OPEC states that oil demand will exceed pre-pandemic levels in 2022.

Daily business briefing

September 13, 2021, 11:12 AM Eastern Standard Time

September 13, 2021, 11:12 AM Eastern Standard Time

credit…Via Facundo Arrizabalaga / EPA, Shutterstock

OPEC said on Monday that demand for oil is expected to recover above pre-pandemic levels next year.

In its monthly oil report, the group expects an average daily oil demand of 108 million barrels in 2022, compared to just over 100 million barrels per day in 2019 before the pandemic. I said there is.

This forecast is evidence that the global economy remains heavily dependent on fossil fuels, which are the source of emissions, despite growing concerns about climate change and a sharp decline in oil demand during a pandemic. The news came as world leaders were preparing to predict that it would be an important climate summit known as COP26 in Glasgow in November.

Electric vehicle sales grew strongly and investment in wind and solar energy held up surprisingly well during the pandemic, but OPEC forecasts that growth in energy demand, especially in China and India, is such. Offset the increase.

For example, China is expected to consume about 15 million barrels of oil per day next year, 1.5 million barrels per day more than it burns in 2019.

According to OPEC, the pandemic plunge in oil demand plunged about 9 million barrels a day last year, or about 9 percent. Oil consumption has recovered significantly, but has been braked by the advent of the rapidly prevailing Delta variant. Currently, OPEC expects some of the oil demand recovery predicted earlier this year to be postponed until 2022.

OPEC said in its report that it would raise its 2022 demand forecast by 900,000 barrels a day, while slightly lowering its forecast for the last three months of the year. According to OPEC, oil consumption will surge by 6 million barrels a day in 2021 and then increase by 4.2 million barrels a day next year.

“The pace of recovery in oil demand is now stronger and is expected to occur primarily in 2022,” wrote an OPEC analyst.

In 2019, Soho China Chairman Pan Shiyi and his CEO Zhang Xin.
credit…Visual China Group by Getty Images

Shares in Soho China, a real estate company run by a prominent power couple, fell one-third on Monday after the Blackstone Group left the deal. To buy a company..

Soho China said in a joint filing late Friday that Blackstone would not pass a $ 3 billion bid for its controlling stock without explaining why. Wall Street investment giants Blackstone and Soho China declined to comment further on Monday.

The company is dominated by Zhang Xin and Yu Banishi (a couple who share the title of managing director). Chairman Pan was one of the first Chinese entrepreneurs to use social media for public relations and has tens of millions of followers online.Mr. Zhang is partly well known For her role In 2013, we signed an agreement to purchase shares in Manhattan’s General Motors Building.

This news comes when China’s most successful business tycoon arrives Under scrutiny When Increasing pressure To share their wealth more. The largest transaction in the real estate sector was announced in June and is pending regulatory review. It was seen as a move by the couple team to reduce their exposure to China.

The deal with Soho China could also strengthen confidence in the real estate sector of countries under tighter regulatory scrutiny after years of remarkable growth, as Beijing is trying. Probably. Stop For corporate binge borrowing. Developers are forced to start paying high invoices under a new central bank rule called the “three red lines.”

EvergrandeChina’s largest developer has surprised investors, homebuyers and experts who are predicting bankruptcy in the near future.

For the past few weeks Real Estate Prices and Demand in Some Big Cities in China It started to weaken. A prominent think tank in Beijing said last week that the sector “showed signs of a turning point.”

Hong Kong stocks fell nearly 2% on Monday due to reports of tightening regulations in mainland China, in addition to real estate issues.

  • Consumer Price Index: The Ministry of Labor will issue a monthly report on price increases. Investors Inflation is temporary Or it could last longer than currently expected by economists and policy makers.

  • Poverty Report: The Census Bureau publishes an annual report on US income and poverty. Despite the significant increase in unemployment, poverty is expected to increase slightly last year, demonstrating that government assistance has helped offset the economic impact of the pandemic.

