Opec on Tuesday stuck to its oil demand outlook for this year and next and said it expected China’s stimulus measures to revive growth in the world's second-largest economy.
The oil producers' group expects demand to rise by 2.4 million barrels per day to 102.1 million bpd this year. Next year, world oil demand is forecast to expand by 2.2 million bpd to 104.3 million bpd, Opec said in its monthly oil market report.
“The ongoing global economic growth is forecast to drive oil demand, especially given the recovery in tourism, air travel and steady driving mobility,” the group said.
“In China, the prospect of counterbalancing measures by the government will likely support the economy in achieving this year’s growth target."
The Asian country's post-coronavirus economic recovery has lost momentum mainly due to a deepening property slump and weak consumer spending.
China, the world’s largest crude importer, has announced a string of stimulus measures over the past few weeks, including halving the stamp duty on stock transactions and easing mortgage rates.
Its oil demand in July grew by 2 million bpd for the third consecutive month, driven by higher demand for transport fuels and continuing recovery in air travel, Opec said.
In the Organisation for Economic Co-operation and Development (OECD) region, oil demand is estimated to rise by 120,000 bpd this year to average 46.1 million bpd.
“OECD Americas is expected to witness the largest regional rise, led by the US, on the back of growing jet fuel demand and expanding gasoline requirements,” Opec said.
“Light distillates are also projected to support demand growth this year.”
In the non-OECD countries, total oil demand is expected to rise by about 2.3 million bpd to 55.9 million bpd this year.
Oil prices are trading close to one-year highs after Opec members Saudi Arabia and Russia said they would extend supply cuts of a combined 1.3 million bpd to the end of the year.
As part of their voluntary cuts, the kingdom is extending its one million bpd output reduction until December, while Russia is rolling over its export cut of 300,000 bpd until the end of the year.
On Tuesday, Opec said its production is projected to grow by about 50,000 bpd to 5.44 million bpd this year before rising further to 5.51 million bpd in 2024.
The group’s crude oil output rose by 113,000 bpd in August, compared with July, to 27.45 million bpd, Opec said, citing secondary sources.
Meanwhile, non-Opec production is estimated to expand by 1.6 million bpd to reach 67.4 million bpd this year amid higher output from Russia, the US and Brazil.
"Slow and steady growth is currently expected for US shale oil production throughout the year. Accordingly, US liquids supply growth for 2023 is forecast at 1.2 million bpd," the group said.
"There [are] uncertainties related to US shale oil output potential and unplanned maintenance across the rest of the year."
Opec left its economic growth forecast unchanged at 2.7 per cent for this year and at 2.6 per cent for the next.
The group said the downside risks included high inflation, possibility of further monetary tightening, and the continuation of Russia's war in Ukraine.
"Potential for positive developments could arise from a less pronounced inflationary environment, allowing central banks to maintain accommodating monetary policies towards the end of this year and in 2024," Opec said.
Brent, the benchmark for two thirds of the world’s oil, settled above $92 a barrel at market close on Tuesday and was at the same level in early trading on Wednesday. West Texas Intermediate, the gauge that tracks US crude, ended Tuesday at $88.84 a barrel and was hovering at about $89 a barrel in early trading on Wednesday.
Turkish Ladies
Various artists, Sony Music Turkey
Other simple ideas for sushi rice dishes
Cheat’s nigiri
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.
Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.
Deconstructed sushi salad platter
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.
Last 10 winners of African Footballer of the Year
2006: Didier Drogba (Chelsea and Ivory Coast)
2007: Frederic Kanoute (Sevilla and Mali)
2008: Emmanuel Adebayor (Arsenal and Togo)
2009: Didier Drogba (Chelsea and Ivory Coast)
2010: Samuel Eto’o (Inter Milan and Cameroon)
2011: Yaya Toure (Manchester City and Ivory Coast)
2012: Yaya Toure (Manchester City and Ivory Coast)
2013: Yaya Toure (Manchester City and Ivory Coast)
2014: Yaya Toure (Manchester City and Ivory Coast)
2015: Pierre-Emerick Aubameyang (Borussia Dortmund and Gabon)
2016: Riyad Mahrez (Leicester City and Algeria)
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if you go
The flights
Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com
Seeing the games
Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com
Staying there
Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
Results
4pm: Maiden; Dh165,000 (Dirt); 1,400m
Winner: Solar Shower; William Lee (jockey); Helal Al Alawi (trainer)
4.35pm: Handicap; Dh165,000 (D); 2,000m
Winner: Thaaqib; Antonio Fresu; Erwan Charpy.
5.10pm: Maiden; Dh165,000 (Turf); 1,800m
Winner: Bila Shak; Adrie de Vries; Fawzi Nass
5.45pm: Handicap; Dh175,000 (D); 1,200m
Winner: Beachcomber Bay; Richard Mullen; Satish Seemar
6.20pm: Handicap; Dh205,000 (T); 1,800m
Winner: Muzdawaj; Jim Crowley; Musabah Al Muhairi
6.55pm: Handicap; Dh185,000 (D); 1,600m
Winner: Mazeed; Tadhg O’Shea; Satish Seemar
7.30pm: Handicap; Dh205,000 (T); 1,200m
Winner: Riflescope; Tadhg O’Shea; Satish Seemar.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
A list of the animal rescue organisations in the UAE
