Opec revised its oil demand forecast for this year and next lower by 300,000 barrels per day as mobility restrictions increased in the US and Europe due to a second wave of Covid-19 cases.
Global oil demand is set to shrink this year by around 9.8 million bpd year-on-year - compared with previous projections of 9.5m - with growth of 6.3m bpd expected in 2021, which is also 300,000 bpd less than forecast a month ago. Overall, oil demand for this year is expected to average 90m bpd.
Total global demand next year is expected to reach 96.3m bpd, with the transportation and industrial fuel demand to remain sluggish until 2021.
"These downward revisions mainly take into account downward adjustments to the economic outlook in OECD economies due to Covid-19 containment measures, with the accompanying adverse impacts on transportation and industrial fuel demand through mid-2021,” Opec said in its monthly market report for November.
The group revised lower its expectations for OECD countries by 500,000 bpd month-on-month due to the enforcement of a second-wave of lockdowns across Europe, notably in France and the UK, to contain another outbreak of Covid-19.
Restrictions in the US, which is seeing cases surge past 10 million, is expected to see “lower-than-expected demand” in the transportation sector in the third quarter of 2020, with continued slower demand for the remainder of the year.
Non-OECD recovery was revised upwards by 200,000 bpd, bringing the overall demand decline for the region to 4.5m bpd. The upward revision on the non-OECD demand forecast was bolstered by rebounding economic activity in China, as well as improving industrial activity indicators and growth in the petrochemicals sectors.
On Tuesday, the International’s Energy Agency's executive director said global oil demand will not peak even after a post-pandemic economic recovery spurs a revival of 100 million barrels per day of demand.
The agency forecast a decline in this year's global energy demand of about 5 per cent – seven times larger than the decline after the 2008 financial crisis – after coronavirus-induced movement restrictions dampened demand for fuel.
Paris-based IEA also said energy investment levels around the world will decline by 20 per cent from a year ago.
Brent climbed above $45 per barrel for the first time in 10 weeks during intra-day trading on Wednesday. The international benchmark was up 2.11 per cent, trading at $44.53 per barrel at 5.29pm UAE time, while West Texas Intermediate, the key US gauge was up 2.13 per cent at $42.24 per barrel.
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THE TWIN BIO
Their favourite city: Dubai
Their favourite food: Khaleeji
Their favourite past-time : walking on the beach
Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll
KILLING OF QASSEM SULEIMANI
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
UAE currency: the story behind the money in your pockets
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
UAE currency: the story behind the money in your pockets
Engine: 80 kWh four-wheel-drive
Transmission: eight-speed automatic
Power: 402bhp
Torque: 760Nm
Price: From Dh280,000
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Copa del Rey
Barcelona v Real Madrid
Semi-final, first leg
Wednesday (midnight UAE)
UAE currency: the story behind the money in your pockets
ARGYLLE
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Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
