Markets & Industries
OPEC Secretary General expects oil demand to climbs above pre-Covid levels in 2023 - 02/13/2023
Oil demand will exceed 110 million barrels per day in 2023, according to OPEC Secretary General al-Ghais. According to forecasts from the alliance, the world's oil demand will surpass pre-pandemic levels in 2023 and reach close to 102 million barrels per day, according to OPEC Secretary General Haitham al-Ghais on Sunday. According to him, the figure will increase to 110 million barrels per day...
IEA: Global electricity demand to grow by 3% from 2023 to 2025 - 02/09/2023
According to a report by the International Energy Agency, the world's electricity demand will increase by 3% yearly between 2023 and 2025. The energy crisis, according to experts, will cause the demand for power to increase by 2% in 2022. The growth will differ from one place to another. China, which accounts for around 31% of global consumption, will have a 5.2% growth between 2023 and 2025,...
The U.S. may impose protective import duties on Russian aluminum - 02/08/2023
Bloomberg reports that the United States will slap 200% duty on Russian aluminum. The United States' access to Russian metal will be completely cut off. According to sources familiar with the plans, the U.S. is getting ready to impose a 200% levy on imports of Russian aluminum, writes Bloomberg. The U.S. government is extremely concerned about harm to American industry, especially aerospace and...
IATA: Global passenger air travel grows by 64.4 percent in 2022 - 02/07/2023
According to a news release from the International Air Transport Association (IATA), the amount of passengers flying across the world climbed by 64.4 percent in 2022 compared to 2021, and by 39.7 percent in December 2022 compared to December 2021. The 2022 statistic demonstrated an improvement over 2021, when traffic dropped 58.4% to pre-2021 levels. IATA estimates that the Middle East will see a...
Bank of England raises the rate to four percent - 02/03/2023
Following its meeting at the end of February, the Bank of England increased its benchmark interest rate by 50 basis points, from 3.5 percent to 4 percent. The central bank's decision was in line with what analysts surveyed by DailyFx expected. Since October 2008, when it was 4.5%, the rate has never been higher than it is right now. In November and December, the Bank of England increased its...
Fed chief advocates further rate hikes - 02/02/2023
According to Fed Chairman Jerome Powell, the U.S. Federal Reserve will probably increase interest rates further to combat inflation, which is still too high despite recent slowdowns. Despite the advances, he cautioned that combating inflation could slow economic development and complicate the job market, which has not yet suffered. "Evidently, the (Open Market Committee) does not believe that a...
U.S. consumer confidence index unexpectedly declines in January - 02/01/2023
U.S. consumer confidence index unexpectedly declines in January Analysts surveyed by DailyFX expected that the index would increase from its starting point of 108.3 points in the previous month to 109 points. Additionally, the index of economic expectations dropped from a revised level of 83.4 points in December to 77.8 points (the original index was 82.4 points). However, the economic...
IMF expects slowdown in global inflation in 2023 and 2024 - 01/31/2023
According to the International Monetary Fund's latest report, which was published on Tuesday, global inflation will fall to 6.6 percent this year and to 4.3 percent in 2024, but will still be significantly higher than pre-pandemic levels in both years. The IMF World Economic Outlook study states that global inflation "is forecast to reduce from 8.8 percent in 2022 to 6.6 percent in 2023 and to...
QatarEnergy replaces Russians in Lebanese field development project - 01/30/2023
Russia's Novatek has been replaced in the project to develop fields in Lebanon's exclusive economic zone in the Mediterranean Sea by Qatar's oil and gas business QatarEnergy. On Sunday, a ceremony to officially welcome QatarEnergy as a partner alongside French TotalEnergies and Italian Eni was held in the Lebanese capital Beirut for the exploration and production agreements on Blocks 9 and 4....
Bloomberg: China ranks third in cars shipments in 2022 - 01/30/2023
According to Bloomberg, China ranked among the top three cars-producing nations in the world last year. More than 2.5 million autos were exported from the country. It enabled China to surpass Germany and Japan to become the third-largest vehicle exporter in the world. Fourth and fifth on the list are American and South Korean manufacturers. According to the agency, drivers in Latin America...
