Global manufacturing PMI dips slightly in November amid moderate recovery

The global manufacturing sector maintained a moderate recovery in November, although the pace weakened slightly compared with October, industry data showed Saturday.

The global manufacturing purchasing managers' index (PMI) stood at 49.6 percent in November, down 0.1 percentage point from the previous month, according to the China Federation of Logistics and Purchasing (CFLP).

The reading has remained within the 49-50 percent range for nine consecutive months.

Regionally, Asia's manufacturing PMI stayed unchanged from October, remaining above the 50-percent mark that separates expansion from contraction. The European manufacturing PMI also held steady but remained below 50 percent.

The PMI for Africa's manufacturing sector fell from the previous month, dropping below 50 percent after staying above that level in October. The Americas' manufacturing PMI also declined in November, staying below 49 percent.

The data indicated that while the global manufacturing sector remained within a recovery track observed since the beginning of the year, the momentum of the rebound softened somewhat in November and still requires strengthening, according to the federation.

Experts said the global economy is recovering moderately within a certain range, with both upside potential and downside risks persisting.

In the long run, building a more inclusive, beneficial and win-win model of international cooperation among countries remains the fundamental path to sustaining steady and sound growth of the world economy, they added.

Global manufacturing PMI dips slightly in November amid moderate recovery

Global manufacturing PMI dips slightly in November amid moderate recovery

Global manufacturing PMI dips slightly in November amid moderate recovery

Global manufacturing PMI dips slightly in November amid moderate recovery

International Energy Agency (IEA) Executive Director Fatih Birol warned on Thursday that the global oil market may enter a "red zone" in July and August this year, as fuel demand rise and stocks dwindle.

Birol noted that the supply crisis triggered by the situation in the Middle East was initially cushioned by spare capacity in the global oil market, but that oil stocks are now gradually decreasing.

The 32 members of the IEA on March 11 unanimously agreed to make 400 million barrels of oil from their emergency reserves available to the market in response to disruptions caused by the Middle East conflict.

The IEA stands ready to coordinate further reserve releases if necessary, Birol added.

IEA chief warns of global oil market entering "red zone" this summer