OPEC cuts 2020 demand forecast again on rising Covid cases

first_imgA coronavirus-led demand shock has seen oil prices collapse in 2020, with strict public health measures coinciding with curtailed travel and economic activity.An easing of lockdown measures in the third quarter helped global oil demand to improve, but OPEC now fears a surge in the number of reported Covid-19 cases could derail an expected recovery.“As new COVID-19 infection cases continued to rise during October in the US and Europe, forcing governments to re-introduce a number of restrictive measures, various fuels including transportation fuel are thought to bear the brunt going forward,” OPEC said. LONDON — OPEC on Wednesday trimmed its global oil demand forecasts for the remainder of this year and 2021, citing a weaker-than-expected economic outlook and a surge in coronavirus cases.In a closely watched report, the group of oil-producing nations said it now expects world oil demand to contract by around 9.8 million barrels per day year over year in 2020. That reflects a downward revision of 0.3 million barrels from last month’s assessment.For next year, OPEC said oil demand growth will rise by 6.2 million on an annual basis, representing a downward revision of another 0.3 million barrels from its October report. The group has steadily lowered its oil demand outlook for 2021 from an initial expectation of 7 million in July.- Advertisement – – Advertisement – International benchmark Brent crude futures traded at $44.84 a barrel on Wednesday afternoon, up around 2.8%, while U.S. West Texas Intermediate futures stood at $42.52, also 2.8% higher.Both oil contracts were on pace to record their third consecutive positive trading session after hopes of an effective coronavirus vaccine continued to bolster market sentiment.Pfizer and BioNTech said Monday that early results showed their vaccine candidate was more than 90% effective in preventing Covid infections. It is hoped a safe and effective vaccine could help bring an end to the coronavirus pandemic that has claimed over 1.27 million lives.Huge challenges remain before a Covid-19 vaccine can be rolled out, but energy markets have cheered the news.Looking further ahead, OPEC warned “risks remain” with regard to oil demand.“Ongoing developments in the COVID-19 pandemic will continue to dominate a recovery amid the latest news relating to a potential imminent vaccine,” the group said.“The structural impact of the pandemic on various sectors, especially the transportation sector, will linger well into 2021.” – Advertisement –center_img Paul Putnam, 53, a rancher and independent contract pumper walks past a pump jack in Loving County, Texas, November 25, 2019.Angus Mordant | Reuters “These downward revisions mainly take into account downward adjustments to the economic outlook in OECD economies due to COVID-19 containment measures, with the accompanying adverse impacts on transportation and industrial fuel demand through mid-2021,” OPEC said in the report.The report comes ahead of the group’s Nov. 30 and Dec. 1 meeting with non-OPEC allies to discuss the next phase of oil production policy.The energy alliance, a grouping known collectively as OPEC+, had agreed to a record supply cut of 9.7 million bpd starting on May 1. The cut was subsequently scaled back to 7.7 million in August and OPEC+ has said it plans further tapering next year.‘Risks remain’- Advertisement – Organisation of the Petroleum Exporting Countries – OPEC logo is seen on the organisations’ headquarters in Vienna, Austria.Jakub Porzycki | NurPhoto | Getty Imageslast_img read more

Lady Raiders Prevail Over Lady Rebels In ORVC Play

first_imgThe South Ripley Lady Raiders posted a 6-4 victory over The SW-Hanover Lady Rebels.‘We grabbed an early lead tonight in the first inning and never looked back.  As a coaching staff we felt it was the best game our girls have played all year. We were sharp in every aspect of the game and had contributions throughout the entire lineup. We couldn’t have been any prouder of this team tonight in what was a big conference game for both teams.’ Raiders Coach Rob Lafary.Halee Smith- 2 for 3 w/3 RunsHailey Brown- 1 for 3Mady Tompkins- 1 for 4 w/2 Runs and RBIEllie Waldron- 3 for 4 w/2 RBIAlexa Heidt- 1 for 4 w/RBIEmily Campbell- 1 for 3Maddie Hamrick- 1 for 4Pitching WinEllie Waldron- 6 1/3 IP, 4 Runs, 4 ER, 7 Hits, 11 K, 0 BBMady Tompkins w/the save- 2/3 IP, 0 R, 0 ER, 0 H, 1 KSouth Ripley is now 6-1 and 2-1 in ORVC. SR hosts Rising Sun on Wednesday night.last_img read more

Facebook to implement subscription program, content creator database

first_imgFacebook is implementing a monthly subscription service for content creators with the aim of helping them form solid monetization for their videos – presumably to encourage them to move from YouTube and Twitch to the social platform.Not only that, it’s introducing a searchable database full of creators that’ll allow brands to filter through and identify those in which they’d like to work alongside. This feature will require content creators to set up a portfolio to demonstrate their skills and online following in an attempt to appeal to brands.These features haven’t been developed with gaming specifically in mind, but it’s definitely relevant to those who stream or record gameplay. The database, in theory, could also enable esports organisations to find new content creators. It’d allow them to identify and connect with gamers in an easy fashion and streamlining the process.In January 2018, Facebook acquired the exclusive streaming rights for ESL One – tournaments for both Dota 2 and Counter-Strike: Global Offensive, and ESL’s CS:GO Pro League. In March 2018, the social platform also gained the broadcast rights for the Gfinity Elite Series.Esports Insider says: Twitch is thriving incredibly as of late in terms of both the amount of streamers and the amount of people watching streams, especially with Fortnite’s popularity and the growing number of esports tournaments. YouTube is still known as the hub of recorded gameplay, with content creators and competitive gameplay being uploaded on a daily basis. It’ll be a hard task for Facebook to pull them away from those platforms, but these features may help.last_img read more