OPEC cuts forecast for global oil demand growth in 2019

OPEC cut its forecast for growth in non-OPEC oil supply in 2019 by 30,000 bpd to 2.12 million bpd. (AFP)
Updated 11 October 2018
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OPEC cuts forecast for global oil demand growth in 2019

  • OPEC cut its forecast for growth in non-OPEC oil supply in 2019 by 30,000 bpd to 2.12 million bpd

LONDON: OPEC cut its forecast of global demand growth for oil next year for a third straight month on Thursday, citing headwinds facing the broader economy, and key consuming countries in particular, from trade disputes and volatile emerging markets.
In its monthly report, the Organization of the Petroleum Exporting Countries said world oil demand would increase by 1.36 million barrels per day (bpd) next year, marking a decline of 50,000 bpd from its previous estimate.
The group also cut the estimate for demand in 2019 for its own crude by another 300,000 bpd from last month to 31.8 million bpd, which in turn marks a decline of 900,000 bpd from the projection for 2018.
OPEC said its own production rose by 132,000 bpd in September to 32.76 million bpd, the highest according to the monthly report since August 2017.
Saudi Arabia and Libya increased output last month by 108,000 bpd and 103,000 bpd respectively, more than offsetting the 150,000-bpd decline from Iran to 3.447 million bpd, as reported by secondary sources.
OPEC said Iran told the group its oil output had fallen by just 51,000 bpd to 3.775 million bpd.
The group, led by Saudi Arabia, has pledged to increase output to compensate for the loss of any Iranian supply to US sanctions that come into force next month.
OPEC cut its forecast for growth in non-OPEC oil supply in 2019 by 30,000 bpd to 2.12 million bpd.


Apple to build new $1 billion campus in Austin

Updated 13 December 2018
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Apple to build new $1 billion campus in Austin

  • Apple Inc. said it would spend $1 billion to build a second campus in Austin, Texas
  • Apple will also set up sites in Seattle, San Diego and Culver City, California

NEW YORK: Apple Inc. said on Thursday it would spend $1 billion to build a second campus in Austin, Texas that will house as many as 15,000 workers, amid a broader push by many US companies to create more jobs at home.
The iPhone maker had announced at the start of the year it would invest $30 billion in the United States, taking advantage of a tax windfall stemming from US President Donald Trump’s sweeping tax reforms.
The 133-acre campus in Austin will employ workers across various functions including engineering, R&D, operations and finance. The city is already home to the second largest number of Apple employees outside its headquarters in Cupertino, California.
Apple will also set up sites in Seattle, San Diego and Culver City, California and hire over 1,000 employees each in these locations, while also expanding operations in Pittsburgh, New York and Boulder, Colorado over the next three years.
Many American multinationals have been facing political pressure to ramp up investments at home as part of Trump’s “America First” policies, which have left the United States embroiled in a bitter trade war with China. The president has also warned of tariffs on iPhones and other Apple products imported from China.
Apple’s technology rival Amazon.com Inc. last month ended a months-long search for its second headquarters, picking New York City and an area just outside Washington, D.C. for massive new offices, with plans to create thousands of jobs.
The new Austin campus will be located less than a mile away from Apple’s existing facilities, and will first house 5,000 new employees with the capacity to expand to 15,000.
The company, which last year moved into its sleek “spaceship” campus in Cupertino, said jobs at the new Austin center would include engineering, research and development, finance and sales functions.