The International Energy Agency increased its global oil demand growth estimate for this year and the next on rising crude consumption in India, China and the Middle East.
The IEA now expects oil demand to grow by 1.7 million barrels per day in 2023, up from its previous estimate of 1.6 million.
This year, oil demand will grow by 2.3 million bpd, a 140,000 bpd increase over the agency’s previous forecast.
“Despite the seasonal slowdown in world oil demand and continued macro-economic headwinds, recent oil consumption data have surprised to the upside,” the IEA said.
Demand in Organisation for Economic Co-operation and Development (OECD) countries is still depressed because of weak petrochemical activity in Europe and Asia, the agency said.
Russia's oil exports rose in November ahead of a December 5 price cap imposed by the G7.
The country’s oil exports increased by 270,000 bpd to 8.1 million bpd, the highest since April, as diesel exports surged nearly 38 per cent to 1.1 million bpd.
But Russia’s oil export revenues dropped, by $700 million, to $15.8 billion on lower crude prices and steeper discounts.
Global oil supply last month fell 190,000 bpd to 101.7 million bpd after Saudi Arabia and other Gulf countries curbed supply in line with Opec+ output targets.
A steeper drop is expected in December due to the EU ban on Russian crude imports and the G7 price cap, the agency added.
Brent, the benchmark for two thirds of the world’s oil, fell below $80 a barrel last week for the first time since January amid concerns of a recession in several countries and slowing growth in China, the world’s second-largest economy and top crude importer.
Brent crude was trading 0.93 per cent higher at $81.43 a barrel at 7pm UAE time on Wednesday.
“While lower oil prices come as a welcome relief to consumers faced by surging inflation, the full impact of embargoes on Russian crude and product supplies remains to be seen,” the IEA said.
“As we move through the winter months and towards a tighter oil balance in the second quarter of 2023, another price rally cannot be ruled out.”
On Tuesday, Opec stuck to its oil demand growth forecast for this year and 2023.
The oil producer group expects the world economy to grow 2.8 per cent this year, up from its previous estimate of a 2.7 per cent growth.
The 2023 global economic growth forecast was unchanged at 2.5 per cent.
“Risks to global economic growth remain skewed downwards due to challenges including high inflation, monetary tightening by major central banks, [and] high sovereign debt levels in many regions,” Opec said.
“Moreover, geopolitical risks and the pace of the Covid-19 pandemic during winter remain uncertain.”
Global economic growth is forecast to be as weak as it was in 2009 — during the global financial crisis — as a result of the Ukraine conflict and its impact on the world economy, according to the Institute of International Finance.
The world economy is projected to grow 1.5 per cent next year, compared with 0.6 per cent in 2009, per IIF estimates.
The five pillars of Islam
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.
Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
MATCH INFO
Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')
Red card: Casemiro (Real Madrid)
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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The Baghdad Clock
Shahad Al Rawi, Oneworld
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
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