Oil prices slid on Thursday but continued to trade at elevated levels, a day after the Opec+ group of countries agreed to add 400,000 barrels of crude to the market in March amid higher demand.
Brent, the global benchmark for two thirds of the world's oil, was down 0.39 per cent to $89.12 per barrel at 12pm UAE time on Thursday, while West Texas Intermediate, the gauge that tracks US crude, was trading 0.49 per cent lower at $87.83 per barrel.
Oil prices have rallied more than 10 per cent this year and Brent touched a seven-year high of $91.70 per barrel last week. Crude has risen more than 67 per cent in the past year.
“With Opec+ returning production at a gradual pace, there looks to be no short-term risk to oil prices falling as actually delivering the additional barrels may prove a challenge for the producers’ alliance,” Emirates NBD said in a note.
A number of smaller producers within the group have struggled to raise production because of underinvestment in the oil sector and “a faster pace of supply additions would erode the already narrow buffer of spare capacity within Opec+, held mainly by a few producers in the Gulf region."
Crude has stayed buoyant in the past few weeks as geopolitical tensions continue to rise in Eastern Europe. On Wednesday, the US approved the deployment of 3,000 troops to Eastern Europe, in addition to the 8,500 troops it placed on high alert after Russia stationed thousands of military personnel along the border with Ukraine.
Russia, one of the world’s top oil producers, further boosted its troop presence over the weekend in a sign of a potential escalation that could derail the flow of global energy supplies.
The strain on spare capacity would become “more apparent should supply elsewhere be interrupted for a prolonged period," Emirates NBD said.
Edward Moya, senior market analyst at Oanda, said Opec+ stuck to a gradual production strategy despite pressure from the Biden administration to boost output to cool down prices.
“Opec+ will save larger-than-expected production promises for when oil is over $100 a barrel,” he said.
Ipek Ozkardeskaya, senior analyst at Swissquote, also expects crude to hit $100 per barrel.
Depleting oil inventories in the US, the world’s largest economy, is also supporting prices. US oil inventories declined by a million barrels for the week ending January 28 from the previous week, according to a new report from the Energy Information Administration.
“The simultaneous blend of depleting inventories, thinning spare capacity and structural underinvestments is leading us to turn even more bullish on oil, and have revised our forecasts upwards, with our models pointing for Brent to average $96 per barrel in 2022 and $112 per barrel in 2023,” Ehsan Khoman, head of emerging markets research at MUFG Bank, told The National.
The total investment in the upstream sector of the oil and gas sector fell 23 per cent below pre-coronavirus levels to $341 billion in 2021 amid green transition efforts, the International Energy Forum said last year.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Global state-owned investor ranking by size
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United States
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China
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UAE
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4.
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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if you go
The five pillars of Islam
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3ETwin-turbo%2C%20V8%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20automatic%20and%20manual%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E503%20bhp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E513Nm%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh646%2C800%20(%24176%2C095)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
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The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
AS%20WE%20EXIST
%3Cp%3EAuthor%3A%20Kaoutar%20Harchi%C2%A0%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Other%20Press%3C%2Fp%3E%0A%3Cp%3EPages%3A%20176%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20Now%3C%2Fp%3E%0A
The specs
Engine: 4 liquid-cooled permanent magnet synchronous electric motors placed at each wheel
Battery: Rimac 120kWh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power: 1877bhp
Torque: 2300Nm
Price: Dh7,500,00
On sale: Now
Read more from Kareem Shaheen
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Sholto Byrnes on Myanmar politics
The Disaster Artist
Director: James Franco
Starring: James Franco, Dave Franco, Seth Rogan
Four stars
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
UAE%20medallists%20at%20Asian%20Games%202023
