Opec expects global oil demand to rebound higher than before the pandemic, reaching 103.7 million barrels per day by 2025, as countries accelerate efforts to revive economies, the group said in its annual oil outlook.
Incremental increase in oil demand growth will remain "relatively high" between 2022 and 2023 at 2.1m bpd and 1.5m bpd, respectively, the exporters group said in its World Oil Outlook 2045 report on Thursday.
The return of pre-Covid-19 economic growth rates, particularly in the developing world, as well as industries such as aviation, road transport and industry looking to “catch up” on demand will be the biggest drivers behind oil demand growth.
Growth over the medium-term will be marked by “normalisation of demand growth” with long-term trends leading to “moderate levels of annual incremental demand just above 1m bpd," Opec said.
"The pandemic’s impact and resulting containment efforts precipitated one of the most tumultuous periods in the history of oil," Opec secretary general Mohammed Barkindo said. "The global industry faced an existential threat, especially in April 2020, when oil demand collapsed and storage capacity came dangerously close to being exhausted in some parts of the world.”
The existential threat Mr Barkindo refers to is the dramatic collapse in West Texas Intermediate, the benchmark for US oil, fell below zero to trade briefly at -$40 per barrel in April close to the expiry of its May contract. The plunge was largely due to over capacity constraints at its main delivery point in Cushing, Oklahoma and industries coming to a standstill as a result of the pandemic.
Since 2016, Opec joined hands with non-member producers led by Russia in an alliance known as Opec+, to undertake market corrections. It made the biggest cuts in history earlier this year.
Opec+ cut back nearly 9.7m bpd between May and July to counter the glut in the market reinforced by the slump in demand caused by halted air and ground travel due to the pandemic.
The alliance has since relaxed restrictions and has begun increasing output in line with rising demand for crude, following relaxation of mobility restrictions worldwide.
Currently, the group is cutting back 7.7m bpd, with tapered curbs set to remain in place until April 2022.
In spite of the drop in demand for energy in 2020, Opec forecasts continued growth medium and long-term. The group expects global primary energy demand to grow by 72 million barrels of oil equivalent per day between now and 2045.
Opec sees primary energy demand growing at an average rate of 0.9 per cent between 2019 and 2045. Demand over this period is expected to expand from 289m boepd in 2019 to 361m boepd in 2045.
"In this regard, India, China and other developing countries with increasing populations and high economic growth play a key role in increasing energy demand while developed nations in the OECD [Organisation for Economic Co-operation and Development countries] are exerting more of their efforts on energy efficiency and low-carbon technologies,” Opec said.
Nearly half of total energy demand growth is expected to come from India and China, the report added.
Opec continued to bet on bullish prospects for oil despite several oil majors such as Shell and BP writing off the value of their hydrocarbon assets this year.
The oil producers group expects a partial recovery of oil in 2021, with “healthy” growth rates expected over the medium-term. Oil demand is expected to reach 94.4m boepd in 2025.
"In 2019, oil represented for more than 31 per cent of global energy demand and is projected to remain the largest contributor to the energy mix to 2045, accounting for more than 27 per cent, followed by gas (about 25 per cent) and coal (almost 20 per cent),” the Vienna-based organisation said.
BELGIUM%20SQUAD
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PRISCILLA
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LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
The specs
Price, base / as tested Dh1,470,000 (est)
Engine 6.9-litre twin-turbo W12
Gearbox eight-speed automatic
Power 626bhp @ 6,000rpm
Torque: 900Nm @ 1,350rpm
Fuel economy, combined 14.0L / 100km
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
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
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Scores in brief:
Boost Defenders 205-5 in 20 overs
(Colin Ingram 84 not out, Cameron Delport 36, William Somerville 2-28)
bt Auckland Aces 170 for 5 in 20 overs
(Rob O’Donnell 67 not out, Kyle Abbott 3-21).
UAE currency: the story behind the money in your pockets
INFO
Everton 0
Arsenal 0
Man of the Match: Djibril Sidibe (Everton)
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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
More on animal trafficking
UAE currency: the story behind the money in your pockets
More from Aya Iskandarani
SOUTH%20KOREA%20SQUAD
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Scoreline
Australia 2-1 Thailand
Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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THE%20SPECS
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How%20to%20avoid%20getting%20scammed
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How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
Company%20profile
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RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
Company%20Profile
%3Cp%3ECompany%20name%3A%20EduPloyment%3Cbr%3EDate%20started%3A%20March%202020%3Cbr%3ECo-Founders%3A%20Mazen%20Omair%20and%20Rana%20Batterjee%3Cbr%3EBase%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Recruitment%3Cbr%3ESize%3A%2030%20employees%3Cbr%3EInvestment%20stage%3A%20Pre-Seed%3Cbr%3EInvestors%3A%20Angel%20investors%20(investment%20amount%20undisclosed)%3C%2Fp%3E%0A
The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
