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.
Mohammed bin Zayed Majlis
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
While you're here
The National editorial: Turkey's soft power weighs heavy on Europe's Muslims
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Nicky Harley: Peace TV preacher Zakir Naik prompts UK hate laws review
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MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
War on waste
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
On Women's Day
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
The National Editorial: Is there much to celebrate on International Women's Day 2021?
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
Zodi%20%26%20Tehu%3A%20Princes%20Of%20The%20Desert
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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While you're here
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Sholto Byrnes: After Charlie Hebdo, is religion dividing the world?
While you're here
COMPANY%20PROFILE
Global state-owned investor ranking by size
|
1. |
United States |
|
2. |
China |
|
3. |
UAE |
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4. |
Japan |
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5 |
Norway |
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6. |
Canada |
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7. |
Singapore |
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8. |
Australia |
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9. |
Saudi Arabia |
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10. |
South Korea |
Napoleon
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Kareem Shaheen on Canada
FIVE%20TRENDS%20THAT%20WILL%20SHAPE%20UAE%20BANKING
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
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Major matches on Manic Monday
Andy Murray (GBR) v Benoit Paire (FRA)
Grigor Dimitrov (BGR) v Roger Federer (SUI)
Rafael Nadal (ESP) v Gilles Muller (LUX)
Adrian Mannarino (FRA) Novak Djokovic (SRB)
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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
Racecard:
6.30pm: Mazrat Al Ruwayah (PA) | Group 2 | US$55,000 (Dirt) | 1,600 metres
7.05pm: Meydan Sprint (TB) | Group 2 | $250,000 (Turf) | 1,000m
7.40pm: Firebreak Stakes | Group 3 | $200,000 (D) | 1,600m
8.15pm: Meydan Trophy | Conditions (TB) | $100,000 (T) | 1,900m
8.50pm: Balanchine | Group 2 (TB) | $250,000 (T) | 1,800m
9.25pm: Handicap (TB) | $135,000 (D) | 1,200m
10pm: Handicap (TB) | $175,000 (T) | 2,410m.
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Dunki
HAJJAN
COMPANY%20PROFILE
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
