Coronavirus forces OPEC to cut oil demand forecast
Coronavirus forces OPEC to cut oil demand forecast
Algeria: OPEC calls for more oil cuts on coronavirus impact
13 February, 2020, 14:23
As a result, OPEC lowered its 2020 global gross domestic product growth forecast by 0.1 of a percentage point to 3 percent and said China's 2020 GDP growth will slow by half a percentage point to 5.4 percent.
Brent crude was up $1.72, or 3.16%, at $55.88 per barrel.
In addition, weekly field production bounced back during the same period, with crude output climbing to the record high of 13,000K from 12,900K in the week ending January 31, and signs of greater supply may become a growing concern for the Organization of the Petroleum Exporting Countries (OPEC) as the group reduces its oil demand forecast for 2020.
It noted that this is 1.7 mbd below what what OPEC produced in January when the new production cuts came into force.
Russia's Energy Minister Alexander Novak said Moscow needed more time to assess the situation, adding that USA crude production growth would slow and global demand was still solid.
Although markets have rebounded in recent days as investors grew confident that China could quickly contain the virus and its economic impact would be short lived, the IEA warned against complacency by comparing today's crisis to the 2003 SARS outbreak. The effects will be more significant than those of the 2003 SARS epidemic because of China's increased importance and integration within the world economy.
The outbreak, which has led to the quarantine of more than 40 million people in China and sickened about 45,000 people worldwide while more than 1,100 have died, has led to scores of businesses temporarily closing their operations in China and airlines to ground flights to and from the country.
USA supply reports are due later on Tuesday and on Wednesday.
As the world's leading importer and consumer of oil, China is a key player in the market.
Global oil demand will suffer its first quarterly drop in a decade as the COVID-19 virus lashes the economy in China and its impact ripples throughout the world, the IEA said Thursday. Yet the proposal has so far met resistance from Russian Federation, the group's most important ally, which is able to weather lower prices more easily.
'The effect of the Covid-19 crisis on the wider economy means that it will be hard for consumers to feel the benefit of lower oil prices, ' it said. That industry is likely to remain resilient against the price slump until later in the year, it predicted.
All Democrats present plus eight Republicans voted 51-45 in favor of beginning debate on the resolution from Sen. The resolution underscores that Congress has the sole power to declare war, as laid out in the Constitution.
Garrett was suspended for the final six games, and those games were not paid per the terms of the suspension. Tennessee's Albert Haynesworth was suspended five games for stomping on a player's helmet-less head in 2006.
If your budget is below $1,000, you're definitely not going to get a foldable flagship or one of the S20s or Notes. Finally, the hinge is also equipped with special fibers that will help keep dust from getting inside.
A lack of cutting edge in front of goal is seen as one of the key reasons behind the Gunners' patchy form. The north London side have lost just once in nine matches in all competitions with Arteta in the dugout.
The public has widely criticized local officials for their handling of the outbreak of a new form of coronavirus . The epidemic began in Hubei's capital, Wuhan, and has since spread to more than two dozen countries.
Johnson's administration was elected on a mandate of "getting Brexit done" and reclaiming British sovereignty from Brussels . Mr Eastwood said the government had moved away from promises of "frictionless trade" and "borders of the future".
Brexit was originally scheduled for March 2019, but then it was delayed until October and then again until January of this year. Many vehicle producers chose to shut down their factories for shorter periods earlier in the year.
Coast guard commander Sohel Rana said three survivors, including a Bangladeshi, were detained over human trafficking allegations. Most have been placed in refugee camps and some have tried to flee in boats to Malaysia .
Hubei had previously only allowed infection to be confirmed by RNA tests, which can take days to process and delay treatment. There are now several hundred coronavirus cases in 27 countries outside of China.
Furthermore, the S20 Ultra has the capability of 10-times hybrid optic zoom, as well as up to 100-times super resolution zoom. When the Galaxy Fold was finally released to the public after numerous delays, the device came swaddled in warnings.
The Strokes Perform "New York City Cops" Surrounded By Cops
We have a new record called The New Abnormal and it will be available April 10", reads a February 11 post by The Strokes . The Strokes have also released the first single from the record, dropping " At The Door " alongside a film clip.
Philippines: Duterte Seeks to Shut Network
The National Union of Journalists of the Philippines attacked the movement against the network. It stipulates that mass media ownership and management should be limited to Filipino citizens.
NI Braced For Wind As Storm Dennis Approaches
The warning is in place until midnight, with more heavy rain forecast on Sunday. "So, another hazard to watch out for". The UK are set for another wet and windy weekend as we say goodbye to Storm Ciara and hello to Storm Dennis.