The global energy industry is expected to see stable growth in 2022 as earning prospects for companies improve on the back of higher oil demand, according to Moody’s Investors Service.
It, however, expects the pace of improvement in fundamental conditions across the industry to ease over the next 12 to 18 months.
“The ongoing recovery in global oil demand, gradual supply growth, and a manageable cost environment will provide a supportive macro backdrop for producers to maintain earnings above 2019 levels,” Moody’s said in a report on Friday. “Many producers that did not invest sufficiently in 2020-21 will seek to boost capital budgets to stabilise production and stave off potential declines in volumes.”
Oil demand is expected to grow by 5.5 million bpd in 2021 and 3.3 million bpd in 2022 to 99.6 million bpd, according to the International Energy Agency. Opec expects demand for crude to be higher, reaching 100.6 million bpd next year.
Earning prospects for refining and marketing (R&M) and oilfield services (OFS) and drilling companies are expected to improve through 2022, while for the exploration and production and integrated oil sectors earnings will be “little changed in 2022,” according to Moody’s.
“The OFS sector will benefit in 2022 from significant cash flow momentum and is poised to increase aggregate cash flow by more than 10 per cent in 2022 from 2021 levels,” it said.
R&M companies will also improve their financial strength “as demand and earnings increase through 2022, with fuel consumption returning to pre-crisis levels”.
Oil prices continue to trade higher as demand recovers, but rising Covid-19 infections across Europe and elsewhere, led to Brent, the international benchmark for more than half of the world's crude, to end the week down 2.89 per cent to $78.89 per barrel at the close of trading on Friday. West Texas Intermediate, the key gauge for US oil, closed 3.68 per cent down to $76.10 per barrel.
Brent receded after hovering in the mid $80s and rallying more than 60 per cent year-to-date due to the resurgence in coronavirus cases, which could impact demand.
On Friday, Austria ordered a full lockdown and Europe's first nationwide vaccine mandate as the country has just under 66 per cent of its total population fully vaccinated against Covid-19, one of the lower rates in the EU. Germany called for a “nationwide state of emergency” because of surging coronavirus infection rates, the head of the country’s disease control agency said.
"After a rapid rise in oil and gas prices in 2021, the expansion in earnings and cash flow generation in the industry will moderate next year, even as prices remain elevated,” Elena Nadtotchi, senior vice-president at Moody's, said.
“Companies will consider increasing investments necessary to support existing production and modest growth, while also racing to meet heightened demands for shareholder distributions and improvement in returns on capital employed.”
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
Killing of Qassem Suleimani
UAE SQUAD
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Shaiman Anwar, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Ahmed Raza, Sultan Ahmed, Imran Haider, Qadeer Ahmed, Chirag Suri , Zahoor Khan
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
