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03:20Last update on: 12 Aug 2013
The Namibian
Mon 12 Aug 2013
SMS Of The Day * MINISTRY of Gender and Child Welfare, TEARS are rolling down as I write this SMS. The killing of women in Namibia is now like reciting a poem. Are we really getting the protection we deserve while women not being treated as part of this c Food For Thought * SO the Zimbabwe elections were free and peaceful and not free and fair? Bouquets And Brickbats * NURSES at Katutura Hospital must stop wearing those big plastic sandals at work because they are not the official working shoes. We want to see you looking smart and beautiful with your full uniform. SMS Of The Day * THIS nation is in dire need of a massive conference on housing. When we experienced a crisis in the education sector a crisis-control brain-storming conference was organised which resulted in the best deal ever for the Namibian child, nam Food For Thought * BOURGEOISIE has become a daily occupation if not the order of the day of the upper-echelons, President Hifikepunye Pohamba we urge you to revisit this unpatriotic geocentricism among your staff and the well-connected, for everybody to r Bouquets And Brickbats * COMMISSIONER of Prisons, can you please explain the strategies you use to appoint officers to certain positions? It is my observation that you are being fed with wrong information then you just promote individuals without making p SMS Of The Day * I THINK Paulus ‘The Rock’ Ambunda lost his belt because of this promoter and trainer. How can a world champion still be training at the Katutura Youth Complex where there is not enough equipment. I think they must follow the example of Ha Food For Thought * NAMIBIA Dairies are unable to match low prices of imported milk and this ultimately means the consumer will have to pay more for local milk. Look at the prices of the local chicken. All these profits are going in the pockets of a few in Bouquets And Brickbats * I AM pleased to hear that Cabinet has responded positively to the proposal of Namibia Dairies to support the industry. The restrictions which support the industry by reducing competition to ensure the survival of the industry is a SMS Of The Day * CEO’s golden handshakes. Somewhere on our statute books there must be a provision that if a board of directors suspends/dismisses a CEO without due regard to legal provision (substantive/procedural law) such board must carry the costs for Food For Thought * JACKY Asheeke was so right with her last column- why are the fathers of the dead children not being prosecuted? (Reference to the children who died in shack fires last week) Our justice system still protects men over women. In this cont Bouquets And Brickbats * ALEXACTUS Kaure, your column in Friday’s newspaper opened my eyes. One hardly finds impartial case study analysers in Namibia. Let’s not destroy the Polytechnic’s strong foundation (Tjivikua) as yet. At least wait until the transf
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BUSINESS - MINING
| 2013-08-12
Oil demand outlook trimmed, OPEC squeezed
PARIS – World oil demand is set to lose some momentum in line with unsteady economic growth, the IEA said on Friday while spotlighting threats to OPEC from shale energy and unrest.
The International Energy Agency trimmed slightly its outlook for growth of global oil demand this year and next in line with a downgrading of economic growth forecasts by the International Monetary Fund.
The agency’s monthly report on the world energy market also spotlighted a dilemma for the Organisation of Petroleum Exporting Countries.
In the short term OPEC’s production is being sapped by political unrest and violence in several member countries, and in the longer term by the vast structural effects on the energy market of the boom in production of shale oil and gas in North America.
“Many commentators, recognising in the new North American supply a defining feature of tomorrow’s market, are questioning its implications for the future of OPEC,” the IEA wrote in its August report.
The comment was made just two months before the 40th anniversary of the Yom Kippur war when several Arab countries, as part of their attack on Israel, engineered the first of two oil-price shocks by OPEC in the 1970s.
The price shocks were defining events in how economies evolved in the decades since. One consequences was the creation of the IEA as the energy and oil strategic reserve monitoring arm of the Organisation for Economic Cooperation and Development which groups leading democracies.
The agency said that it was trimming its forecast for growth of global oil demand this year by 30,000 barrels per day to 895,000 barrels per day because the International Monetary Fund in its revisions in July had lowered its forecast for growth of the global economy from 3,3% to 3,1%.
The speed at which oil demand would pick-up next year had also been reduced to 1,1 million (mbd) barrels per day from 1, 2 mbd because economic growth now looked like being 3,8% instead of 4.0 percent.
Demand in the United States had risen firmly in the first six months in line with economic recovery there, but in the long term was expected to edge down, whereas production of shale oil and gas was rising fast.
In four of the first six months of the year, US demand had risen on a 12 month basis “marking the strongest sequence in US consumption data since the first quarter of 2011.”
The IEA forecast in November that the United States could become the biggest oil producer, ahead of Saudi Arabia by 2017, and spoke in May of a shale energy “shock” to the structure of global markets. On Friday it said that in July supplies of oil from outside OPEC rose by 570,000 bd to 54, 9 mbd “with North America providing around 40% of the growth” although “Canada, rather than the US, was responsible for most of this increase.” – Nampa-AFP
The International Energy Agency trimmed slightly its outlook for growth of global oil demand this year and next in line with a downgrading of economic growth forecasts by the International Monetary Fund.
The agency’s monthly report on the world energy market also spotlighted a dilemma for the Organisation of Petroleum Exporting Countries.
In the short term OPEC’s production is being sapped by political unrest and violence in several member countries, and in the longer term by the vast structural effects on the energy market of the boom in production of shale oil and gas in North America.
“Many commentators, recognising in the new North American supply a defining feature of tomorrow’s market, are questioning its implications for the future of OPEC,” the IEA wrote in its August report.
The comment was made just two months before the 40th anniversary of the Yom Kippur war when several Arab countries, as part of their attack on Israel, engineered the first of two oil-price shocks by OPEC in the 1970s.
The price shocks were defining events in how economies evolved in the decades since. One consequences was the creation of the IEA as the energy and oil strategic reserve monitoring arm of the Organisation for Economic Cooperation and Development which groups leading democracies.
The agency said that it was trimming its forecast for growth of global oil demand this year by 30,000 barrels per day to 895,000 barrels per day because the International Monetary Fund in its revisions in July had lowered its forecast for growth of the global economy from 3,3% to 3,1%.
The speed at which oil demand would pick-up next year had also been reduced to 1,1 million (mbd) barrels per day from 1, 2 mbd because economic growth now looked like being 3,8% instead of 4.0 percent.
Demand in the United States had risen firmly in the first six months in line with economic recovery there, but in the long term was expected to edge down, whereas production of shale oil and gas was rising fast.
In four of the first six months of the year, US demand had risen on a 12 month basis “marking the strongest sequence in US consumption data since the first quarter of 2011.”
The IEA forecast in November that the United States could become the biggest oil producer, ahead of Saudi Arabia by 2017, and spoke in May of a shale energy “shock” to the structure of global markets. On Friday it said that in July supplies of oil from outside OPEC rose by 570,000 bd to 54, 9 mbd “with North America providing around 40% of the growth” although “Canada, rather than the US, was responsible for most of this increase.” – Nampa-AFP
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