Oil storage tanks at the GS Caltex Corp oil terminal in Incheon, South Korea. The US will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India, South Korea, and the UK - an unprecedented, coordinated attempt by the world’s largest oil consumers to tame prices. Bloomberg
Oil storage tanks at the GS Caltex Corp oil terminal in Incheon, South Korea. The US will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India, South Korea, and the UK - an unprecedented, coordinated attempt by the world’s largest oil consumers to tame prices. Bloomberg
Oil storage tanks at the GS Caltex Corp oil terminal in Incheon, South Korea. The US will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India, South Korea, and the UK - an unprecedented, coordinated attempt by the world’s largest oil consumers to tame prices. Bloomberg
Oil storage tanks at the GS Caltex Corp oil terminal in Incheon, South Korea. The US will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India, South Kor

Business

Energy

Co-ordinated global effort to ease energy prices leaves markets uncertain

Oil prices rose following President Joe Biden's announcement that the US will release strategic oil reserves

Jennifer Gnana
Jennifer Gnana

November 24, 2021

  • English
  • Arabic

The decision by the US, the largest producer of crude, and some of the world's biggest oil-importing countries to release millions of barrels of strategic oil reserves to bring down high energy prices left markets in uncertainty.

In response, oil prices surged on Tuesday following the announcement by the White House that the US and oil-importing countries including India, the UK, Japan and South Korea, would release a total of 80 million barrels of crude on to the market.

Crude commodity prices are 60 per cent higher than at the start of the year due to the continuing economic recovery in many parts of the world. Higher oil prices are politically sensitive in many global economies, particularly in the US, which is heading into midterm elections. The price of oil at the pump is a critical factor in deciding the outcome of such polls.

Brent, under which two-thirds of the world's crude is traded, rose 3.5 per cent, settling at $82.25 per barrel on Tuesday following the announcement of the SPR release. West Texas Intermediate, which tracks US crude grades, jumped 2.65 per cent to close at $78.50 per barrel.

The benchmarks, however, remained muted on Wednesday, with Brent down 0.63 per cent at $81.79 per barrel at 3pm UAE time and WTI down 0.43 per cent at $78.16 per barrel.

The US will release 50 million barrels from its strategic reserves — stocks of crude maintained to meet emergency needs. The US intends to bring forward a planned sale of 18 million barrels of crude and will exchange the remainder with buyers in an oil market repo.

India, which has been at the forefront of lobbying to bring oil prices down, will make a smaller commitment and release 5 million barrels. Japan will also bring 5 million barrels to the market, while South Korea will add 3.5 million barrels.

China has yet to announce a number, but the world's biggest importer of crude is likely to release between 7 million and 15 million barrels. The UK, which is also backing the US initiative, will add a nominal amount of 1.5 million barrels.

“With President Biden using most of his discretionary quota available last night from the SPR, the amounts released over the time frame will not be enough to materially impact oil prices and, clearly, markets also thought the same,” said Jeffrey Halley, senior market analyst for Asia Pacific at Oanda.

Market observers will now turn to Opec+, the supergroup of producers led by Saudi Arabia and Russia, to weigh their response to the unprecedented release from the US and its key crude importers.

The group will meet on December 2 to evaluate the last increment of their plan to return 2 million barrels per day of supply to the markets by the end of the year, reversing historic cuts to offset low demand during the pandemic.

Conflict, drought, famine

Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

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Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
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The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.

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18 under: Tyrrell Hatton (ENG)

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Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

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Results

Oman beat UAE by five wickets

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Wednesday January 8 –Oman v Namibia

Thursday January 9 – Oman v UAE

Saturday January 11 – UAE v Namibia

Sunday January 12 – Oman v Namibia

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Match info

Manchester United 4
(Pogba 5', 33', Rashford 45', Lukaku 72')

Bournemouth 1
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World Cricket League Division 2

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When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

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  • Individuals must register on UAE Drone app or website using their UAE Pass
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Engine: 77.4kW all-wheel-drive dual motor
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Common to all models unless otherwise stated

Engine: 4-cylinder 2-litre T-GDi

0-100kph: 5.3 seconds (Elantra); 5.5 seconds (Kona); 6.1 seconds (Veloster)

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Torque: 392Nm

Transmission: 6-Speed Manual/ 8-Speed Dual Clutch FWD

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Experiencing sleep disturbances or changes in sleep patterns.

What are the guidelines?

Under 18 months: Avoid screen time altogether, except for video chatting with family.

Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.

Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.

Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.

Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.

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Picture of Joumblatt and Hariri breaking bread sets Twitter alight

Mr Joumblatt’s pessimism regarding the Lebanese political situation didn’t stop him from enjoying a cheerful dinner on Tuesday with several politicians including Mr Hariri.

Caretaker Culture Minister Ghattas Khoury tweeted a picture of the group sitting around a table at a discrete fish restaurant in Beirut’s upscale Sodeco area.

Mr Joumblatt told The National that the fish served at Kelly’s Fish lounge had been very good.

“They really enjoyed their time”, remembers the restaurant owner. “Mr Hariri was taking selfies with everybody”.

Mr Hariri and Mr Joumblatt often have dinner together to discuss recent political developments.

Mr Joumblatt was a close ally of Mr Hariri’s assassinated father, former prime minister Rafik Hariri. The pair were leading figures in the political grouping against the 15-year Syrian occupation of Lebanon that ended after mass protests in 2005 in the wake of Rafik Hariri’s murder. After the younger Hariri took over his father’s mantle in 2004, the relationship with Mr Joumblatt endured.

However, the pair have not always been so close. In the run-up to the election last year, Messrs Hariri and Joumblatt went months without speaking over an argument regarding the new proportional electoral law to be used for the first time. Mr Joumblatt worried that a proportional system, which Mr Hariri backed, would see the influence of his small sect diminished.

With so much of Lebanese politics agreed in late-night meetings behind closed doors, the media and pundits put significant weight on how regularly, where and with who senior politicians meet.

In the picture, alongside Messrs Khoury and Hariri were Mr Joumbatt and his wife Nora, PSP politician Wael Abou Faour and Egyptian ambassador to Lebanon Nazih el Nagari.

The picture of the dinner led to a flurry of excitement on Twitter that it signified an imminent government formation. “God willing, white smoke will rise soon and Walid Beik [a nickname for Walid Joumblatt] will accept to give up the minister of industry”, one user replied to the tweet. “Blessings to you…We would like you to form a cabinet”, wrote another.  

The next few days will be crucial in determining whether these wishes come true.

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Ship class: Meraviglia Class

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  • not be younger than 25 years old
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  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
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Three stars

if you go

The flights

Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com

Seeing the games

Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com

 

Staying there

Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com

 

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How being social media savvy can improve your well being

Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.

As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.

Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.

Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.

Torrena said that “most people believe that dieting and keeping fit is boring”.

However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.

“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.

People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.

Updated: November 24, 2021, 2:58 PM`
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