An oil-less recovery in the industrialised world is looking more likely, as Europe's exceptionally cold winter has failed to revive demand for oil-based heating and transportation fuels in the Organisation for Economic Co-operation and Development (OECD).
Since July, the outlook for economic growth this year in the 30 member countries of the OECD has improved to 2.1 per cent from close to zero, but projected oil demand for the group has barely changed, the International Energy Agency (IEA) said yesterday in its latest monthly report.
It forecast demand this year "stagnating" at last year's level, which it now estimates was 4.4 per cent lower than in 2008.
"Demand in the OECD may well have peaked, with all the negative consequences for OECD refining this implies," said the Paris-based agency, which advises industrialised countries on energy issues. "Overall, this supports contentions of an oil-less recovery."
"A diminishing number of OECD countries use oil for heating, power or industrial processes," the IEA noted. Oil use in OECD power generation has fallen by 40 per cent since 2000.
This year, a worldwide glut of natural gas, resulting in cheap prices for the industrial and heating fuel on spot markets, would further restrict "discretionary" oil use, the agency said."Environmental imperatives mean that gas, renewables and nuclear power will increasingly be preferred, even if binding climate change targets are stalled for now," it added.
"Transportation oil use may still grow in the OECD, but here too vehicle efficiency standards and the penetration of biofuels, hybrid and electric vehicles will limit requirements for refinery-sourced [petrol] and diesel."
Nevertheless, the IEA nudged up its forecast for global growth in oil demand this year by 170,000 barrels per day (bpd) to 1.6 million bpd or 1.8 per cent, due to more robust IMF projections for worldwide economic recovery.
"Global oil demand now takes its cue primarily from rising emerging country incomes," the agency said. "The thirst for oil among emerging economies looks unlikely to diminish any time soon", if economic recovery is as strong as expected.
The IEA predicted that oil demand from outside the OECD would climb to 41 million bpd this year from 39.4 million bpd last year, accounting for 47 per cent of global oil demand.
The upwards revision in its forecast for developing countries' oil demand accounted for the entire amount of the agency's expectations for higher worldwide demand growth this year. The IEA's latest projections assume that the economic stimulus programmes in major developing countries such as China will be withdrawn only gradually, as "the imperative to sustain economic expansion" was expected to override concerns about inflation.
Another source of oil sector uncertainty this year, the agency suggested, concerns the extent to which currency fluctuations, particularly the "dollar trade", will continue to influence crude prices.
A falling US dollar helped propel crude's unexpectedly strong recovery during much of last year, partly by making commodities priced in dollars cheaper for the holders of other major currencies. Investors also poured funds into commodities such as oil as a hedge against further dollar weakness.
While the dollar's inverse correlation with crude was looser in the latest two months, it has recently re-emerged strongly.
This time it dragged crude prices sharply lower, as worries over the sovereign debt of several euro zone nations weakened European financial markets and pushed the dollar higher.
Prices for benchmark US and European crudes fell to six-week lows at the end of last week, "after warmer weather in the northern hemisphere, negative macroeconomic news and sudden strength in the dollar set in motion a US$12 per barrel slide", the IEA reported. Crude has since recouped some of those losses.
The agency also noted significant uncertainty over the impact that financial sector reform might have on commodity markets, including the oil market, and growing support among policymakers for "consensus" oil pricing.
That marks a major shift from the position, broadly accepted among major oil producers and consumers for at least the past three decades, that the market should determine crude prices.
The IEA, Japan's Institute of Energy Economics and the Japanese ministry of economy, trade and industry plan to hold a price-formation forum in Tokyo later this month to examine such issues.
@Email:tcarlisle@thenational.ae
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE currency: the story behind the money in your pockets
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
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MATCH INFO
South Africa 66 (Tries: De Allende, Nkosi, Reinach (3), Gelant, Steyn, Brits, Willemse; Cons: Jantjies 8)
Canada 7 (Tries: Heaton; Cons: Nelson)
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
SPECS%3A%20Polestar%203
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3ELong-range%20dual%20motor%20with%20400V%20battery%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E360kW%20%2F%20483bhp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E840Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%3Cbr%3E%3Cstrong%3EMax%20touring%20range%3A%3C%2Fstrong%3E%20628km%3Cbr%3E%3Cstrong%3E0-100km%2Fh%3A%3C%2Fstrong%3E%204.7sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20210kph%20%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh360%2C000%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ESeptember%3Cbr%3E%3C%2Fp%3E%0A
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Freezer tips
- Always make sure food is completely cool before freezing.
- If you’re cooking in large batches, divide into either family-sized or individual portions to freeze.
- Ensure the food is well wrapped in foil or cling film. Even better, store in fully sealable, labelled containers or zip-lock freezer bags.
- The easiest and safest way to defrost items such as the stews and sauces mentioned is to do so in the fridge for several hours or overnight.
Match info
Newcastle United 1
Joselu (11')
Tottenham Hotspur 2
Vertonghen (8'), Alli (18')
Teaching in coronavirus times
MEFCC information
Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes