow, the actually we don't have a choice. so we have little time list to save the planet. so we have to do what we can as fast as possible. we only have one generation left just 25 years to implement the greatest revolution since the tune of the industrial age . replacing fossil fuels with renewable energy around the world without exception is

a global energy to information really cost of the food as well. or is it for our 2 pot document trees the renewables revenue starts november 25th dw. the demand for oil proves more resilient than expected major forecasts or raises this predictions through the next year. as more and more oil majors push money into drilling, we'll talk to an expert. also on our show, the e u gets closer to new targets on mining and refining more critical minerals like lithium in member countries. but how realistic are the new goals and can the leaders of the world, the 2 largest economies find common ground in an upcoming meetings?

hello, and welcome to our show, obviously, basically in berlin. the international energy agency has raised its oil demand growth forecast for this year, and next, despite a weak growth, i'll look for most major economies. die a says demand in 2023 has been supported by resilient us deliveries and record demand from china in september. but the agents expect the market to ease next year . as the post pandemic, economic rebound dissipates and to energy efficiency gains more traction across the world. the big dollar auntie is a senior oil analyst for energy aspects. you joins me now for more on this. libya, thanks for joining us. does this change and forecast? what does it tell us? is this more about short term demand or don't? does it tell us something broader about how we're assessing oil demand in the years ahead? it's beaufort for sure in the very short term oil demand this year is definitely surprise to the upside. not just in terms of the forecast, but for most,

for casters in the energy industry. we were long expecting the recession to happen this year, and that hasn't really happened yet. so whereas when we're looking at the longer term, obviously the energy transition is underway. but we are still at the very early stages. so nobody's really expecting oil demand to peak in the next couple of years . the i. e, a has said that it does the oil demand picking by 2030. would that change or begin to the deliberations behind it? begin to change if we continue to see these changes and assessments as well. if there is one thing i would say and in, in the oil industry that we have been not that great out is predicting demand growth. uh so absolutely like the waste forecasting and you can 2030,

we had energy aspects. we expect it to be a little bit later than that's more into the early 20 thirty's. so the point being, it's not happening tomorrow, it's maybe it's 10 years away. maybe it's 15 years away, it really depends on the piece of the energy transition. one key factor in that energy transition is the take up of electric vehicles. in recent months, we've really been seeing more pressure on producers. we're producing those vehicles, but they're not being purchased at the same rate. if there isn't the kind of easy take off that many have expected and projected, what does that mean for this, this expectation of oil demands over this decade and into the next? well i would say um electrification of the sort of personal vehicle transportation is just one item of the broader energy transition. we need to think about the covering icing on heavy heavy good vehicles. we need to think about the carpet.

nice thing. shipping air transportation. so we've definitely made a lot of progress on, on need personal cars. but that's just a very small fraction of the, of our global oil demand. and i haven't even mentioned like petro chemicals for example. and so at the world tends to focus on, on ease. because it's maybe one of the most visible things, but it's, it's definitely not enough. all right, that's libya, colorado the with energy aspect. thank you so much. thank you. so, let's go over now to some of the other global business stories making headlines. russia is there convincing the us led $60.00 price cap on oil exports. that's according to report, citing western officials and recent data. nearly all of the shipments of seaborne crude last month were above the price cap forwarding attempts by the g $7.00 and

its allies to curb to criminal ability to raise money for its more chest full supplier fox con, as posted better than expected profits. for the 3rd quarter, the company says profit rose 11 percent 1300000000 dollars from july to september, standing from demand ahead of the holiday season. a fox con is the world's largest contract electronics manufacturer, most known for assembling apples, iphone, the european union governments, and the parliament have reached a deal on targets for the supply of critical minerals, including rare earth to reduce its reliance on 3rd countries. primarily china of the critical role materials act could come into effect as early as next year. after being proposed by the european commission in march. the strategic raw materials still puts targets on local extraction, recycling and processing some 16 critical minerals and rare earth that are key for chip, an easy battery production among its goals, extracting 10 percent of the blocks annual needs locally. let's take

