Oil prices registered their fourth weekly gain on signs of a tightening global market following Opec+ production cuts, a weaker dollar, and as the International Energy Agency raised its 2023 global oil demand estimates.
Brent, the benchmark for two thirds of the world’s oil, settled 0.26 per cent higher at $86.31 a barrel at the close of trading on Friday, while West Texas Intermediate, the gauge that tracks US crude, was up 0.44 per cent at $82.52 a barrel.
In its monthly report issued on Friday, the IEA projected global oil demand will rise by two million barrels per day to a record 101.9 million bpd this year as China, the world's biggest crude importer, reopens its economy after about three years of adhering to a strict zero-Covid policy.
On Thursday, Opec stuck to its 2023 growth projection for oil demand in its monthly oil report despite lowering its forecast in North America and Europe amid a slowing global economy.
The oil producers' group said better crude demand in Organisation for Economic Co-operation and Development (OECD) countries, led by China, was balancing out the market.
Last week Opec+ producers announced they would make voluntary oil production cuts of 1.16 million barrels per day from May until the end of this year as a precautionary measure aimed at supporting the stability of the oil market.
Russia, which is part of the 23-member alliance of producers, also said the 500,000 bpd cut it is making from March to June would continue until the end of the year, taking the group's output cut to more than 1.66 million bpd by the end of 2023, in addition to the 2 million bpd cut made at the end of last year.
Opec expects crude demand to grow by 2.3 million bpd this year to 101.89 million bpd.
However, that assessment is “subject to many uncertainties”, including the “trend and pace of economic activity” in OECD and non-OECD countries, Opec said in its monthly oil market report.
A weaker dollar, which makes oil cheaper for holders of other currencies, is also supporting demand for crude.
The US Dollar Index, a measure of the value of the greenback against a weighted basket of major currencies, was down 0.17 per cent at 100.84.
Oil prices have shifted course after declining last month after a banking crisis in the US, which led to the collapse of three lenders, rattled markets and raised recession fears.
The output cut by Opec+ and the reopening of the China, the world's second-largest economy, have buttressed prices.
A lack of investment in oil production around the world as well as the elevated market share of the Opec+ countries and inelastic demand, has given Opec the ability to put a floor under prices, Goldman Sachs energy economist Daan Struyven said in a recent report.
If oil demand is strong, Opec can increase production, but if demand is soft, it can keep production restrained and limit the downside for prices, he said.
According to the US investment bank the cut in oil output will likely increase Saudi Arabia and Opec+ oil revenues. Goldman Sachs estimates that a 7 per cent boost in oil prices because of this cut and the modest reduction in production costs, will more than offset the losses from Opec+ selling less oil.
“Following the shock Opec+ cut announcement … crude oil is now trading at the highest level this year, trying to now break above its 200-day moving average — last seen in August 2022,” said Ehsan Khoman, head of emerging markets research for Europe, the Middle East and Africa at MUFG Bank, Japan's largest lender.
“It’s a tug-of-war of where oil prices go next. On the one hand is the bullish narrative that supply scarcity driven by a tight market due to stern Opec+ cuts, negligible US shale output and China reopening trade will drive prices higher," Mr Khoman said.
“On the other hand is the bearish perspective on Fed angst and hard landing concerns.”
The US Federal Reserve has been aggressively raising rates, with more increases expected as it aims to bring inflation down from 40-year highs, which were reached last year, to its target range of 2 per cent.
The Fed increased the policy rate by 25 basis points last month, the ninth rate increase by the US central bank since it started monetary tightening in March 2022, pushing rates in the US to their highest since 2007, shortly before the start of the 2008 financial crisis.
Inflation in the US slowed to 5 per cent on an annual basis in March, the ninth straight monthly decline after peaking at 9.1 per cent in June 2022.
As the March headline inflation reading was well above the Fed's 2 per cent target, the US central bank is expected to raise interest rates by another 25 basis points at its next meeting on May 2 and May 3.
"The risk of a couple million-barrel deficit in the second half of the year should keep prices supported regardless of whatever noise emerges from the Fed contemplating another quarter-point or so in rate hikes," said Edward Moya, a senior market analyst at Oanda.
"Energy traders should feel confident this market will remain tight."
