Opec expects demand for oil to rise in the second half of this year, driven by a broader global economic recovery, it said in its latest monthly market report.
Oil demand is projected to rise by 5.9 million barrels per day, with total consumption hitting 96.3 million bpd in 2021, Vienna-based Opec said in the report released on Thursday.
Estimates for the first half of the year were adjusted lower due to extended measures to control the spread of Covid-19 in parts of Europe as well as to account for higher unemployment rates in the US.
"At the same time, 2H21 [second half of 2021] oil demand was adjusted higher to reflect an expectation of a solid economic recovery and the positive impact from vaccination rollouts," Opec said.
Demand from countries that are not part of the 37-member Organisation for Economic Co-operation and Development was encouraging, with "better-than-expected industrial fuel demand".
Opec revised it by 100,000 bpd on an annualised basis, supported by robust growth in the Middle East.
On the supply side, Opec production fell 650,000 bpd to average 24.85 million bpd in February, according to secondary sources cited by the group.
Opec+, the super group, which includes non-member producers including Russia agreed earlier this month to extend the current level of cuts into the next month.
The group will cut 7.2 million bpd from the market, supported by a continued voluntary commitment of 1 million bpd by Saudi Arabia.
The kingdom delivered its outsized cut, Opec data showed. Saudi Arabia's production stood at 8.15 million bpd in February, compared with 9.08 million bpd in the prior month.
Oil prices have surged amid tightening supply from Opec+ countries. Brent, the international benchmark, and West Texas Intermediate, which tracks US crude grades, are around 30 per cent higher than at the start of the year.
Brent was up 1.58 per cent, trading at $68.97 per barrel at 5.33pm UAE time on Thursday. WTI was up 1.44 per cent at $65.37 per barrel.
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