a closer look at one category of critical minerals rare earth. china is the largest partner for in ports of the rear of the elements accounting for 40 percent of the total weight of imports in 2022 and followed by malaysia with 31 percent. and russia with 25 percent of the total rare of imports into the u last year. i a friend who does surplus as a senior fellow with the independent think tank brutal. she joins me off for more on this. find who to walk into the show. europe is one of the world's biggest markets for electric vehicles. you have the content produced is less than one percent of minerals like lithium and cobalt. how realistic then is this target that we're seeing of in this case, 10 percent um extraction of a minerals but the question also is how important this is to have a critical access to these materials. so here what's most important is that we can

access our components at the most efficient and effective way here. um and of course, if that would be a critical dependence, that's what broke that access to, to the best and the most effective and fair prices. these kind of materials that's which really to keep up on like, um, so it's not necessarily the 3 need to have 10 percent, so it could be produced at home. i don't think that's a really relevant kpi. i to look at to what's really matter is, is do we can, we are sure, a continuous access to the best critical materials at the best prices here and requires diversity if this is sufficient diversification here, but not necessarily local production because they've done the production means that we will be only able to supply locally that's, that's a less efficient and a tire costs here. that's maybe lets me come with a high cost also. so for, for me,

what's relevant k p i is, how can we assure the best possible conditions to, to access the critical components that we need for our production locally here. but this not necessarily local production, but these targets are the same time really focused on local production in part and local refining. is that not true? that is the focus here. are you saying that that's maybe not the correct focus because it is because policy makers very often think that the way in order to assure this excess to is by local production. but that's not necessarily the case here. so that's really depends also on all how efficient and effective we can. uh sure it is local production here also how um and this relative to what we can obtain on a world market. so here, so in this respect it's really we need to take a, we broader look at this and see which extends we can actually also supply these. this is a critical materials of best conditions by having and much more diversified supply

of these here on a global scale here, diversified with suppliers that connection also offer these opportunities of very efficient conditions as well. in that interview with brutal senior fellow find, hilda floyd lawyers was recorded earlier. you can watch the entire conversation with her on our dw, use youtube channel. now moving on, it's a highly anticipated meeting us present, joe biden, and chinese premier. she, gene ping are due to meet each other in san francisco tomorrow on the sidelines of her conference related to pacific economies. and business leaders on both sides of divide. wouldn't mind seeing and easing of tensions. p, o g tell gun engaging, serving up a hearty dish. of pork liver, lungs, and into stones was once the side of an unconventional china us for a publish mode on a 2011 visit to china, then you was flies present job item when full lunch at the restaurant,

sparking of social media craze overhead into the diplomacy today, outside the restaurant locals have their own ideas, whether or not coming meeting between the us leader and the chinese leader might help a 2 man cook up diplomatic success of their role. how come over tonight? and this is the focus is on defending his own country's interest, so he may make some decisions that are beyond our comprehension. i hope that this meeting can bring a platform for communication between the 2 sites, yvonne gentlemen, to what i want really in china. most of us older people have retired by now. but biden is still fighting for the american people who must have insurance, as well as support from the american people. you must have something that the american people hold for the just like us to, i need supporting cheating, ping, we have all hundreds, right? this is what we entrust in the hopes of the common people who will not be here with you from on the way you want to see why my china us relations have plummeted since bite and dying in the chinese capital. due to a host of issues from china is threats against high one to growing strains and trade. president biden kept in place any of the target from the trump era,

and introduce new ones, like a us export bad for micro chips to china. what the leadership, 6 out of this meeting will be to appear to be in control of the us china relationship for she himself the the optics of this needed in will be important. and the ability to project an image of strength, of being and controls the bilateral relationship of steering a into commer waters will be politically useful for she. experts believe both sides see an interest in easing tensions. and that there's likely to be greater attempts to review more regular dialogue. and here's a reminder of the top business story we're following for you at this hour. as the international energy agency has raised its oil demand growth forecasts for this

year. and next, despite and expected economics slowed down in many major economies, the i. e. s. has demand in 2023 has been supported by resilient us deliveries and record demand from china. and september the alright, that's it for me and the dw business team for more about these and other stories, you can check us out online. d, v dot com slash business. so check out our youtube page under the deed of the news channels. i've been busy, invalid watching the

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