Monday, 10 August, 2020


Coronavirus forces OPEC to cut oil demand forecast

US crude oil stocks production up for w  ending Feb. 7 Algeria: OPEC calls for more oil cuts on coronavirus impact
Conrad Doyle | 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.

Recommended

loading...
...
  • Mercedes F1 confirm five-year Ineos sponsorship

    Mercedes F1 confirm five-year Ineos sponsorship

    The company is also backing Ben Ainslie's America's Cup sailing team , after the expiration of the team's title sponsorship deal with Land Rover.

    Trump warns Senate not to approve war powers resolution on Iran

    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.
    Myles Garrett Reinstated By NFL

    Myles Garrett Reinstated By NFL

    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.
  • Samsung Galaxy Z Flip Folding Smartphone With Rear 12MP Camera

    Samsung Galaxy Z Flip Folding Smartphone With Rear 12MP Camera

    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.
    EPL: Unai Emery names four Arsenal players that cost him the job

    EPL: Unai Emery names four Arsenal players that cost him the job

    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.
    COVID-19: death toll in China passes 1,300

    COVID-19: death toll in China passes 1,300

    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.
  • United Kingdom  told to not kid itself over 'permanent equivalence' bid

    United Kingdom told to not kid itself over 'permanent equivalence' bid

    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".
    United Kingdom  economy stalls in fourth quarter of 2019

    United Kingdom economy stalls in fourth quarter of 2019

    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.
    Raptors break record for longest win streak by Canadian sports franchise

    Raptors break record for longest win streak by Canadian sports franchise

    The Raptors used an 11-0 run to lead by nine points with 4:42 remaining in the third quarter. After those blistering first three quarters, Russell's production tailed off in the fourth.
  • Rohingya boat capsizes in Bay of Bengal; at least 16 dead

    Rohingya boat capsizes in Bay of Bengal; at least 16 dead

    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 .
    Number of COVID-19 deaths spike in China

    Number of COVID-19 deaths spike in China

    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.
    Best Vodafone Samsung Galaxy S20 Plans

    Best Vodafone Samsung Galaxy S20 Plans

    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.

Gayle King under fire for questioning Kobe Bryant rape charges Gayle King under fire for questioning Kobe Bryant rape charges CBS later released a statement saying the clip "did not reflect the nature and tone" of the complete interview. She later filed a civil lawsuit but the matter was settled out of court in 2005, USA Today reports.

Coronavirus: UK man infected after conference here says he's recovered Coronavirus: UK man infected after conference here says he's recovered Officials know that the pair worked at a nursing home, Worthing Hospital A&E and two GP practices between them. Bank of England Governor Mark Carney said that from an economic perspective, the virus has overtaken SARS.

The Strokes Perform "New York City Cops" Surrounded By Cops The Strokes Perform 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.

Trump praises Barr, attacks prosecutors in Roger Stone case Trump praises Barr, attacks prosecutors in Roger Stone case And I want to thank, if you look at what happened, I want to thank the Justice Department for seeing this, this frightful thing. Stone is scheduled to be sentenced on February 20.

China's Communist Party ousts senior official at center of coronavirus outbreak The online newspaper VN Express cited a senior official of Vinh Phuc province as reporting an increase in cases in Son Loi. Almost 15,000 new cases have been reported in a 24-hour period, taking the total number of cases to just under 60,000.

Philippines: Duterte Seeks to Shut Network 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.

NMC Health reveals KKR, GK approaches as founder Shetty steps back NMC Health reveals KKR, GK approaches as founder Shetty steps back NMC's $107 million redevelopment of NMC Royal Women's Hospital in Abu Dhabi "contains numerous red flags", the short seller said. The stock is down by 54% so far in 2020 and is valued at GBP1.67 billion versus GBP5.5 billion a year ago.

CDC cites label error in mixup involving new COVID-19 patient CDC cites label error in mixup involving new COVID-19 patient The agency is now re-evaluating the test kits and working with state labs to correct problems, Messonnier said. A previous case of coronavirus was documented on Monday among the same group of evacuees, the CDC said.

Coronavirus infections skyrocket as China refines diagnostic methods Coronavirus infections skyrocket as China refines diagnostic methods More than 14,800 new cases of the coronavirus have been reported in China's Hubei province - the epicentre of the outbreak. Japanese officials on Wednesday said another 39 people had tested positive for the virus, taking the total to 175.

Turkey, Russia Trade Accusations Amid Rise In Syria Tensions Turkey, Russia Trade Accusations Amid Rise In Syria Tensions Turkey's President Erdogan is warning that attacks by Syrian government forces on his military will be met with the same overwhelming response.

NI Braced For Wind As Storm Dennis Approaches 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.

Coronavirus could Infect 60% of the World Population if not Controlled Coronavirus could Infect 60% of the World Population if not Controlled Some countries considered to be at risk due to the movement of people to and from China have already taken their precautions. Gabriel Leung told The Guardian's Sarah Boseley on Tuesday that "60% of the world's population is an awfully big number".

Pakistan jails Islamist accused of Mumbai attacks for terrorism financing Pakistan jails Islamist accused of Mumbai attacks for terrorism financing FILE - Smoke billows from the landmark Taj Mahal hotel in Mumbai, India , after an attack by gunmen, November 29, 2008. Pakistan has vocally reaffirmed its commitment to implemet the NAP to get itself out of grey list.

Joel Embiid Receives Chorus of Boos After Being Introduced in Philadelphia Joel Embiid Receives Chorus of Boos After Being Introduced in Philadelphia The Miami Heat's Jimmy Butler responded to Embiid's social media post with the words, "I know a place where villains are welcome". Thanks to that interview, I propose we lobby Embiid to change his alternate moniker from "The Process" to "The Good Asshole".

Coronavirus: 'Way too early' to predict end of outbreak, World Health Organization says Coronavirus: 'Way too early' to predict end of outbreak, World Health Organization  says To date, two cases of the virus have been confirmed in babies, including a newborn diagnosed just 36 hours after birth. Japan now has 203 confirmed cases , the largest number outside of mainland China .