Oil prices remained volatile on Tuesday despite supply concerns as Russia suspended oil exports to Europe through a major pipeline amid Moscow’s military offensive in Ukraine.
Ukraine halted flows through the Druzhba pipe towards Hungary, the Czech Republic and Slovakia on August 4 as sanctions prevented Moscow’s transit payments to Kyiv, Bloomberg reported. It cited a statement from Russian pipeline operator Transneft.
Brent, the global benchmark for two-thirds of the world's oil, rose to nearly $98 a barrel on the news, before dropping again. It was down 0.92 per cent to $95.76 per barrel at 8.58pm UAE time on Tuesday. West Texas Intermediate, the gauge that tracks US crude, was down 1.01 per cent at $89.84 a barrel.
"Crude prices surged after Russian oil supplies were halted to Eastern Europe," said Edward Moya, senior market analyst at Oanda.
"A simple disruption that stemmed from western sanctions that do not allow accepting transit fees from Moscow reminded us of how quick the oil market can tighten.
"Whatever crude demand destruction that occurs from a weakening global economy, won’t be able to drag down oil prices much lower given how low the supply outlook remains."
Oil prices have remained volatile this year. Brent touched about $140 barrel in March following Russia’s invasion of Ukraine and the subsequent sanctions by the US and the UK on the import of Moscow’s crude.
However, oil fell in the last few months as concerns grew over the possibility of a looming recession hitting fuel demand globally.
In July, the International Monetary Fund lowered its growth forecast for the global economy to 3.2 per cent this year, from its previous forecast of 3.6 per cent in April amid Russia’s war in Ukraine, high inflation and the Covid-19 pandemic.
The 23-member Opec+ super-group of oil producers last week agreed to boost output modestly by 100,000 barrels per day next month amid a slowdown in the global economy.
An agreement on the Iran nuclear deal could ease pressure on oil supply, Mr Moya said.
Nuclear deal talks in Vienna have concluded, with the EU suggesting a final text will now be put forward for the US and Iran to either agree on or reject the deal.
"Much attention is falling on Iran nuclear deal talks and that could be a wild card in providing much-needed supplies," Mr Moya said.
"Iran is also looking at the US political situation and might not be confident that even if a deal is revived that it will hold up if a Republican wins the 2024 presidential election, especially if it is former President [Donald] Trump."
On the demand side, the International Energy Agency trimmed its global oil demand forecast for this year and the next as the worsening macroeconomic outlook and fears of a recession dampen market sentiment.
Oil demand is now expected to expand 1.7 million bpd in 2022 (down slightly from the IEA's forecast of 1.8 million bpd in June) and 2.1 million bpd in 2023 (compared with the 2.2 million bpd June forecast), to reach 99.2 million bpd and 101.3 million bpd, respectively, the IEA said in its Oil Market Report last month.
"Crude prices should eventually find a home above the $100 level, especially in the winter when the SPR release stops and if China demand roars back," Mr Moya said.
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UAE currency: the story behind the money in your pockets
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
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Mohammed bin Zayed Majlis
Company%C2%A0profile
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MATCH INFO
Uefa Champions League, last 16, first leg
Liverpool v Bayern Munich, midnight (Wednesday), BeIN Sports
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
DUBAI WORLD CUP CARNIVAL CARD
6.30pm Handicap US$135,000 (Turf) 2,410m
7.05pm UAE 1000 Guineas Listed $250,000 (Dirt) 1,600m
7.40pm Dubai Dash Listed $175,000 (T) 1,000m
8.15pm Al Bastakiya Trial Conditions $100,000 (D) 1.900m
8.50pm Al Fahidi Fort Group Two $250,000 (T) 1,400m
9.25pm Handicap $135,000 (D) 2,000m
The National selections
6.30pm: Gifts Of Gold
7.05pm Final Song
7.40pm Equilateral
8.15pm Dark Of Night
8.50pm Mythical Magic
9.25pm Franz Kafka
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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FIXTURES (all times UAE)
Sunday
Brescia v Lazio (3.30pm)
SPAL v Verona (6pm)
Genoa v Sassuolo (9pm)
AS Roma v Torino (11.45pm)
Monday
Bologna v Fiorentina (3.30pm)
AC Milan v Sampdoria (6pm)
Juventus v Cagliari (6pm)
Atalanta v Parma (6pm)
Lecce v Udinese (9pm)
Napoli v Inter Milan (11.45pm)
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
