Global oil demand will continue to grow next year, indicating more pressure on an already tight market, with Opec producers required to pump almost a million barrels more per day in 2023.
It is estimated that demand for crude produced by the 13-member Opec bloc will rise by 900,000 bpd on an annual basis to 30.1 million bpd, the organisation said in its monthly outlook report released on Tuesday.
Overall demand growth in 2023 is expected to reach 2.7 million bpd to average 103 million bpd, with the demand in OECD countries rising by 600,000 bpd and non-OECD growth forecast at 2.1 million bpd.
A solid economic performance in major consuming countries, as well as improved geopolitical developments and the containment of Covid-19 in China, will support oil demand in 2023, Opec said.
“Nevertheless, uncertainty to the forecast remain to the downside, with much depending on the course of the pandemic and related measures, global financial tightening in the light of growing inflation and the resolution of the ongoing geopolitical issues in Eastern Europe,” the Opec report said.
Brent, the global benchmark for two thirds of the world's oil, dropped 6.59 per cent to $100.04 a barrel at 6.20pm UAE time. West Texas Intermediate, the gauge that tracks US crude, slumped 6.82 per cent to $96.99 a barrel.
“Oil is falling quite heavily today … [as] recession fears are strengthening the bearish case for crude and we're seeing those materialise after previously reaching very high levels,” said Craig Erlam, senior market analyst, UK and Europe, Middle East and Africa at Oanda.
“The market remains extremely tight and the Opec report today highlighted that fact, with demand next year seen exceeding supply by a million barrels per day. That should limit the downside we see as a worsening growth outlook is priced in.”
World oil demand is expected to exceed pre-pandemic levels in 2022, but the Russia-Ukraine war, pandemic-related developments and inflationary pressures are posing headwinds.
Economic uncertainty is mounting with growing fears of a global recession, as higher commodity prices and supply chain disruptions feed into spiralling inflation.
In April, the International Monetary Fund lowered its 2022 growth forecast to 3.6 per cent from its previous estimate of 4.4 per cent in January.
The World Bank also slashed its growth forecast for the global economy, lowering it to 2.9 per cent from its previous 3.2 per cent projection. The latest forecast is significantly lower than the January estimate of 4.1 per cent and a deceleration from the 5.7 per cent expansion recorded in 2021.
Opec on Tuesday said it expects the global economy to expand 3.5 per cent this year and 3.2 per cent next year.
“This assumes that the ramifications of the pandemic, geopolitical developments in Eastern Europe and global financial tightening amid rising inflation do not negatively impact the 2023 growth dynamic to a major degree,” the oil producers' bloc said.
The 2023 demand projection by Opec is slightly higher than that of the International Energy Agency’s estimates of 101.6 million bpd.
The Paris-based agency expects global oil supply to “struggle” to keep pace with surging demand next year, suggesting consumers will continue to face tough oil markets in coming months.
A growing Chinese economy will drive up demand in 2023, as tighter sanctions imposed on Russia over its military offensive in Ukraine force the country to shut more wells and as a number of producers bump up against capacity constraints, the agency said in its June report.
Opec has kept its 2022 oil demand growth projection unchanged from the previous month’s assessment at 3.4 million bpd.
Oil demand in OECD countries is estimated to increase by 1.8 million bpd, while in non-OECD areas, it is estimated to expand by 1.6 million bpd, with total oil demand averaging 100.3 million bpd.
“The first quarter of this year was revised higher, amid better-than-anticipated oil demand in the main OECD consuming countries. However, with the resurgence of Covid-19 in China and ongoing geopolitical uncertainties, oil demand in the second quarter of 2022 is revised lower,” Opec said.
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Killing of Qassem Suleimani
RESULTS
ATP China Open
G Dimitrov (BUL x3) bt R Bautista Agut (ESP x5)
7-6, 4-6, 6-2
R Nadal (ESP x1) bt J Isner (USA x6)
6-4, 7-6
WTA China Open
S Halep (ROU x2) bt D Kasatkina (RUS)
6-2, 6-1
J Ostapenko (LAT x9) bt S Cirstea (ROU)
6-4, 6-4
ATP Japan Open
D Schwartzman (ARG x8) bt S Johnson (USA)
6-0, 7-5
D Goffin (BEL x4) bt R Gasquet (FRA)
7-5, 6-2
M Cilic (CRO x1) bt R Harrison (USA)
6-2, 6-0
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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SERIE A FIXTURES
Saturday (UAE kick-off times)
Atalanta v Juventus (6pm)
AC Milan v Napoli (9pm)
Torino v Inter Milan (11.45pm)
Sunday
Bologna v Parma (3.30pm)
Sassuolo v Lazio (6pm)
Roma v Brescia (6pm)
Verona v Fiorentina (6pm)
Sampdoria v Udinese (9pm)
Lecce v Cagliari (11.45pm)
Monday
SPAL v Genoa (11.45pm)
Company%C2%A0profile
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