Hamas says leadership survived Israeli attack in Doha, confirms six deaths    Saudi Crown Prince and Jordanian King back Qatar fully to preserve its sovereignty in phone call    Tunisian president meets Saudi foreign minister in Tunis Prince Faisal co-chairs Saudi-Tunisian Political Consultation Committee meeting    Saudi Arabia slams Israel's use of blockade and starvation as tactics to impose forceful displacement    PIF chief says Saudi transformation could outpace China's, outlines 'filtration' investment process The Fund to unveil its next five-year strategy soon    Arcapita acquires C&K Paving, expanding its global business services portfolio    Crown Prince to outline domestic and foreign policy priorities during Shoura Council address Wednesday    Hajj Ministry launches catering challenge to foster innovation in services to pilgrims    Israel carries out attack against Hamas leadership in Qatar    French PM François Bayrou loses crucial confidence vote in parliament    Anastacia: Arnold Schwarzenegger made me sing Whatta Man 12 times    Saudi Real GDP records growth of 3.9% in Q2 2025    PIF signs MoU with Macquarie Asset Management to boost investments in infrastructure and energy transition    Thousands pay their last respects to Giorgio Armani, private funeral on Monday    French doctor goes on trial for poisoning 30 patients, 12 fatally    The key to happiness    Gamers frustrated as Hollow Knight: Silksong crashes stores on launch    Mike Tyson and Floyd Mayweather Jr. set to meet in exhibition boxing match in 2026    Al Hilal sign Turkish defender Yusuf Akcicek on €22m deal until 2029    Al Qadsiah sign German midfielder Julian Weigl to strengthen defensive midfield    Al Ahli secure Flamengo starlet Matheus Gonçalves in long-term deal through 2027    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



OPEC revises down 2021 global economic growth forecast
Published in The Saudi Gazette on 13 - 10 - 2020

The global economic growth forecast remains at minus 4.1 percent for 2020, while for 2021 it is revised downward to 4.6 percent, from 4.7 percent in last month's assessment, according to OPEC monthly oil market report.
"In 2021, the world oil demand forecast was adjusted lower by 0.08 mb/d compared to last month's report. This downward adjustment is due to the slower economic growth projected for both the OECD and non-OECD. Nevertheless. the forecast for oil demand growth stands at around a solid 6.5 mb/d, with global total demand estimated to reach 96.8 mb/d. While the demand forecasts expect growth of 4.6 percent in global economic activity, risks related to the COVID-19 pandemic and its impact remain a considerable concern, " the report which was released on Tuesday explains.
It estimated 2020 world oil demand to decline by 9.5 mb/d y-o-y, relatively unchanged from last month's assessment, reaching a level of 90.3 mb/d.
"In the OECD, demand growth is revised slightly lower by around 0.06 mb/d in 2020. This downward revision accounts for lower expectations for transportation fuel consumption in the US and parts of Europe in 2H20 following a weak summer driving season, which has more than offset a less-than-expected decline in 1H20 data, due to steady petrochemical feedstock demand in the US and increased heating fuel restocking in Europe. In the non-OECD, oil demand in 2020 was adjusted slightly higher, by around 0.05 mb/d m-o-m, due to better-than-expected demand from China," the report which was released today explained."
The report expects light distillates (including LPG/NGL/naphtha) and diesel to be supported by improving industrial activity and capacity additions in the petrochemical sector, mainly in China and the US next year.
"All products are projected to see growth, given the current year's low demand levels. On the other hand, oil demand growth in 2021 is expected to be capped by a number of factors, including the increase in teleworking and distance education; reduced international business and leisure travel; efficiency gains in the transportation sector; oil substitution policies in power generation; and reduced fuel subsidies." — WAM


Clic here to read the story from its source.