Global consumption of oil will recover faster than previously expected, the International Energy Agency (IEA) said today, hours after Opec left output limits unchanged amid ambivalence about the state of the economy.
The new report from the IEA, a Paris-based group of energy consuming nations, marks a change in the agency's outlook after months of pessimism about oil demand.
The group increased forecasts for this year and next year by 500,000 barrels per day (bpd) and said demand was now expected to rise by 1.3 million bpd next year, after a decrease of 1.9 million bpd in 2009.
"There is growing evidence that the global economy may be finally stabilising, with industrial de-stocking coming to an end, coupled with the effects of large-scale government intervention," the IEA said.
But the group warned that the forecast is clouded by unclear data from China, and the possibility of a "double-dip" recession that could push oil demand consumption down again later this year.
At a meeting in Vienna that concluded late last night, Opec opted to maintain current output restrictions on its members' crude production. A deeper cut, however, could harm the economic recovery, officials said.
"Whilst there are signs that economic recovery is under way, there remains great concern about the magnitude and pace of this recovery," Opec said in its communique.
"There has been some easing of the overhang in crude oil stocks but market fundamentals remain weak, refinery utilisation rates are low and product inventories have risen considerably."
Abdulla el Badri, the Opec secretary general, said the group was not seeking a particular price band for crude and was wary of the potential for higher oil prices to prolong an economic crisis he compared with the Great Depression.
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Adele: The Stories Behind The Songs
Caroline Sullivan
Carlton Books
Profile of VoucherSkout
Date of launch: November 2016
Founder: David Tobias
Based: Jumeirah Lake Towers
Sector: Technology
Size: 18 employees
Stage: Embarking on a Series A round to raise $5 million in the first quarter of 2019 with a 20 per cent stake
Investors: Seed round was self-funded with “millions of dollars”
Company profile
Name: Emonovo (previously Marj3)
Based: Cairo
Launch year: 2016
Number of employees: 12
Sector: education technology
Funding: three rounds, undisclosed amount
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
Women’s T20 World Cup Qualifier
From September 18-25, Abu Dhabi
. The two finalists advance to the main event in South Africa in February 2023
Group A: United States, Ireland, Scotland, Bangladesh
Group B: UAE, Thailand, Zimbabwe, Papua New Guinea
UAE group fixtures:
Sept 18, 3pm, Zayed Cricket Stadium – UAE v Thailand
Sept 19, 3pm, Tolerance Oval - PNG v UAE
Sept 21, 7pm, Tolerance Oval – UAE v Zimbabwe
UAE squad: Chaya Mughal (captain), Esha Oza, Kavisha Kumari, Rinitha Rajith, Rithika Rajith, Khushi Sharma, Theertha Satish, Lavanya Keny, Priyanjali Jain, Suraksha Kotte, Natasha Cherriath, Indhuja Nandakumar, Vaishnave Mahesh, Siya Gokhale, Samaira Dharnidharka
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
Brahmastra: Part One - Shiva
Director: Ayan Mukerji
Stars: Ranbir Kapoor, Alia Bhatt and Amitabh Bachchan
Rating: 2/5
Indika
Developer: 11 Bit Studios
Publisher: Odd Meter
Console: PlayStation 5, PC and Xbox series X/S
Rating: 4/5
RESULTS
Bantamweight
Victor Nunes (BRA) beat Siyovush Gulmamadov (TJK)
(Split decision)
Featherweight
Hussein Salim (IRQ) beat Shakhriyor Juraev (UZB)
(Round 1 submission, armbar)
Catchweight 80kg
Rashed Dawood (UAE) beat Otabek Kadirov (UZB)
(Round-1 submission, rear naked choke)
Lightweight
Ho Taek-oh (KOR) beat Ronald Girones (CUB)
(Round 3 submission, triangle choke)
Lightweight
Arthur Zaynukov (RUS) beat Damien Lapilus (FRA)
(Unanimous points)
Bantamweight
Vinicius de Oliveira (BRA) beat Furkatbek Yokubov (RUS)
(Round 1 TKO)
Featherweight
Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)
(Round 1 rear naked choke)
Flyweight
Shannon Ross (TUR) beat Donovon Freelow (USA)
(Unanimous decision)
Lightweight
Dan Collins (GBR) beat Mohammad Yahya (UAE)
(Round 2 submission D’arce choke)
Catchweight 73kg
Martun Mezhulmyan (ARM) beat Islam Mamedov (RUS)
(Round 3 submission, kneebar)
Bantamweight world title
Xavier Alaoui (MAR) beat Jaures Dea (CAM)
(Unanimous points 48-46, 49-45, 49-45)
Flyweight world title
Manon Fiorot (FRA) v Gabriela Campo (ARG)
(Round 1 RSC)
Walls
Louis Tomlinson
3 out of 5 stars
(Syco Music/Arista Records)