Source: Arab News
Security & Justice
State Action Signals Change in Tackling Longstanding Illegal Land Grabs in Jbeil District
For years, the serene villages of Jbeil's highlands have been far from peaceful. Ghabat, a Maronite village nestled between the predominantly Shiite towns of Afqa and Lassa, has become a focal point of growing tensions due to territorial disputes.
Friday, December 20, 2024
Mawlawi Ensures Strict Monitoring for Wanted Syrian Regime Figures at Beirut Airport
Caretaker Minister of Interior, Bassam Mawlawi, conducted an inspection tour of Rafic Hariri International Airport in Beirut to review the security arrangements and measures implemented by the Airport Security Apparatus ahead of the holiday season.
Thursday, December 19, 2024
Opinion
Lebanon After the Assads
The United States has important equities in Lebanon, including a desire for a generally friendly government’s economic and political stability; security cooperation; long-standing relations with the large Christian community in Lebanon and Lebanese diaspora in the United States; and ultimately peace between Israel and Lebanon within a broader regional settlement. Achieving these objectives will require navigating a tumultuous period in the country’s history following a war between Hezbollah and Israel that has devastated a large part of the country, exacerbating Lebanon’s already challenging economic conditions. But perhaps the most important dynamic will be how a likely Sunni-dominated state of uncertain composition in Syria will differ in its intentions toward Lebanon from the previous Alawite-led minoritarian Assad regime.
Thursday, December 19, 2024
Europe’s Syrian Dilemma
The news of the sudden and unexpected demise of Bashar al-Assad’s regime in Syria has met a mixed response in Europe. The jubilation that a murderous dictator and close ally of Russia and Iran has fallen is not just good for the Syrian people but serves as a morale booster for Eastern Europeans wondering whether Russia can be defeated
Wednesday, December 18, 2024
Sports
Cristiano Ronaldo Unveils New Private Jet Worth $73 Million
Cristiano Ronaldo, one of the richest global athletes, has unveiled his upgraded private jet reportedly worth $73 million. With its top-notch design, exceptional speed and range of 7500 nautical miles, the Gulfstream G650 is among the fastest jets in the world.
Monday, December 16, 2024
Guardiola Accepts Man City May Need to Sign More Players to Cope with Schedule
Manchester City manager Pep Guardiola believes he will need a bigger squad to handle soccer’s ever-expanding fixture schedule.
Saturday, December 14, 2024
Thursday 11 July 2024 12:52:00
IEA: Global Oil Demand Continues to Slow Amid EV Boom and Economic Headwinds
World oil demand decelerated in the second quarter, with growth easing to 710,000 barrels per day year-on-year, driven by rising adoption of electric vehicles and economic headwinds, an analysis showed.
In its latest report, the International Energy Agency said that demand growth in the second quarter was also the slowest increase since the fourth quarter of 2022.
The think tank also forecast an oil demand growth of 970,000 bpd in 2024, largely unchanged from its outlook last month.
The projection made by the energy agency contradicts the view of OPEC, with the oil producers’ alliance expecting strong demand growth in 2024 and 2025.
In its monthly report on June 10, OPEC noted that world oil demand will rise by 2.25 million bpd and 1.85 million bpd in 2024 and 2025, driven by markets including China, the Middle East, India, and Latin America.
Outlining the reasons for its lower estimate, the IEA report said: “Chinese consumption contracted, as the country’s post-pandemic rebound has run its course. Global gains are forecast to average just below one million bpd in 2024 and 2025, as subpar economic growth, greater efficiencies and vehicle electrification act as headwinds.”
It added: “Demand for industrial fuels and petrochemical feedstocks was particularly weak.”
The energy think tank further revealed that the global oil supply rose by 150,000 bpd to 102.9 million bpd in June.
The analysis also projected global refinery throughputs rising by 950,000 bpd to 83.4 million bpd in 2024, and by 630,000 bpd to 84 million bpd next year.
Amid IEA’s projected slowdown in oil demand growth, OPEC is optimistic about the future, and the producers’ alliance believes its forecast is more accurate.
Speaking at the International Economic Forum in June, Haitham Al-Ghais, secretary-general of OPEC, said that the world will witness continued oil demand driven by a rebound in the travel and tourism sector.
He also added that OPEC is working to ensure supply, stability, and resilience of the oil market.
“It is important to remain focused on the fundamentals. We look at economic growth, We look at supply, we look at demand, and yes, we do still believe demand for oil is good and resilient,” said Al-Ghais.
He added: “Last year, OPEC’s forecast for oil demand was the best. And all those who criticized OPEC’s forecast kept adjusting their number throughout the year.”
