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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

Wall Street is back on a roller coaster of volatility. But Biden still has a positive balance for a year – Bolsa

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Wall Street is back on a roller coaster of volatility.  But Biden still has a positive balance for a year - Bolsa

US equities continued to test positive territory but eventually turned red in a volatile session with many ups and downs.

The Dow Jones industrial index fell 0.89% to 34,715.39 points. Remember, on January 5th it reached a level that was not there before, 36,952.65 points.

The Standard & Poor’s 500 fell 1.10% to 4482.73. Its historical maximum was reached in intraday trading on January 4 and amounted to 4818.62 points.

On the other hand, the Nasdaq Composite Technology Index lost 1.30% to 14,154.02 points. Yesterday, the index entered correction territory, losing 10% from its previous closing record reached on November 19. Its all-time intraday high is 16,212.23 points, set on November 22.

Indices on the other side of the Atlantic once again fluctuated between profit and loss, trading in positive territory as the rise in sovereign debt rates stabilized.

The sun was short-lived, however, and late in the session, the sell-off movement seen in recent days became more visible again, especially in the technology sector, which has grown strongly over the past two years due to low interest rates. and that he now fears the consequences of a Fed rate hike that could start as early as March.

This drop in technology is not a promising sign ahead of the final quarter 2021 financial report, Bloomberg highlights. It will be Netflix’s turn today as soon as Wall Street ends its regular timeslot.

It has been a very volatile month for US stocks. Nevertheless, CNN notes, the first year of Joe Biden’s presidential term has a positive balance in the stock markets.

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A year ago on this date, Biden took office and the S&P 500 has risen about 18% over that period, hitting consecutive all-time highs. The Dow Jones is accumulating more than 12% gains, while the Nasdaq posted a less “impressive” performance of just 6%.

But this start to the year isn’t just bad for the Nasdaq. So far, the S&P 500 and Dow are down more than 4% since the first session of 2021.

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Economy

Bitbase Spaniards Want to Invade Portuguese Trade Centers with Crypto ATM

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Bitbase Spaniards Want to Invade Portuguese Trade Centers with Crypto ATM

Spanish giant Bitbase, a cryptocurrency retailer that completed a $52 million virtual asset transaction last year alone, has decided to choose Portugal as the first country to start international expansion.

The company will open its first store in the country next Monday, January 24th. The space will be located in Campo de Ourica, Lisbon. In a press release sent to Negosios, the company added that it still wants to launch cryptocurrency ATMs.

“The company’s vision is to make specialty stores accessible to the public, where people can not only buy or sell cryptocurrencies, but also provide information, advice, or buy other physical products related to the cryptographic world. the function is to explain in as much detail as necessary what cryptocurrencies, blockchain and decentralized finance (DeFi) are,” the company, led by Alex Fernandez, explains in a statement.

Contacting Negosios, Bitbase clarified that in the short term, “in addition to the store in Lisbon, we would like to open another one in Porto, as well as install four crypto terminals in malls.” By the end of 2022, the company still aims to recruit and train “five to ten people.”

Bitbase’s big bet in Portugal will be on the franchise, a model that is widely adopted in Spain and forms a prominent part of the spaces that represent the brand. After Portugal, the company wants to enter the markets of Great Britain and Colombia.

The Spaniards are in direct competition with the Portuguese “cryptomas”

The new Bitbase store will be the second store of its kind to be opened in the country, as Criptoloja, one of the “children of crypto” licensed by Banco de Portugal last year and in the meantime acquired by the Brazilian giant 2TM, already has a face-to-face service faces on Avenida da Liberdade in Lisbon.

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In terms of ATMs, they will also compete directly with another Portuguese “crypto baby”, Mind the Coin, which already has six crypto terminals: Braga, Maia, Faro, Alverca, and now Lisbon and Gaia, according to data provided by company and confirmed by Negosios on the Coin ATM Radar platform.

When asked when he would start installing new machines in Porto and other cities, manager Fernando Guimarães replied that “there is no formal schedule, but as soon as a partnership arises, we are ready to do it.”

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Economy

City Center Covilhã will open its doors in 2023. The shopping center will cover an area of ​​18,000 square meters – Empresas

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City Center Covilhã will open its doors in 2023.  The shopping center will cover an area of ​​18,000 square meters - Empresas

City Center Covilhã is due to open its doors in the second quarter of 2023, according to CBRE, the consulting company responsible for commercializing the commercial project. The real estate consulting firm said in a statement that the space is intended to “help increase investment at the gates of the city of Serra da Estrela.”

This shopping center, which will be located on the axis of the main road of Covilhã, will have a total area of ​​about 18,000 square meters and 14 stores, clarifies CBRE. In total, it will have two floors, “two of them with direct access from the arteries surrounding the project and parking for approximately 740 spaces, of which 242 are located on the surface.”

According to the newspaper O MIA, this project should create 600 jobs in the region. The project is promoted by Forumlar with Frontcity being the person responsible for the architecture. Forumlar’s directors, Artur Costa Pais and Paulo Ramos, have an investment portfolio of tens of millions of euros in consortium with other tourism, distribution and healthcare partners in the Serra da Estrela region.

“This type of project, which in some situations can be seen as an extension of street retail with additional parking valence for customer convenience, has proven to be an asset typology that is resilient to the negative effects of the pandemic,” explains Carlos Recio, director of retail advisory and transactional services at CBRE, quoted in the statement. .

“This feature was due, on the one hand, to the physical characteristics, since they are open spaces, large sizes and direct access to stores from the outside, which gives consumers a sense of security, and on the other hand, for the offer that they traditionally have, including some of the sectors of activity that were less affected by the drop in consumption.”

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