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Oman extends, expands air travel ban list

  • Market: Oil products
  • 05/05/21

Oman has extended its ban on air travel from 14 countries and has added two other countries to the list "until further notice". This means already-depressed jet fuel demand in the country will miss out on the boost that the Eid Al Fitr holiday would normally bring later this month.

The country has banned inbound flights from Egypt and the Philippines, effective 7 May. The two join 14 others from where arrival has been banned since 25 February or from 24 April. Travellers that have passed through these countries within 14 days of arrival in Oman are barred from entering even if they are arriving from any other country.

Omani citizens, diplomats, health staff and their families are exempt from these restrictions, but the government advises its nationals and residents to avoid travel abroad except under extreme necessity.

The decision comes a day after Oman said that it will temporarily tighten Covid-19 restrictions on movement and commercial activity as the country's Covid-19 situation worsens. Daily cases in Oman averaged 1,174 in April, almost double the 571 daily average in March.

Oman's jet fuel demand rose to a 10-month high in January at 4,110 b/d, according to the national centre for statistics and information, after Oman Air added more flight destinations. But this is 69pc lower than 13,000 b/d in January 2019. Demand then slipped to about 3,600 b/d in February this year and was around 3,400 b/d in March when Oman imposed these new flight restrictions.


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02/12/24

Mexico central bank flags 2025 growth uncertainty

Mexico central bank flags 2025 growth uncertainty

Mexico City, 2 December (Argus) — Mexico's central bank (Banxico) maintained its base-case 2025 GDP growth estimate at 1.2pc, with a range of 0.4pc to 2pc, citing heightened global uncertainty fueled by geopolitical conflicts and potential shifts in international economic policies. Central bank governor Victoria Rodriguez last week addressed US president-elect Donald Trump's proposed 25pc tariffs on Mexican goods, urging caution until the trade situation clarifies. Mexican president Claudia Shienbaum initially responded with a firm stance, saying Mexico could apply counter-tariffs. Later, Sheinbaum and Trump had a "friendly" phone call to discuss issues surrounding the proposed 25pc tariff on Mexican and Canadian imports, Sheinbaum said. Banxico raised its 2024 GDP growth forecast to 1.8pc from 1.5pc in its previous quarterly report in August, driven by stronger-than-expected third-quarter performance. Still, Banxico noted that the additional growth is driven by increased spending on imported goods rather than domestic production, particularly in investment and private consumption. Inflation dynamics remain mixed. While headline inflation rose to an annualized 4.76pc in October, core inflation eased to 3.58pc, its lowest level since mid-2020. Rodriguez emphasized progress on inflation despite external uncertainties, signaling room for further monetary easing. Banxico cut its target interest rate by 25 basis points to 10.25pc on 14 November and is widely expected to lower it again to 10pc at its 19 December meeting. Projections from Mexican finance executives institution (IMEF) suggest the rate could drop to 8.25pc by the end of 2025. Banxico also revised its 2024 inflation forecast to 4.7pc from 4.4pc in the August report but expects inflation to return to its 2–4pc target range by early 2025, with a 3pc rate projected by the fourth quarter. Other adjustments include a downgraded forecast for formal job creation in 2024 and 2025, with the range estimate for full-year job creation in 2024 dropping to 250,000–350,000 from 410,000-550,000 in August. The 2025 estimate came down to 340,000–540,000 from 430,000–630,000.The 2025 trade deficit outlook was also tightened to $14.9bn–$22.1bn, compared to a previous range of $13.7bn–$23.7bn. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Lower prices support German fuel demand


02/12/24
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02/12/24

Lower prices support German fuel demand

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India’s base oil imports rise in 1H FY24-25


02/12/24
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02/12/24

India’s base oil imports rise in 1H FY24-25

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Japan’s Oct naphtha imports fall on weak petchem demand


28/11/24
News
28/11/24

Japan’s Oct naphtha imports fall on weak petchem demand

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US Group II base oil margins mixed, prices steady


26/11/24
News
26/11/24

US Group II base oil margins mixed, prices steady

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