Opec’s net oil export revenue for 2020 is set to hit an 18-year low, falling by more than 45 per cent from the previous year due to the coronavirus-induced slowdown.
The decline is based on "forecasts of lower global demand for petroleum products because of the general economic slowdown associated with Covid-19 that has reduced demand for petroleum products and Opec oil", the US Energy Information Administration said in a report.
Opec’s net oil export revenue fell by about 17 per cent to $595bn in 2019 and was less than half the record of more than $1.2 trillion earned in 2012.
“The 2019 revenues fell because of lower crude oil prices and lower production levels ... which were the result of an increase in production disruptions and voluntary reductions of oil output among Opec members,” the agency's report said.
On a per capita basis, Opec's net oil export earnings for 2020 are expected to fall by about 47 per cent annually to $638.
They dropped by 19 per cent from $1,476 in 2018 to $1,201 a year later.
“The decline in expected net oil export revenue in 2020 is driven by continued voluntary curtailments and low crude oil prices,” the agency said.
Oil prices have surged by 10 per cent since the year began, buoyed by Saudi Arabia’s unilateral decision to cut 1 million barrels per day in February and March.
US production was as high as 12 million bpd at the beginning of last year. The industry is not expected to recover to historically high output levels anytime soon.
US benchmark West Texas Intermediate will rise to about $49.70 a barrel this year and increase slightly to $49.81 a barrel in 2022, according to the EIA.
“US crude oil production is expected to fall to 11.1 million bpd this year, before recovering to 11.5 million bpd in 2022.”
Saudi Arabia’s commitment to deepen cuts is more of a “pre-emptive move”, NBK said in a note last Tuesday.
The Kuwaiti bank said the world’s largest oil exporter based its assessment on deteriorating oil demand.
“While oil demand appears to have beaten expectations in December, the current quarter is looking weaker than expected, with many advanced and emerging economies facing a second or even a third round of lockdowns,” said NBK.
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
Brief scoreline:
Manchester United 1
Mata 11'
Chelsea 1
Alonso 43'
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Overall standings
1. Christopher Froome (GBR/Sky) 68hr 18min 36sec,
2. Fabio Aru (ITA/AST) at 0:18.
3. Romain Bardet (FRA/ALM) 0:23.
4. Rigoberto Uran (COL/CAN) 0:29.
5. Mikel Landa (ESP/SKY) 1:17.
Navdeep Suri, India's Ambassador to the UAE
There has been a longstanding need from the Indian community to have a religious premises where they can practise their beliefs. Currently there is a very, very small temple in Bur Dubai and the community has outgrown this. So this will be a major temple and open to all denominations and a place should reflect India’s diversity.
It fits so well into the UAE’s own commitment to tolerance and pluralism and coming in the year of tolerance gives it that extra dimension.
What we will see on April 20 is the foundation ceremony and we expect a pretty broad cross section of the Indian community to be present, both from the UAE and abroad. The Hindu group that is building the temple will have their holiest leader attending – and we expect very senior representation from the leadership of the UAE.
When the designs were taken to the leadership, there were two clear options. There was a New Jersey model with a rectangular structure with the temple recessed inside so it was not too visible from the outside and another was the Neasden temple in London with the spires in its classical shape. And they said: look we said we wanted a temple so it should look like a temple. So this should be a classical style temple in all its glory.
It is beautifully located - 30 minutes outside of Abu Dhabi and barely 45 minutes to Dubai so it serves the needs of both communities.
This is going to be the big temple where I expect people to come from across the country at major festivals and occasions.
It is hugely important – it will take a couple of years to complete given the scale. It is going to be remarkable and will contribute something not just to the landscape in terms of visual architecture but also to the ethos. Here will be a real representation of UAE’s pluralism.
Primera Liga fixtures (all times UAE: 4 GMT)
Friday
Real Sociedad v Villarreal (10.15pm)
Real Betis v Celta Vigo (midnight)
Saturday
Alaves v Barcelona (8.15pm)
Levante v Deportivo La Coruna (10.15pm)
Girona v Malaga (10.15pm)
Las Palmas v Atletico Madrid (12.15am)
Sunday
Espanyol v Leganes (8.15pm)
Eibar v Athletic Bilbao (8.15pm)
Getafe v Sevilla (10.15pm)
Real Madrid v Valencia (10.15pm)
RESULT
Chelsea 2
Willian 13'
Ross Barkley 64'
Liverpool 0
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
UAE currency: the story behind the money in your pockets
