As the price of a barrel of oil fell below US$75, Opec predicted a sharp drop in demand this year and the next.
The supplier of more than 40 per cent of the world's oil unveiled its latest gloomy oil-market forecast amid continued global economic turmoil as the world faces its worst financial crisis since the 1930s, and as its 13 members prepare to meet in Vienna at an emergency meeting set for Nov 18.
"Dramatically worsening conditions in financial markets indicate strong fallout on the real economy is now inevitable," Opec said yesterday in its latest monthly oil market report. "Ongoing financial market turmoil is expected to continue to impact oil demand well into the coming year."
Following a similar revision last month, the group dropped its forecast for average global oil consumption next year by 0.5 per cent or 450,000 barrels per day (bpd) to 87.21 million bpd. It also cut its projection for oil demand this year by 330,000 bpd.
"Total world oil demand growth for 2008 has been reduced to half of the initial forecast," Opec said.
It predicted demand for Opec crude would average 31.1 million bpd next year, 870,000 bpd lower than this year. The organisation's latest forecast for demand for its crude this year stands at 32 million bpd, a 260,000 bpd decline from last year.
Opec acknowledged that its decision to convene an extraordinary meeting next month was prompted by mounting concerns that financial turmoil might "considerably reduce demand for crude oil". Chakib Khelil, the president of Opec, said last week that a production cut was "very likely".
Yesterday's report indicated that, if anything, key Opec officials felt an intensified urgency to cut quotas. "Even if governments are successful in calming equity markets and unfreezing credit markets in the near future, the fallout on the real economy from financial market headwinds is expected to be considerable. This comes on top of the already-visible weakening of OECD economies and a deceleration of growth in emerging markets," the report said.
As if on cue, oil prices yesterday fell below $75 a barrel for the first time since September of last year, reflecting deepening fears that trillions of dollars pledged for an emergency bailout of the world's banks would be insufficient to keep the global economy from sinking into recession and oil demand from deteriorating further.
Crude oil for November delivery slid to $74.97 on the New York Mercantile Exchange yesterday, falling 4.7 per cent from the previous day's close.
A US government report today is expected to show that crude and petrol inventories in the world's biggest oil market increased last week.
Many analysts now see a global recession as probable, with prospects dimming for continued growth - even in China's formerly red-hot economy.
JPMorgan Chase, the largest US bank by market value, cut its fourth quarter oil price forecast to $79 a barrel, and its projection for next year's average oil price to $74.75 a barrel, on the "assumption" of a drop in global crude demand.
Meanwhile, as other Opec members mulled throttling back crude production, Nigeria's National Petroleum Company said the West African oil exporter's production was gradually climbing back to pre-2006 levels and was expected to reach 2.4 million bpd by the end of this year, up from 2.2 million bpd last month.
Nigeria's oil output has been hurt by internal armed conflict that damaged production facilities.
The development will make the dilemma faced by Saudi Arabia, the Opec kingpin, on how much and even whether to curtail the kingdom's oil output all the more critical for international markets.
@Email:tcarlisle@thenational.ae
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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Fixtures
50-over match
UAE v Lancashire, starts at 10am
Champion County match
MCC v Surrey, four-day match, starting on Sunday, March 24, play starts at 10am
Both matches are at ICC Academy, Dubai Sports City. Admission is free.
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Continental champions
Best Asian Player: Massaki Todokoro (Japan)
Best European Player: Adam Wardzinski (Poland)
Best North & Central American Player: DJ Jackson (United States)
Best African Player: Walter Dos Santos (Angola)
Best Oceanian Player: Lee Ting (Australia)
Best South American Player: Gabriel De Sousa (Brazil)
Best Asian Federation: Saudi Jiu-Jitsu Federation
SERIE A FIXTURES
Saturday
AC Milan v Sampdoria (2.30pm kick-off UAE)
Atalanta v Udinese (5pm)
Benevento v Parma (5pm)
Cagliari v Hellas Verona (5pm)
Genoa v Fiorentina (5pm)
Lazio v Spezia (5pm)
Napoli v Crotone (5pm)
Sassuolo v Roma (5pm)
Torino v Juventus (8pm)
Bologna v Inter Milan (10.45pm)
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
MATCH INFO
Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')
Red card: Casemiro (Real Madrid)
A list of the animal rescue organisations in the UAE
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
More from Neighbourhood Watch:
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
