August 14: Developing Stories
OIL SURPLUS
Global oil markets are poised to swing from a deficit to a surplus next quarter should OPEC+ proceed with plans to boost supplies, Bloomberg reports, citing data from the International Energy Agency. Oil inventories are currently being depleted as a result of peak summer driving demand, but should stabilize in the final quarter of the year, the Paris-based agency said in a report. That would likely turn into surplus if OPEC+ presses ahead with its provisional plans to restore idled production capacity starting in October, the report indicated. Oil consumption in China, the biggest importer, fell for a third month in June. “Despite the marked slowdown in Chinese oil demand growth, OPEC+ has yet to call time on its plan to gradually unwind voluntary production cuts starting in the fourth quarter,” according to the IEA.
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EMIRATES FOREVER
Dubai doesn’t have to be just a five-year expat stint while climbing the professional ladder in finance or construction. The UAE is pitching itself these days as a “forever home,” offering an assortment of housing and visa options that could turn the Gulf state into an international retirement haven, vying with Boca Raton, Fla. and the Greek islands. Among the attractions are year-round sunshine, plentiful beaches, award-winning golf courses and a burgeoning range of restaurants, museums and cultural institutions. The major barrier, however, is affordable medical insurance for foreign retirees, Renee McGowan, CEO of consulting firm Marsh McLennan for India, the Middle East and Africa, writes in The National. “By recognizing the unique needs of expatriates and implementing policies and initiatives to address them, the UAE has an opportunity to create a future where everyone can retire with confidence, knowing that their health and well-being are protected,” McGowan writes.