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

Ronaldo to United links persist

first_imgDavid Moyes is set to begin work as Manchester United manager next week against the backdrop of further speculation about a return for former golden boy Cristiano Ronaldo. Press Association It has been suggested for weeks now that United believe they can lure Ronaldo back to Old Trafford, where he left in 2009 for Real Madrid in a world record £80million deal. And a report in Spanish paper El Pais on Wednesday claimed a meeting would be taking place between United officials and Ronaldo “in the next few days” to see if there is any likelihood of a transfer being completed. center_img United have not commented on the report, although it is obvious a deal would be hugely complicated given apparent interest from Paris St Germain and supposed advice given to the former world player of the year to remain at Real Madrid for the final year of his contract. New Madrid coach Carlo Ancelotti presumably would prefer to keep Ronaldo as he begins the task of shaping the club following Jose Mourinho’s exit. However, Ancelotti is unlikely to have the final say if Ronaldo decides he wants to leave. It merely adds to the air of uncertainty at United, with Moyes set to officially begin work on Monday, with his squad due to begin training later that week. Chief concern will be to work out the best way forward for Wayne Rooney who, like Ronaldo, has been the subject of some much, often conflicting, speculation. PSG, Bayern Munich, Chelsea and Arsenal have all been linked with the England forward, whilst it has also been stated Moyes would prefer to keep the player he introduced to senior football whilst at Everton. If that is Moyes’ wish, it is unlikely to be fulfilled without some sort of clarification on the supposed transfer request Sir Alex Ferguson claimed Rooney had made at the end of last season. It has now been established Rooney did not express any such desire, merely sought clarification about his status with Ferguson. Yet any public statement to that effect by United would undermine the man who brought them 13 Premier League titles and left at the end of the season with his status as an all-time great beyond question. The side issue is that both Shinji Kagawa and Danny Welbeck spent much of last term out of position, whilst Javier Hernandez’s opportunities were restricted. If Rooney stays, at least one of that trio is bound to wonder whether they have any long-term future at United. At least the picture won’t be made even more complicated by the arrival of Edinson Cavani as United have privately distanced themselves from reports of an interest in the Napoli front-man. last_img read more

Tuesday March 26th Local Sports

first_imgIOWA CITY — Iowa’s Noah Fant and T.J. Hockenson could become the first tight end duo to be selected in first round of the NFL Draft. Both took part in Iowa’s Pro Day on Monday. Some projections have Fant as a top ten pick.Both are expected to get invited to the draft in Nashville but neither has made a decision on where they will watch from.Fant says it is hard to say which one will be taken first.Hockenson also is considered a possible top ten pick but he is paying no attention to the projections.Hockenson says there are no guarantees where a player will be drafted.Hockenson says he is more concerned about making a team than where he is drafted.The first round of the NFL Draft is Thursday April 25th with the rest of the draft taking place on Saturday April 27th. AMES — A disappointing end of the season for the Cyclone women. Missouri State is headed to the Sweet 16 for the first time since 2001. The Lady Bears built an 11-point third quarter lead then held off an Iowa State rally to stun the third seeded Cyclones 69-60 in Ames.That’s ISU coach Bill Fennelly. The Cyclones made a season low from three point range and finished two-of 17 from behind the arc.The Cyclones sliced the Lady Bears lead to one but never led in the second half as they end the season with a record of 26-9.Bridget Carlton led Iowa State with 31 points. Former Miss Iowa Basketball Elle Ruffridge of Pocahontas played 16 minutes for Missouri State, scoring seven points. ST. PAUL, Minn. (AP) — Juuse Saros made 29 saves for his third shutout of the season and Ryan Johansen scored a short-handed goal as the Nashville Predators defeated the Minnesota Wild 1-0 Monday night. With the victory, the Predators clinched a spot in the Western Conference playoffs. They are in second place in the Central Division, two points behind Winnipeg. Devan Dubnyk stopped 18 of 19 shots for the Wild, who remain two points out of the last playoff spot in the West with five games to play. IOWA CITY — The Iowa women have found out who their opponent in the Sweet 16 will be. North Carolina State outscored Kentucky 25-17 in the first quarter and 19-9 in the fourth quarter on their way to a 72-57 win. Iowa advanced to the regional semifinals for the seventh time in the program’s history and for the first time since 2015 with a 68-52 win over Missouri on Sunday. You can hear the Iowa-North Carolina State game on Saturday in Greensboro North Carolina at 10:30 on AM-1300 KGLO. MARION – The NIACC men’s golf team placed fourth with a 321-318 – 639 Monday at the Kirkwood Eagle Spring Classic at Hunters Ridge Golf Course.Mount Mercy Blue won the classic with a 289-293 – 582. Kirkwood was second with a 291-295 – 586.NIACC was in fifth place after Sunday’s first round.Sophomore Ben Boerjan led the NIACC men with a 74.-73 – 147.Also for the Trojans, Jackson Hamlin shot a 79-79 158, Austin Eckenrod shot a 78-80 – 158, Matthew Heinemann shot a 90-86 – 176 and John Patterson shot a 97-100 – 197. Zach Martin, who did not play on Sunday, shot a 84 on Monday.NIACC returns to action Friday and Saturday at the Graceland Spring Invitational at Mozingo Lake Golf Course in Maryville, Mo.last_img read more