%3Cp%3E%3Cstrong%3EGold%3C%2Fstrong%3E%0D%3Cbr%3EMagomedomar%20Magomedomarov%20%E2%80%93%20Judo%20%E2%80%93%20Men%E2%80%99s%20%2B100kg%0D%3Cbr%3EKhaled%20Al%20Shehi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-62kg%0D%3Cbr%3EFaisal%20Al%20Ketbi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-85kg%0D%3Cbr%3EAsma%20Al%20Hosani%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Women%E2%80%99s%20-52kg%0D%3Cbr%3EShamma%20Al%20Kalbani%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Women%E2%80%99s%20-63kg%0D%3Cbr%3E%3Cstrong%3ESilver%3C%2Fstrong%3E%0D%3Cbr%3EOmar%20Al%20Marzooqi%20%E2%80%93%20Equestrian%20%E2%80%93%20Individual%20showjumping%0D%3Cbr%3EBishrelt%20Khorloodoi%20%E2%80%93%20Judo%20%E2%80%93%20Women%E2%80%99s%20-52kg%0D%3Cbr%3EKhalid%20Al%20Blooshi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-62kg%0D%3Cbr%3EMohamed%20Al%20Suwaidi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-69kg%0D%3Cbr%3EBalqees%20Abdulla%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Women%E2%80%99s%20-48kg%0D%3Cbr%3E%3Cstrong%3EBronze%3C%2Fstrong%3E%0D%3Cbr%3EHawraa%20Alajmi%20%E2%80%93%20Karate%20%E2%80%93%20Women%E2%80%99s%20kumite%20-50kg%0D%3Cbr%3EAhmed%20Al%20Mansoori%20%E2%80%93%20Cycling%20%E2%80%93%20Men%E2%80%99s%20omnium%0D%3Cbr%3EAbdullah%20Al%20Marri%20%E2%80%93%20Equestrian%20%E2%80%93%20Individual%20showjumping%0D%3Cbr%3ETeam%20UAE%20%E2%80%93%20Equestrian%20%E2%80%93%20Team%20showjumping%0D%3Cbr%3EDzhafar%20Kostoev%20%E2%80%93%20Judo%20%E2%80%93%20Men%E2%80%99s%20-100kg%0D%3Cbr%3ENarmandakh%20Bayanmunkh%20%E2%80%93%20Judo%20%E2%80%93%20Men%E2%80%99s%20-66kg%0D%3Cbr%3EGrigorian%20Aram%20%E2%80%93%20Judo%20%E2%80%93%20Men%E2%80%99s%20-90kg%0D%3Cbr%3EMahdi%20Al%20Awlaqi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-77kg%0D%3Cbr%3ESaeed%20Al%20Kubaisi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-85kg%0D%3Cbr%3EShamsa%20Al%20Ameri%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Women%E2%80%99s%20-57kg%0D%3C%2Fp%3E%0A
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Specs – Taycan 4S
Engine: Electric
Transmission: 2-speed auto
Power: 571bhp
Torque: 650Nm
Price: Dh431,800
Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
Power: 455bhp
Torque: 700Nm
Price: from Dh431,800
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
If you go
The flights
Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes.
The car
Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals. A week's car hire costs from Dh1,500 including taxes.
The hotels
Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes.
More info
To keep up with constant developments in Portland, visit www.travelportland.com. Good guidebooks include the Lonely Planet guides to Northern California and Washington, Oregon & the Pacific Northwest.
THE%C2%A0SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.4-litre%20four-cylinder%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20210hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Starting%20from%20Dh89%2C900%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3C%2Fp%3E%0A
Venue: Sharjah Cricket Stadium
Date: Sunday, November 25
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
LA LIGA FIXTURES
Friday Valladolid v Osasuna (Kick-off midnight UAE)
Saturday Valencia v Athletic Bilbao (5pm), Getafe v Sevilla (7.15pm), Huesca v Alaves (9.30pm), Real Madrid v Atletico Madrid (midnight)
Sunday Real Sociedad v Eibar (5pm), Real Betis v Villarreal (7.15pm), Elche v Granada (9.30pm), Barcelona v Levante (midnight)
Monday Celta Vigo v Cadiz (midnight)
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
The specs
Engine: 2.2-litre, turbodiesel
Transmission: 6-speed auto
Power: 160hp
Torque: 385Nm
Price: Dh116,900
On sale: now
Remaining Fixtures
Wednesday: West Indies v Scotland
Thursday: UAE v Zimbabwe
Friday: Afghanistan v Ireland
Sunday: Final
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
More from Neighbourhood Watch:
Zayed Sustainability Prize
WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
%3Cp%3E%E2%80%A2%20Looming%20global%20slowdown%20and%20recession%20in%20key%20economies%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Russia-Ukraine%20war%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Interest%20rate%20hikes%20and%20the%20rising%20cost%20of%20debt%20servicing%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Oil%20price%20volatility%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Persisting%20inflationary%20pressures%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Exchange%20rate%20fluctuations%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shortage%20of%20labour%2Fskills%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20A%20resurgence%20of%20Covid%3F%3C%2Fp%3E%0A
Maestro
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EBradley%20Cooper%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EBradley%20Cooper%2C%20Carey%20Mulligan%2C%20Maya%20Hawke%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
