Home / Knowledge / News / Textiles / World oil demand to grow 1.3 mb/d in 2008
World oil demand to grow 1.3 mb/d in 2008
30
Jan '08
Organization of the Petroleum Exporting Countries released monthly Oil Market Reports. In monthly terms, the OPEC Reference Basket averaged $1.80 or 2% lower to stand at $87.19/b in December as weaker economic growth was seen denting demand into the New Year and speculative pressure eased slightly.

Volatility increased in the first half of January, with the Basket surging on the back of the weak US dollar, stock draws in the US, geopolitical developments and higher speculative activities, which sent the Basket to a record-high of $93.78/b.

Nonetheless, the weak economic outlook amid rising fears of a recession in the US balanced ongoing supply concerns, helping the Basket ease to $85.34/b on 21 January.

World economic growth in 2008 is down by 0.1 percentage points to 4.7% following downward revisions in all three OECD regions (2.1% growth compared to 2.7% in 2007). Developing countries' growth was left unchanged at 6.1% as downward revisions in the Asia Pacific region balanced small upward revisions in Latin America.

The Chinese growth forecast of 9.9% remains unchanged from the previous month, as measures to slow down the economy begin to take hold, after the strong 11.5% performance in 2007. Fears of a US recession increased following a spate of negative reports in December showing drop in manufacturing output, rise in unemployment rate and fall in retail sales. Despite rising prices, the Fed is widely expected to cut US interest rates further by as much as 50 basis points at the end-January policy setting meeting if not before.

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search