Latest news with #MOMR
Zawya
16-07-2025
- Business
- Zawya
UAE's non-oil economy remains on solid ground: MOMR
VIENNA: The UAE's non-oil economy remains on solid ground, with the June PMI expanding slightly to stand at 53.5, following a solid level of 53.3 in May and 54 in April, signalling continued expansion, despite some deceleration in momentum, according to OPEC Monthly Oil Market Report (MOMR) for July. Moreover, the monthly report said, the private sector continued to perform strongly, with the UAE's real estate and tourism sectors continuing to show strong momentum in 2025. In Dubai, year-to-date real estate transaction volumes through June rose 24%, y-o-y, with values up 38%, y-o-y, reflecting broad-based growth across all segments. In June alone, volumes and values increased by around 17%, y-o-y. In Abu Dhabi, 2Q25 real-estate volumes rose 7%, y-o-y, while values surged 45% on an annual basis. Tourism in Dubai also remained robust, with May 2025 arrivals up 6%, y-o-y, and year-to-date figures around 7% higher than the previous year. This level is about 21% above pre-COVID-19 levels, while hotel occupancy rose to 83%. In the meantime, the country is actively diversifying the economy and building international partnerships to support investment and economic diversification. The MOMR noted that important developments include new agreements on the launch of a UAE-US Framework on Advanced Technology Cooperation, underscoring a shared focus on innovation, investment, and the strategic transferral of knowledge. These efforts, among others, are part of broader national strategies to position the country as a global centre for innovation and sustainable economic growth.
Zawya
16-07-2025
- Business
- Zawya
Economic activities in Middle East to remain strong: OPEC MOMR
VIENNA: The OPEC Monthly Oil Market Report (MOMR) for July expects the near term economic activities in the Middle East to remain strong, underpinned by the non-oil sector, which is one of the key drivers of regional GDP growth. Furthermore, MOMR noted that tourism will contribute significantly to the GDP of some countries in the region while low inflation and easing financial conditions will spur private investment and consumption. Meanwhile, the monthly publication said the latest US tariffs are expected to have a limited impact on the region due to exemptions made for oil and gas, as well as limited exposure to US trading. Additionally, current robust travel and tourism are expected to continue, with gasoline, transportation diesel and jet kerosene projected to lead oil demand growth, which is forecast to reach 181 tb/d, y-o-y, in 3Q25. Additionally, demand for power generation due to warmer weather is projected to support demand for the 'other products' category (including direct crude burning) in the region. In 2025, demand for major oil products, including petrochemical feedstock, LPG/NGLs and naphtha, is expected to remain robust, with some new capacity additions, as many countries in the region are turning their attention to petrochemicals and taking advantage of higher margins. Furthermore, transportation fuels, including gasoline, diesel and jet/kerosene, are expected to be supported by heightened driving mobility and strong air travel. Diesel oil demand is projected to benefit from construction activity in Saudi Arabia. Residual fuel oil demand is also expected to be steady, with support from the power sectors in Saudi Arabia and Iraq. In terms of products, demand for LPG/NGLs is expected to drive oil product demand growth, with an increase of 45 tb/d, y-o-y. Gasoline and diesel demand are expected to increase by around 40 tb/d and 35 tb/d, y-o-y, respectively. Jet/kerosene is forecast to increase by 25 tb/d, y-o-y, and naphtha is projected to see an uptick of 30 tb/d, y-o-y. Demand for residual fuel oil is projected to see a growth of 10 tb/d, y-o-y. However, the 'other products' category is forecast to remain weak. Overall, oil demand in the region is projected to increase by 143 tb/d, y-o-y, to average 9.0 mb/d in 2025. In 2026, the ongoing contribution of non-oil activity to regional GDP is expected to continue, including through government infrastructure-related spending. These factors, combined with solid petrochemical industry requirements and healthy mobility, are forecast to support y-o-y oil demand growth of 143 tb/d. Overall, oil demand in the Middle East is projected to average 9.1 mb/d in 2026.
Al Etihad
15-07-2025
- Business
- Al Etihad
UAE's non-oil economy remains on solid ground: MOMR
15 July 2025 22:49 VIENNA (WAM)The UAE's non-oil economy remains on solid ground, with the June PMI expanding slightly to stand at 53.5, following a solid level of 53.3 in May and 54 in April, signalling continued expansion, despite some deceleration in momentum, according to OPEC Monthly Oil Market Report (MOMR) for the monthly report said, the private sector continued to perform strongly, with the UAE's real estate and tourism sectors continuing to show strong momentum in 2025. In Dubai, year-to-date real estate transaction volumes through June rose 24%, y-o-y, with values up 38%, y-o-y, reflecting broad-based growth across all segments. In June alone, volumes and values increased by around 17%, Abu Dhabi, 2Q25 real-estate volumes rose 7%, y-o-y, while values surged 45% on an annual in Dubai also remained robust, with May 2025 arrivals up 6%, y-o-y, and year-to-date figures around 7% higher than the previous year. This level is about 21% above pre-COVID-19 levels, while hotel occupancy rose to 83%. In the meantime, the country is actively diversifying the economy and building international partnerships to support investment and economic diversification. The MOMR noted that important developments include new agreements on the launch of a UAE-US Framework on Advanced Technology Cooperation, underscoring a shared focus on innovation, investment, and the strategic transferral of knowledge. These efforts, among others, are part of broader national strategies to position the country as a global centre for innovation and sustainable economic growth.
Trade Arabia
15-04-2025
- Business
- Trade Arabia
Opec cuts 2025 oil demand growth due to US tariffs
The global oil demand growth forecast for 2025 is revised down slightly to 1.3 mb/d, y-o-y, according to the Opec Monthly Oil Market Report (MOMR) – April 2025, reported WAM. This minor adjustment is mainly due to received data for 1Q25 and the expected impact on oil demand given recently announced US tariffs, the report noted. In the OECD, oil demand is expected to grow by 0.04 mb/d, while non-OECD demand is forecast to expand by almost 1.25 mb/d in 2025. The forecast for global oil demand growth in 2026 is revised down slightly to about 1.3 mb/d. The OECD is expected to grow by around 0.1 mb/d, y-o-y, in 2026, while demand in the non-OECD is forecast to increase by 1.2 mb/d, y-o-y, in 2026. ''The global economy showed a steady growth trend at the beginning of the year, however, the near-term trajectory is now subject to higher uncertainty given the recent tariff-related dynamics. Consequently, the global economic growth forecasts are revised down slightly to 3.0% for 2025, and to 3.1% for 2026,'' Opec said.
