Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 5 minutes ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
UAE non-oil private sector expanding
October 13, 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."

WAM

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
Related Stories
Retail Summit puts spotlight on UAE e-commerce sector
Dubai: The outlook for Dubai’s growing e-commerce sector is looking bright as consumers in the emirate continue to turn to digital platforms to access services and produc..
Dubai adds another feather to its cap
DUBAI: His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Thursday inaugurated Burj Jumeira, the new ..
UAE reduces fuel prices
Abu Dhabi: The UAE announces reduction in fuel prices for February 2019 on Wednesday. The Fuel Price Committee reduced Super 98 and Super 95 prices by five fils per l..
$3b from UAE will help meet challenges: SBP
ABU DHABI: The reciprocated nurturing of friendly ties between the UAE and Pakistan was at the forefront yesterday, when Abu Dhabi Fund for Development, ADFD, and State ..
UAE, Kosovo economic ties on solid track
SHARJAH: Sultan Bin Saeed Al Mansouri, Minister of Economy, stated that the ties between both the UAE and Kosovo are historically strong, which extend back to the time o..
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright