Despite Great Snow, Lebanon's Ski Season Suffers Amidst Crisis

People ride a ski lift at Mzaar Ski Resort in Kfardebian, Lebanon January 11, 2020. REUTERS/Aziz Taher
People ride a ski lift at Mzaar Ski Resort in Kfardebian, Lebanon January 11, 2020. REUTERS/Aziz Taher
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Despite Great Snow, Lebanon's Ski Season Suffers Amidst Crisis

People ride a ski lift at Mzaar Ski Resort in Kfardebian, Lebanon January 11, 2020. REUTERS/Aziz Taher
People ride a ski lift at Mzaar Ski Resort in Kfardebian, Lebanon January 11, 2020. REUTERS/Aziz Taher

It is a sunny day on Lebanon’s ski slopes after weeks of snowfall but, as the economic crisis bites, there is no sign of the traffic that would typically jam the road.

“It is still slow, but the weather is great and the snow as well, so we invite everyone to come,” said Nicole Wakim Freiha, marketing and development manager of Mzaar ski resort, which has slashed prices by 30% in a bid to entice skiers.

With views stretching out to the Mediterranean to the west and Syria to the east, Mzaar has some of Lebanon’s best ski runs. But several of the slopes have remained closed since the first heavy snow in December, reflecting demand.

Tourism has traditionally been an important part of the Lebanese economy, which is mired in its worst crisis since the 1975-90 war. The crisis has led banks to impose tight restrictions on how much cash savers can withdraw, forcing even those with money to think more carefully before they spend.

“This year it is looking less crowded, this year when we came on the road, traffic was less,” said tour guide Bassam Dalle. “It’s obvious, we all know why.”

A Finnish guide who organizes snowmobile tours in the area said a third of the Nordic tourists who had booked with him this year had canceled.

“It’s a fantastic place, amazing mountain ranges ... plenty of snow, sunshine, warm, and people are very friendly, so it’s a dream destination,” said the guide.

Skier Gaby Tabbal was enjoying the day, though several slopes were shut. Though numbers were down, he noted there were still people skiing: “This is the first day this year, the weather is beautiful, the snow is beautiful.”



OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters
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OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters

OPEC cut its forecast for global oil demand growth this year and next on Tuesday, highlighting weakness in China, India and other regions, marking the producer group's fourth consecutive downward revision in the 2024 outlook.

The weaker outlook highlights the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia, which earlier this month postponed a plan to start raising output in December against a backdrop of falling prices.

In a monthly report on Tuesday, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023.

In the report, OPEC also cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd, Reuters.

China accounted for the bulk of the 2024 downgrade. OPEC trimmed its Chinese growth forecast to 450,000 bpd from 580,000 bpd and said diesel use in September fell year-on-year for a seventh consecutive month.

"Diesel has been under pressure from a slowdown in construction amid weak manufacturing activity, combined with the ongoing deployment of LNG-fuelled trucks," OPEC said with reference to China.

Oil pared gains after the report was issued, with Brent crude trading below $73 a barrel.

Forecasts on the strength of demand growth in 2024 vary widely, partly due to differences over demand from China and the pace of the world's switch to cleaner fuels.

OPEC is still at the top of industry estimates and has a long way to go to match the International Energy Agency's far lower view.

The IEA, which represents industrialised countries, sees demand growth of 860,000 bpd in 2024. The agency is scheduled to update its figures on Thursday.

- OUTPUT RISES

OPEC+ has implemented a series of output cuts since late 2022 to support prices, most of which are in place until the end of 2025.

The group was to start unwinding the most recent layer of cuts of 2.2 million bpd from December but said on Nov. 3 it will delay the plan for a month, as weak demand and rising supply outside the group maintain downward pressure on the market.

OPEC's output is also rising, the report showed, with Libyan production rebounding after being cut by unrest. OPEC+ pumped 40.34 million bpd in October, up 215,000 bpd from September. Iraq cut output to 4.07 million bpd, closer to its 4 million bpd quota.

As well as Iraq, OPEC has named Russia and Kazakhstan as among the OPEC+ countries which pumped above quotas.

Russia's output edged up in October by 9,000 bpd to about 9.01 million bpd, OPEC said, slightly above its quota.