Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
Last updated 1 minute ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
UAE non-oil private sector expanding: OPEC
October 12, 2018
 Print    Send to Friend

VIENNA: Operating conditions in the UAE non-oil private sector remained in expansion territory in September, even improving from August’s strong performance, according to the OPEC's Monthly Oil Market Report – October 2018.

Citing the Emirates NBD Purchasing Managers Index, OPEC said the index posted 55.3 in September, up from 55.0 in August. “This signals a steady expansion in the non-oil private sector in Q318. Y-t-d, the PMI has averaged 55.7, similar to the same period last year,” said the report.

With regards to crude prices, the report said that the OPEC Reference Basket increased sharply by almost 7%, or $4.92 m-o-m, to average $77.18/b - the highest since October 2014.

“Crude oil futures prices also increased for the month, mainly supported by geo-political tension, growing concerns over a shortage in global oil supply and low US oil inventories.”

The global economic growth forecast for 2018 was revised down slightly by 0.1 percentage point (pp) to now stand at 3.7%, due mainly to slowing growth in some emerging and developing economies, said the report, adding that the 2019 forecast remains unchanged at 3.6%.

“In 2018, world oil demand growth is estimated at 1.54 mb/d, following a downward revision of around 80 tb/d from the previous month’s assessment, mainly to reflect the most up-to-date data in OECD Europe and the Middle East, as well as the latest developments in the economies of Latin America.”


Add this page to your favorite Social Bookmarking websites
Post a comment
Other Latest News
Salam Sisters dolls inspire young Muslim girls
SHARJAH: Toys, for ages have been a medium of sparking creativity and imagination in kids. However, there has always been an issue of pigeonholing and segregating them ba..
UAE fans hungry for Asian Cup title: Ghalita
Abu Dhabi: AFC Asian Cup bronze medallists in 2015 and hosts in 2019, the UAE’s hopes of silverware are high. The Whites came very close to being crowned Asian champio..
Xpress Money fillip for Tigers in T10 League
Dubai: Xpress Money has signed up as the principal sponsor of the T10 League team, Bengal Tigers. The second season of the T10, which recently became an International Cri..
MBRSG addresses concerns over Artificial Intelligence in region
DUBAI: Public concerns about the possible negative aspects of Artificial Intelligence (AI) and the potential harm that could be caused by unregulated data collection in a..
Experts, scholars to attend defence ministry conference
ABU DHABI: The Ministry of Defence will organise its annual “Leaders Conference: Wars in the 21st Century” on Oct.24 and 25, under the slogan “National Defence in the tec..
Advertise | Copyright