DECEMBERASIA BUSINESS OUTLOOK8In Asian trade on Nov 22, oil prices remained largely unchanged as a potentially large buildup of US crude offset gains triggered by likely supply cuts from the OPEC+ producers group. Brent crude futures were up 11 cents, or 0.1%, to $82.56 per barrel by 0004 GMT. West Texas Intermediate crude futures in the United States rose 14 cents, or 0.2%, to $77.91.Both benchmarks have fallen for four straight weeks, and investors remained cautious ahead of Sunday's scheduled OPEC+ meeting, when the producer group may discuss deepening supply cuts due to slowing global economic growth. On Nov 20, both contracts climbed about 2 per cent after three OPEC+ sources told Reuters the group, the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, was set to consider additional oil supply cuts when it meets on Nov. 26.Analysts predict that OPEC+ will extend or even deepen its oil supply cuts into next year. Even if OPEC+ countries extend their cuts into next year, the global oil market will have a slight supply surplus in 2024, according to the head of the International Energy Agency's (IEA) oil markets and industry division. On Nov 21, Hyundai unveiled a state-of-the-art electric vehicle factory in Singapore, which the South Korean auto manufacturer heralds as a crucial element of its electrification plan for the future. According to a statement from the company, the Hyundai Motor Group Innovation Centre Singapore will employ 200 robots to complete half of its tasks. The center will also adopt new production methods that deviate from traditional conveyor belts.The company's facility, which started operating earlier this year before its official opening on Nov 21, has the capacity to produce 30,000 electric vehicles annually. According to the statement, the Singapore plant will become one of Hyundai Motor Group's two main innovation centers, guiding the company's future in the electrification era for the next 50 years.The facility synchronizes the virtual and physical worlds in real-time, allowing humans and robots to cooperate in unprecedented ways, the statement noted.The robots are capable of handling assembly, inspection, and organizing production facilities. They are also able to manage over 60% of the component process, including ordering and transportation. According to the company, this will allow people to concentrate on "tasks that are more creative and productive." The investment's value was not provided, but according to previous media reports, it is estimated at S$400 million (US$300 million). OPEC SPECULATED TO SLASH OIL PRICESHYUNDAI EV FACTORY TO IMPLEMENT CUTTING EDGE MANUFACTURING TECHNEWSROOM
< Page 7 | Page 9 >