The International Energy Agency raised its 2023 global oil demand estimates again on Tuesday and said the current pessimism in the market is in “stark contrast” to the agency’s expectations of a tighter market in the second half of the year.
The agency now expects global crude demand to rise by 2.2 million barrels per day in 2023, an increase of 200,000 bpd from its April forecast.
“Prices were pressured lower by muted industrial activity and higher interest rates, which, combined, have led to recessionary scenarios gaining traction and worries of a downward shift in oil demand growth,” the agency said in its monthly oil market report on Tuesday.
Brent crude, the benchmark for two thirds of the world’s oil, has lost more than 12 per cent of its value this year amid demand concerns and a regional banking crisis in the US, which rattled financial markets.
The international benchmark was trading 0.23 per cent lower at $75.06 a barrel at 4pm UAE time on Tuesday. West Texas Intermediate, the gauge that tracks US crude, was down 0.20 per cent at $70.97 a barrel.
The agency, which expects crude demand to exceed supply by 2 million bpd in the second half of this year, said demand recovery in China, the world’s largest crude importer, has beaten estimates, reaching a record 16 million bpd in March.
China, which reopened its economy earlier this year, will account for about 60 per cent of global demand growth in 2023, the agency said.
Meanwhile, Russian oil exports hit 8.3 million bpd in April, the highest since Moscow’s invasion of Ukraine last year, the agency said.
“By our estimates, Moscow did not deliver its announced 500,000 bpd supply cut in full. Indeed, Russia may be boosting volumes to make up for lost revenue.”
The country’s oil export revenue rose by $1.7 billion to $15 billion in April but was down 27 per cent from a year earlier, the IEA said.
From April through December, Opec+ supply is set to fall by 850,000 bpd as the group enforces its additional supply cuts, the agency said.
For the full year, global crude supply is expected to rise by 1.2 million bpd, led by the US and Brazil.
Last month, Opec+ members Saudi Arabia, the UAE, Iraq, Kuwait, Oman and Algeria announced voluntary output cuts of 1.16 million bpd.
The cuts, which will be in place from May until the end of the year, are aimed at ensuring oil market stability, the producers said at the time.
Despite significant disruptions to the supply side, including the shutdown of the Iraq-Turkey export pipeline, wildfires in Canada, worker protests in Nigeria and maintenance-related cuts in Brazil, there has been no notable increase in prices or visible reduction in stocks, the IEA said.
In its latest oil market report, Opec stuck to its 2023 growth projection for oil demand but slightly lowered its forecast for regions other than China.
The crude producers' group expects world oil demand to hit 101.9 million bpd this year.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
List of officials:
Referees: Chris Broad, David Boon, Jeff Crowe, Andy Pycroft, Ranjan Madugalle and Richie Richardson.
Umpires: Aleem Dar, Kumara Dharmasena, Marais Erasmus, Chris Gaffaney, Ian Gould, Richard Illingworth, Richard Kettleborough, Nigel Llong, Bruce Oxenford, Ruchira Palliyaguruge, Sundaram Ravi, Paul Reiffel, Rod Tucker, Michael Gough, Joel Wilson and Paul Wilson.
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
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How green is the expo nursery?
Some 400,000 shrubs and 13,000 trees in the on-site nursery
An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo
Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery
Approximately 340 species of shrubs and trees selected for diverse landscape
The nursery team works exclusively with organic fertilisers and pesticides
All shrubs and trees supplied by Dubai Municipality
Most sourced from farms, nurseries across the country
Plants and trees are re-potted when they arrive at nursery to give them room to grow
Some mature trees are in open areas or planted within the expo site
Green waste is recycled as compost
Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs
Construction workforce peaked at 40,000 workers
About 65,000 people have signed up to volunteer
Main themes of expo is ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.
Expo 2020 Dubai to open in October 2020 and run for six months
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
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Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
The five pillars of Islam
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
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.