Global crude production saw a historic year-on-year fall in 2020 amid the pandemic-driven economic slowdown that also squeezed demand for oil to record lows, according to the latest Opec data.
Total global crude production declined last year by 6.15 million barrels per day, or 8.2 per cent, to average 69.09 million bpd, making it the biggest annual drop in oil output, Opec said in its Annual Statistical Bulletin on Thursday.
Crude production by the 13-member producers’ group – which includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the UAE and Venezuela – also recorded an annualised decline of 12.7 per cent, or 3.72 million bpd.
Non-Opec countries' crude output fell by 2.43 million bpd, a 5.3 per cent drop from 2019, according to figures released by the group.
Oil demand was severely dented last year by the pandemic, which tipped the world economy into its deepest recession since the 1930s and disrupted the global travel and tourism sectors, which are among the main drivers of crude demand.
With an average of 90.73 million bpd, demand fell by a historic 9.30 million bpd from 2019 levels. Demand in the bloc of Organisation for Economic Co-operation and Development countries fell sharply in 2020, while it also recorded the first drop in non-OECD countries in 2020. Within Opec-member countries, demand was sluggish in 2020, losing 8.2 per cent, the Vienna-based group said.
“Distillates and gasoline accounted for around 55.1 per cent of 2020 world oil demand with a steep downward trend amid [Covid-19]," Opec said.
“Residual fuel oil requirements were about 7.1 per cent of total oil demand in 2020.”
But the outlook is brightening for the sector. The global economy has bounced back strongly and is expected to expand 6 per cent this year, according to the International Monetary Fund. Despite the spread of the more virulent Delta strain of the coronavirus, demand in 2021 is expected to grow by 6 million bpd, with global consumption hitting 96.7 million bpd, Opec said.
The oil producers' group expects demand for 2022 to exceed pre-pandemic levels, reaching 100.8 million bpd.
“Energy and oil demand have picked up significantly in 2021 after the massive drop in 2020 and continued expansion is forecast for the longer term,” Mohammad Barkindo, Opec’s secretary general, said.
The production is also rising this year as the Opec+ group of producers, led by Saudi Arabia and Russia, is bringing 2 million bpd back to the markets in 2021. It is set to decide whether to bring an additional 400,000 bpd of supply in October.
Mass vaccination campaigns across the world and the easing of Covid-related travel restrictions will further boost the global aviation and transportation sector, which will in turn drive long-term growth in oil demand, Opec said in its 2021 World Oil Outlook report on Tuesday.
Oil exports by Opec members in 2020 averaged 19.70 million bpd, a decrease of about 2.78 million bpd, or 12.4 per cent, compared to the 2019 level. It was the fourth consecutive annual decline in Opec exports.
Almost three quarters of crude from the group’s members, or 14.43 million bpd, was exported to Asian markets, particularly to China and India, two of the world’s biggest oil-consuming nations.
Last year, the group also exported about 3.13 million bpd to OECD countries in Europe, a decline from 3.74 million bpd reported in 2019. OECD nations in the Americas imported 0.84 million bpd of crude oil from Opec members, a 31.1 per cent, year-on-year drop.
Exports of petroleum products by Opec producers averaged 3.48 million bpd, down 10.4 per cent compared to 2019. Imports also fell 9.8 per cent on annualised basis to 1.52 million bpd, Opec statistics showed.
World refinery capacity shrank by 0.3 million barrels per calendar day to 101.1 million bpcd during 2020. However, the non-OECD region, particularly China and the Middle East, recorded refining capacity additions.
“Globally, refinery throughput fell by a record 9.1 per cent to reach 78 million bpd in 2020 amid bearish oil demand during the Covid-19 pandemic,” according to Opec data.
World proven crude oil reserves grew 0.2 per cent in 2020 to reach 1.54 trillion barrels. Proven oil reserves of Opec members increased 0.3 per cent to 1.23 trillion barrel.
However, global proven natural gas reserves fell 0.4 per cent to approximately 206.7 trillion standard cubic metres, with reserves of Opec member at 73.74 trillion scm, data showed.
RESULTS
Catchweight 63.5kg: Shakriyor Juraev (UZB) beat Bahez Khoshnaw (IRQ). Round 3 TKO (body kick)
Lightweight: Nart Abida (JOR) beat Moussa Salih (MAR). Round 1 by rear naked choke
Catchweight 79kg: Laid Zerhouni (ALG) beat Ahmed Saeb (IRQ). Round 1 TKO (punches)
Catchweight 58kg: Omar Al Hussaini (UAE) beat Mohamed Sahabdeen (SLA) Round 1 rear naked choke
Flyweight: Lina Fayyad (JOR) beat Sophia Haddouche (ALG) Round 2 TKO (ground and pound)
Catchweight 80kg: Badreddine Diani (MAR) beat Sofiane Aïssaoui (ALG) Round 2 TKO
Flyweight: Sabriye Sengul (TUR) beat Mona Ftouhi (TUN). Unanimous decision
Middleweight: Kher Khalifa Eshoushan (LIB) beat Essa Basem (JOR). Round 1 rear naked choke
Heavyweight: Mohamed Jumaa (SUD) beat Hassen Rahat (MAR). Round 1 TKO (ground and pound)
Lightweight: Abdullah Mohammad Ali Musalim (UAE beat Omar Emad (EGY). Round 1 triangle choke
Catchweight 62kg: Ali Taleb (IRQ) beat Mohamed El Mesbahi (MAR). Round 2 KO
Catchweight 88kg: Mohamad Osseili (LEB) beat Samir Zaidi (COM). Unanimous decision
F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
8. Esteban Ocon, Force India 56
Volvo ES90 Specs
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KILLING OF QASSEM SULEIMANI
Emirates exiles
Will Wilson is not the first player to have attained high-class representative honours after first learning to play rugby on the playing fields of UAE.
Jonny Macdonald
Abu Dhabi-born and raised, the current Jebel Ali Dragons assistant coach was selected to play for Scotland at the Hong Kong Sevens in 2011.
Jordan Onojaife
Having started rugby by chance when the Jumeirah College team were short of players, he later won the World Under 20 Championship with England.
Devante Onojaife
Followed older brother Jordan into England age-group rugby, as well as the pro game at Northampton Saints, but recently switched allegiance to Scotland.
SQUADS
Bangladesh (from): Shadman Islam, Mominul Haque, Soumya Sarkar, Shakib Al Hasan (capt), Mahmudullah Riyad, Mohammad Mithun, Mushfiqur Rahim, Liton Das, Taijul Islam, Mosaddek Hossain, Nayeem Hasan, Mehedi Hasan, Taskin Ahmed, Ebadat Hossain, Abu Jayed
Afghanistan (from): Rashid Khan (capt), Ihsanullah Janat, Javid Ahmadi, Ibrahim Zadran, Rahmat Shah, Hashmatullah Shahidi, Asghar Afghan, Ikram Alikhil, Mohammad Nabi, Qais Ahmad, Sayed Ahmad Shirzad, Yamin Ahmadzai, Zahir Khan Pakteen, Afsar Zazai, Shapoor Zadran
UAE currency: the story behind the money in your pockets
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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Killing of Qassem Suleimani
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
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UAE currency: the story behind the money in your pockets
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Specs
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Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
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Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Killing of Qassem Suleimani
Children who witnessed blood bath want to help others
Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.
As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.
Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.
“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”
Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.
“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”
Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
SPECS
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