Economies across developing Asia will contract this year for the first time in nearly six decades but recovery will resume next year, as the region starts to emerge from the economic devastation caused by the coronavirus disease (COVID-19) pandemic, according to a report released by the Asian Development Bank (ADB). The Asian Development Outlook (ADO) 2020 Update forecasts -0.7% gross domestic product (GDP) growth for developing Asia this year — marking its first negative economic growth since the early 1960s. Growth will […]
Asian oil refiners’ EBITDA (Earnings Before Income Tax and Depreciation) will decline by around 30% this year and margins will remain weak amid the impact of the covid-induced lockdowns, according to Moody’s. The decline in EBITDA could rise to as high as 45%, excluding Japanese refiner ENEOS Holdings Inc. The report was based on an […]
More people are going hungry than before and their ranks are only set to increase with the onset of the deadly Covid-19, the United Nations’ Food and Agriculture Organisation (FAO) said in a new report. The number of people who went hungry in 2018 rose by 10 million to on year to 690 million and […]
The spot price of liquefied natural gas (LNG) in Asia has surged by more than 20 per cent in one week after demand in key importers China and South Korea picked up. Several buyers have also canceled U.S. LNG cargoes, traders told Reuters The spot price at which several LNG cargoes have been traded have ranged […]
Regional economic growth in developing Asia will decline sharply in 2020 due to the effects of the novel coronavirus (COVID-19) pandemic, before recovering in 2021, according to the Asian Development Outlook (ADO) 2020, the Asian Development Bank’s (ADB) annual flagship economic publication. The report forecasts regional growth of 2.2% in 2020, a downward revision of 3.3 […]
After having instructed Aramco to boost production to unseen levels, Saudi Arabia now plans to boost oil exports in May to a record 10 million barrels per day, causing oil prices to fall once again. In the last couple of days, Aramco has offered their Arab Light and Arab Heavy blends for between $25 and $28 dollar per barrel […]
The crude oil benchmarks in the Middle East, Dubai and Oman, continued to fall this week as well, as demand in Asia slumps. The coronavirus has now claimed more victims, and more quickly, than the SARS outbreak in 2003. Oman and Dubai futures dropped for a third consecutive trading day, after falling to a nearly year-low last Thursday, due to […]
China Petroleum & Chemical Corporation, or Sinopec—the largest oil refiner in Asia—is cutting its refinery production by 600,000 bpd in February, due to decreased fuel demand amid the raging coronavirus outbreak, Reuters reported. The spread of the coronavirus and its impact on fuel demand amid travel restrictions and thousands of canceled flights has already had […]
Physical gold demand was subdued in major Asian hubs last week on account of the Lunar New Year holidays, with growing fears the coronavirus outbreak in China could further dampen activity, reports Reuters. China, the world’s biggest gold consumer, is ramping up measures to contain a virus that has killed 26 people, suspending public transport […]
Rising geopolitical tensions and pressures to the global economy will continue to evoke volatility in commodity markets, heightening risks to metal demand and prices, Fitch Solutions’ newest report on key Asia mining themes finds. The Asian mining landscape will continue to benefit from the availability of high-grade resources and low labour costs, although key countries will […]
