Opec left its oil demand forecast for 2021 unchanged from last month’s assessment as it expected global economic recovery to gain pace amid widespread vaccine campaigns.
Oil demand is expected to grow at 6 million barrels per day with total consumption expected to hit 96.6 million bpd, the group said in its monthly oil market report on Thursday.
“World oil demand growth in 2021 remains unchanged from last month’s report. This is despite the upward revision to GDP growth, as the rising economic recovery is projected to take place mainly in non-oil-intensive sector,” Opec said.
In the Organisation for Economic Co-operation and Development (OECD) region, oil demand is expected to increase by 2.6 million bpd to reach 44.6 million bpd, while in non-OECD, oil demand is expected to increase by 3.4 million barrels per day to reach 51.9 million bpd.
Opec expects the global economy to expand by 5.6 per cent in 2021 and 4.2 per cent in 2022, despite uncertainties related to the pandemic and the pace of the vaccine introduction worldwide.
Last month, the International Monetary Fund maintained its global economic forecast at 6 per cent but downgraded its growth outlook for emerging markets and developing economies owing to the uneven access to vaccines and the emergence of Covid-19 variants that are hindering the shape of the recovery.
Opec also kept world oil demand for 2022 unchanged. It projects demand to increase by 3.3 million barrels per day as it assumed economic activity to mostly take place in non-oil intensive sectors.
Total world oil demand is projected to exceed 100 million bpd in the second half of 2022 and reach 99.9 million bpd on average for 2022.
“Economic activities are still projected to gain traction, supported by massive stimulus packages,” the group said. “Additionally, the Covid-19 pandemic is anticipated to be controlled by vaccination programmes and improved treatment, resulting in a further recovery in economic activity and a steady rise in oil demand in both the OECD and non-OECD.”
Oil supply growth forecasts from non-Opec countries in 2021 and 2022 have also been revised up by 0.27 million bpd and 0.84 million bpd respectively owing to the “incorporation of the latest production adjustment decision of the non-Opec countries participating in the Declaration of Cooperation” deal after the Opec and non-Opec ministerial meeting last month.
Opec+, led by Saudi Arabia and Russia, extended its agreement until the end of December 2022. The group reached a consensus over the phasing out of 5.8 million bpd of withheld supply after weeks of deadlock and will review the agreement at the end of the year.
Brent, the global benchmark for two thirds of the world's oil, dropped 0.36 per cent to $71.18 per barrel at 4.09pm UAE time. US crude gauge West Texas Intermediate also slid 0.48 per cent to $68.92 per barrel.
23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Tree of Hell
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Rating: 4/5
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'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
Rating: 4/5
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Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
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Label: Parlophone/Atlantic
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Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
UAE currency: the story behind the money in your pockets
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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UAE currency: the story behind the money in your pockets
If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
WHAT ARE NFTs?
Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.
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This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.
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L - Juventus, 2-0
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Blackpink World Tour [Born Pink] In Cinemas
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Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
THE SPECS
Engine: 2.0-litre four-cylinder turbo
Transmission: eight-speed automatic
Power: 258hp at 5,000-6,500rpm
Torque: 400Nm from 1,550-4,400rpm
Fuel economy, combined: 6.4L/100km
Price, base: from D215,000 (Dh230,000 as tested)
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