Opec, the crude oil exporters group, maintained its forecast that world oil demand will exceed pre-pandemic levels in 2022, but said Russia’s military offensive in Ukraine, developments related to the coronavirus pandemic and inflationary pressures pose a considerable risk.
The group maintained its oil demand forecast for this year at 3.36 million barrels per day, unchanged from the previous month's forecast.
Global oil consumption in 2022 is projected to average 100.29 million bpd, with demand exceeding 2019 levels by 0.09 million bpd.
“Current geopolitical developments and the uncertain roll-out of the pandemic towards the end of the second half of the year continue to pose a considerable risk to the forecast recovery to pre-pandemic levels,” Opec said in its monthly oil market report on Tuesday.
“Inflationary pressures are likely to persist and it remains highly uncertain as to when geopolitical issues may be resolved.”
Opec revised down demand growth for the second quarter but said demand will pick up in the second half during the summer holiday and driving season.
Geopolitical and economic uncertainty is mounting around the world after Russia’s military offensive in Ukraine, with inflation also rising due to higher commodity prices and supply chain disruptions.
The World Bank also slashed its growth forecast for the global economy for the second time this year as the Ukraine war, now in its fourth month, exacerbates the slowdown from the Covid-19 pandemic.
The lender lowered its growth estimate for 2022 to 2.9 per cent, from its April projection of 3.2 per cent, as the escalating geopolitical crisis threatens to lead to a “protracted period of feeble growth and elevated inflation”, the multilateral lender said in a report on Tuesday.
The latest forecast is significantly lower than the Januaryestimate of 4.1 per cent and a deceleration from the 5.7 per cent expansion recorded in 2021.
China, the world's top oil importer, is reintroducing some Covid-19 restrictions as cases surge in the capital Beijing, which could affect demand. Authorities are carrying out mass testing to prevent the spread of the disease as the Chinese government continues to pursue its “zero Covid” strategy.
Earlier this month, the Opec+ super group decided to increase its July and August output to 648,000 bpd, boosting supply by about 50 per cent. This will bring an additional 216,000 bpd on top of its scheduled 432,000 bpd coming to the market next month.
Opec and its allies, including Russia, are unwinding record output cuts put in place in 2020.
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Key findings of Jenkins report
Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Company Profile
Name: Thndr Started: 2019 Co-founders: Ahmad Hammouda and Seif Amr Sector: FinTech Headquarters: Egypt UAE base: Hub71, Abu Dhabi Current number of staff: More than 150 Funds raised: $22 million
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
