The growth of world demand for oil will be slightly less than expected this year, the IEA said yesterday citing warm weather but it upgraded its outlook for demand growth next year.
The agency revised upwards its estimate for demand for OPEC oil for next year to 28.5 million barrels per day from 28.4 million barrels per day this year, a figure adjusted upwards by 0.1 million barrels. It said that OPEC spare capacity remained at about 2 million barrels per day.
In a long-range assessment of demand and supply factors in the oil market, the IEA said that the "forecast evolution in non-OPEC supply and OPEC capacity are both calming and sobering."
"Expectations of a higher trend in oil demand growth appear justified as non-OECD economies take a larger share of the world oil market. But there appear to be enough supply-side projects to match that growth," the agency said.
The IEA said that global demand for oil this year would total 83.4 million barrels per day, rising to 85.2 million barrels per day next year after 82.2 million barrels per day last year. Demand would show growth of 1.4 percent this year and 2.2 percent next year.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source
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