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

Angela Ivana Believes in Staying Open & Writing Things Down

first_imgThis is Angela Ivana. She is a freelance beauty and tech entrepreneur who grew up in Boston and now lives in Long Island City, New York. You can check out her work here and here. Tell us about your work.As a beauty freelancer, I provide beauty services for productions in film, television, entertainment and media. I also have a beauty tech company called CosmoSafe, where we help freelance beauty professionals master business skills.What are the biggest struggles you’ve faced as a freelancer? How did you overcome them?I think that when I first started, the struggle was the consistency of work. I was really nervous about where my next check would come from, if this was going to work out. I’d wonder, “Am I going to be able to pay my rent this month?”The tipping point was my self-development, with learning how to relax and understand that I have to be open. When I calm down and realize that everything’s going to work out if I take all the appropriate steps — make sure I do my marketing, that I do my invoices — the work always comes.I think I’ve had to be comfortable with being open to not always having a plan. I’m a big planner, and with freelancing you have to roll with the punches sometimes. I entered the industry saying that I wanted to do commercials and some print beauty work, and I’ve ended up doing theater, opera, film, television and e-commerce. There are a lot of areas of professional beauty work, so I just had to be open.How has the Freelancers Union community been valuable to you?Most recently, I’ve been helping to share my story through Freelancers Union and Freelancers Hub. I had a really bad agent and he was discriminating against me. At one point I said, “Enough is enough.” I’m good at taking chances, and I was having a $6,000 week. I had the option to continue going to work and deal with the discrimination, or saying forget about it. And I said, “Bye, I can’t do this anymore.” And I left. I’ve been able to share my story to empower other freelancers and to empower change with policy so that we can help more people. Do you have any tips or tricks you can share that might be useful to other freelancers?I still believe in using a pen and paper. There’s something about having a written plan that solidifies it in my mind and the universe. It’s also helpful for me when I have down periods and I’m not working every day — I can look at what I’ve written and say, “Oh, I was actually productive today. I did do something.”More than one-third of New York City’s workforce is freelancing, reflecting the wide-ranging diversity of the city. The purpose of Faces of Freelance is to shine a light on each unique, individual story in freelancing, and offer a platform on which it can further the conversation. Join the Freelancers Hub today and offer your own story into the conversation.last_img read more