  • Apple iPhone Event: Apple will unveil the latest iPhones and other products at virtual events.

  • Retail sales: The Department of Commerce will release data on August spending. Shopping at US retail stores plummeted in July, and another decline in sales could indicate a slower slower economic recovery.

  • Consumer sentiment: The University of Michigan publishes the Monthly Consumer Psychology Index, an important indicator of economic recovery. The July index fell by more than 13% as consumers expected prices to continue rising.

The student who attended the ITT Technical Institute, a troubled chain that closed suddenly in 2016, is one of the students who was allowed a loan.
credit… New York Times Sandy Hafaker

More than 500,000 student borrowers (student loan debt of nearly $ 10 billion) have wiped out their loans this year. The New York Times Stacy Cowley Report..

So far, President Biden has evaded a sort of comprehensive debt forgiveness request. Top priority for many progressive legislatorsHowever, a parade of relatively modest eligibility and enhanced relief leads to a significant increase in support for embarrassed borrowers.And more may come: the Ministry of Education said it plans to change regulations to programs aimed at helping civil servants and those above them. Income-led repayment plan..

The federal government, a major American lender to college and with $ 1.4 trillion in debt owed by 43 million borrowers, has an incentive to quickly fix its stagnant bailout program. We have a lot. Since the pandemic in March 2020, virtually all loans have been suspended with no interest. Scheduled to end on January 31st.. And all the loans executed will be one less for the agency to serve.

The actions of the department so far have caused little controversy — few oppose giving military personnel, disabled borrowers, and fraudulent students the relief they are legally entitled to — But the idea of ​​canceling student debt more widely is a lightning rod. Republicans dislike the idea of ​​having taxpayers pay for it, and critics on the left see it as a subsidy for people with high professional degrees.

“Our overall goal is permanent change,” said Kelly Leon, a spokeswoman for the Ministry of Education. “We are building a student loan system that works for borrowers and will provide congressional-approved relief that has proven elusive for a very long time.”

Defenders say the promotion of broad debt forgiveness masks calls to repair obvious administrative issues that need to be addressed urgently. Read the article →

Fannie Mae claims that as many as 17% of people can qualify for a mortgage by taking into account rent payments.
credit…New York Times Ryan Christopher Jones

Fannie Mae, a federal-backed institution that buys mortgages from banks, seeks records of regular rent payments to assess mortgage eligibility, and many with permission I’m planning to look up my bank account.

The data showed that only 17 percent of people who haven’t owned a home in the last three years and would not have previously been eligible for a mortgage are now likely to do so.However, 17% of them are drawn from disproportionately colored groups, many of whom have limited credit history and are marginalized groups on the other side of decades of length. Come Wealth gap..

Fannie Mae has effectively set many criteria on who is qualified and what data is important, and even though it is the largest monthly payment most renters have ever made, rent Is not counted. For years, consumer advocates and industry insiders alike have agreed that this is not what things should be.

The complex, multi-step process that Fanny uses means that many people don’t benefit from it at first. New York Times Your Money columnist Ron Lieber will take a look →

  • US stocks rose early on Monday, and the index rebounded after losing in five consecutive trading sessions. The S & P 500 rose 0.3% after the worst streak since February last week, while the Nasdaq Composite was flat.

  • The Ministry of Labor will release the latest report on price increases on Tuesday. The consumer price index, which is a major inflation indicator in August, Whether the pandemic price increase is temporary Or, it will decline over time as the Federal Reserve Board considers when to start slowing down large-scale bond purchases.

  • The European stock index was higher, with the Stocks Europe 600 up 0.7%. The Asian market was mixed.

  • Crude oil prices rose 1.2% to $ 70.53 a barrel at West Texas Intermediate, the US crude oil benchmark.Organization of Petroleum Exporting Countries 2022 Global Oil Demand Forecast The cartel reported on Monday’s oil market report that it would reach 108 million barrels per day.

OPEC states that oil demand will exceed pre-pandemic levels in 2022.

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