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OPEC lowers demand forecast for 2020 and lowers forecast for 2021

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OPEC lowers demand forecast for 2020 and lowers forecast for 2021

An oil tanker cargo train passes towards the Nizamuddin railway station near the Ashram in New Delhi on July 30, 2020.

Mayank Mahija | NurPhoto via Getty Images

LONDON – OPEC cut its forecast for oil demand growth this year, citing weaker-than-expected recovery in India and other Asian countries, and warned that risks in the first half of next year would remain “elevated and downward-biased.”

In a closely monitored monthly report released on Monday, a group of oil-producing countries revised down their forecast for global oil demand to an average of 90.2 million barrels per day in 2020. This is 400,000 barrels per day lower than the previous month’s estimate and reflects a decrease of 9.5 million barrels per day compared to the same period last year.

The report comes out as energy market participants are increasingly concerned about the slowing economic recovery and falling fuel demand due to the coronavirus pandemic.

The Middle East-dominated group, which includes some of the world’s largest oil producers, said on Monday that it revised oil demand in OECD countries by about 100,000 barrels per day due to less expected declines in all sub-regions during the second period. quarter.

However, oil demand was revised by 500,000 barrels per day in non-OECD countries due to weaker oil demand in Asia, especially India.

Looking ahead, OPEC said the negative impact on oil demand in Asia is expected to continue through the first six months of 2021.

“In addition, the risks remain elevated and reversed, especially with regard to the development of Covid-19 infections and potential vaccines,” the group said.

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Moreover, the speed of economic recovery and the growth potential for oil demand in other Asian countries, including India, remain uncertain, ”the company added.

Thus, OPEC now expects global oil demand to grow by 6.6 million barrels per day to an average of 96.9 million barrels per day next year. This updated forecast was also 400,000 barrels per day lower than its previous estimate.

International benchmark Brent oil was trading at $ 39.76 a barrel on Monday, down about 0.2%, while West Texas Intermediate (US) (WTI) amounted to $ 37.26, which is about 0.1% lower.

Since the beginning of the year, oil prices have fallen by about 40%.

Gloomy rise in oil demand

Celebrating the group’s 60th anniversary, OPEC Secretary General Mohammad Barkindo said on Monday that the coronavirus pandemic is “one of the greatest global challenges of our time.”

“In addition to the terrible human suffering he caused, he triggered one of the worst global economic recessions and oil market downturns in OPEC history,” he added.

OPEC, together with its non-OPEC allies, a group known collectively as OPEC +, will meet on September 17 to discuss oil policy. Energy Alliance agreed to cut production by 7.7 million barrels per day until December.

“Infection rates are on the rise again, more and more countries are imposing local lockdowns that impede regional economic growth, and the number of unemployed cannot significantly decrease,” said Tamas Varga, senior analyst at PVM Oil Associates. Note published on Monday.

“This is driving a dismal rise in oil demand, as reflected in the EIA’s weekly and monthly reports over the past week.”

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Earlier this month, the US Energy Information Administration lowered its forecast for global demand growth for 2021 by 500,000 barrels per day due to lower projected growth in consumption in China.

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Economy

Everything has been delivered. 10 Bugatti Centodieci are already in the hands of the owners

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Everything has been delivered.  10 Bugatti Centodieci are already in the hands of the owners

OAll Bugatti Centodieci have been delivered, the Molsheim-based brand said on Monday. Cristiano Ronaldo received the number 07 in October this year. and Bugatti has now revealed that the latest unit – #10 – is already in the possession of its owner.

“The Centodieci combines all the values ​​of the Bugatti brand in an extraordinary package: rarity, innovation, heritage, craftsmanship and unrivaled performance. The production batch of 10 units was so in demand by our customers that it was sold before the Centodieci. was even officially presented,” said Christophe Piochon, president of Bugatti.

This latest example is finished in Quartz White with carbon fiber trim on the bottom and matte grilles. The brake calipers are painted in Light Blue Sport, as is the logo on the rear that refers to the EB110, the iconic Bugatti model that inspired this Centodieci. Inside, the predominant color is also blue, as you can see in the images above.

This block is powered by the same block as the other nine instances. The 8.0-liter W16 with four turbines is capable of developing 1600 hp. In terms of performance, this allows the Centodieci to hit 100 km/h in just 2.4 seconds and reach a top speed of 380 km/h.

Recall that each unit costs the owners eight million euros before taxes.

Read also: We already know when the Bugatti Centodieci fell into the hands of Ronaldo.

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The first Dacia hybrid. “The cheapest hybrid family on the market”

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The first Dacia hybrid.  "The cheapest hybrid family on the market"

BUT Dacia revealed this Monday that the hybrid engine has been available since March on the Jogger, the Romanian brand’s model known to be available with a seven-seat variant.

The Jogger Hybrid 140, Dacia’s first hybrid, will hit dealerships in March, but customers can expect and order it as early as January.

The price has been revealed by Dacia and since it’s only available in the seven-seater SL Extreme, it starts at €28,800. The brand claims it is “the most affordable hybrid family car on the market.”

Available in six existing colors to celebrate the launch of this hybrid, there will be a slate gray version, as you can see in the images above.

Equipped with a 1.6 liter four-cylinder petrol engine with 90 hp, the Jogger is also powered by two electric motors (a 50 hp engine and a high-voltage starter-generator). The total power is 140 horsepower. The electric transmission is automatic, four-speed, connected to an internal combustion engine, and two speeds are connected to an electric motor. This combined technology was possible, according to Dacia, only due to the lack of clutch.

Combined with the energy recovery levels of the 1.2kWh (230V) battery pack and the efficiency of the automatic transmission, regenerative braking delivers all-electric traction on 80% of urban journeys and saves up to 40% of fuel compared to a combustion engine vehicle.

Read also: Dual-fuel Dacia Jogger Eco-G. We tried 5 seater and LPG…

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Economy

See how Tesla tests its electric Semi truck in the worst-case scenarios

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Tesla Semi camião elétrico testes

Tesla has finally been able to bring its long-awaited Semi to market. This electric truck promises to revolutionize transportation and bring all the unique characteristics of this type of electric vehicle to this class of vehicles.

Now that the first units have been delivered, there is hope that they will finally be mass-produced and reach more transport companies. With so many promises to be kept, a new video is now emerging showing Tesla testing its Semi truck under worst-case scenarios.


Tesla Semi is already on the market

Like all Tesla electric vehicles, Semi follows the same line of creating a unique design associated with a platform with the most modern technology available. The proof is in what was presented to the public and surprised most people.

To prove the quality of this new proposal, Tesla published in your LinkedIn account new video. In it, he reveals some of the testing he's done to determine the strength and quality of the Semi's design and its (potential) durability.

Tests to prove its durability

It has been revealed that the Tesla electric truck is subjected to numerous tests and its application in the worst scenarios that drivers may face. It doesn't stop at the ruggedness of the Semi's designs, but goes further and focuses on the motors and batteries themselves.

This is the proof that many have been waiting for to ensure that this new proposal is not limited to a lot of autonomy. Its resistance is great and will provide greater durability, further enhancing the Semi's value and performance.

high quality electric truck

Tesla has already showcased the Semi's quality with a video showing its truck driving roughly 500 miles on just one charge. The big news here is that he managed to make this long journey with a maximum load of about 37 tons.

Now Tesla remains to widely place the Semi on the market. At the moment, only a few companies have access to this new product, with a very long list of pending deliveries, who want to start mass-using this electric truck offering.

See also  Research shows that electric vehicles are less polluting than combustion vehicles
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