RESULT
Huddersfield Town 2 Manchester United 1
Huddersfield: Mooy (28'), Depoitre (33')
Manchester United: Rashford (78')
Man of the Match: Aaron Mooy (Huddersfield Town)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE v Zimbabwe A, 50 over series
Fixtures
Thursday, Nov 9 - 9.30am, ICC Academy, Dubai
Saturday, Nov 11 – 9.30am, ICC Academy, Dubai
Monday, Nov 13 – 2pm, Dubai International Stadium
Thursday, Nov 16 – 2pm, ICC Academy, Dubai
Saturday, Nov 18 – 9.30am, ICC Academy, Dubai
UAE currency: the story behind the money in your pockets
Other promotions
- Deliveroo will team up with Pineapple Express to offer customers near JLT a special treat: free banana caramel dessert with all orders on January 26
- Jones the Grocer will have their limited edition Australia Day menu available until the end of the month (January 31)
- Australian Vet in Abu Dhabi (with locations in Khalifa City A and Reem Island) will have a 15 per cent off all store items (excluding medications)
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
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
RESULTS
4pm: Al Bastakiya Listed US$250,000 (Dirt) 1,900m
Winner: Yulong Warrior, Richard Mullen (jockey), Satish Seemar (trainer)
4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m
Winner: Jordan Sport, Adrie de Vries, Fawzi Nass
5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m
Winner: Jungle Cat, William Buick, Charlie Appleby
5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m
Winner: Kimbear, Patrick Dobbs, Doug Watson
6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m
Winner: Blair House, James Doyle, Charlie Appleby
6.55pm: Al Maktoum Challenge Round-3 Group 1 $400,000 (D) 2,000m
Winner: North America, Richard Mullen, Satish Seemar
7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m
Winner: Hawkbill, William Buick, Charlie Appleby.
Company profile
Date started: Founded in May 2017 and operational since April 2018
Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.
Based: Cairo, Egypt
Sector: Health-tech
Size: 22 employees
Funding: Seed funding
Investors: Flat6labs, 500 Falcons, three angel investors
Omar Yabroudi's factfile
Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
Chinese Grand Prix schedule (in UAE time)
Friday: First practice - 6am; Second practice - 10am
Saturday: Final practice - 7am; Qualifying - 10am
Sunday: Chinese Grand Prix - 10.10am
2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait this month is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
UAE’s fixtures: Fri Apr 20, UAE v Qatar; Sat Apr 21, UAE v Saudi Arabia; Mon Apr 23, UAE v Bahrain; Tue Apr 24, UAE v Maldives; Thu Apr 26, UAE v Kuwait
World T20 2020 Qualifying process:
- Sixteen teams will play at the World T20 in two years’ time.
- Australia have already qualified as hosts
- Nine places are available to the top nine ranked sides in the ICC’s T20i standings, not including Australia, on Dec 31, 2018.
- The final six teams will be decided by a 14-team World T20 Qualifier.
World T20 standings: 1 Pakistan; 2 Australia; 3 India; 4 New Zealand; 5 England; 6 South Africa; 7 West Indies; 8 Sri Lanka; 9 Afghanistan; 10 Bangladesh; 11 Scotland; 12 Zimbabwe; 13 UAE; 14 Netherlands; 15 Hong Kong; 16 Papua New Guinea; 17 Oman; 18 Ireland
RESULT
Manchester City 5 Swansea City 0
Man City: D Silva (12'), Sterling (16'), De Bruyne (54' ), B Silva (64' minutes), Jesus (88')
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
TOURNAMENT INFO
2018 ICC World Twenty20 Asian Western Regional Qualifier
The top three teams progress to the Asia Qualifier
Thursday results
UAE beat Kuwait by 86 runs
Qatar beat Bahrain by five wickets
Saudi Arabia beat Maldives by 35 runs
Friday fixtures
10am, third-place playoff – Saudi Arabia v Kuwait
3pm, final – UAE v Qatar
MATCH INFO
Uefa Champions League semi-final, second leg
Roma 4
Milner (15' OG), Dzeko (52'), Nainggolan (86', 90 4')
Liverpool 2
Mane (9'), Wijnaldum (25')
The biog
Name: Abeer Al Shahi
Emirate: Sharjah – Khor Fakkan
Education: Master’s degree in special education, preparing for a PhD in philosophy.
Favourite activities: Bungee jumping
Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.
The specs: 2018 Mitsubishi Eclipse Cross
Price, base / as tested: Dh101,140 / Dh113,800
Engine: Turbocharged 1.5-litre four-cylinder
Power: 148hp @ 5,500rpm
Torque: 250Nm @ 2,000rpm
Transmission: Eight-speed CVT
Fuel consumption, combined: 7.0L / 100km
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
The Library: A Catalogue of Wonders
Stuart Kells, Counterpoint Press
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
Warlight,
Michael Ondaatje, Knopf
LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
Personalities on the Plate: The Lives and Minds of Animals We Eat
Barbara J King, University of Chicago Press
COMPANY%20PROFILE
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Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
BRAZIL%20SQUAD
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Mrs%20Chatterjee%20Vs%20Norway
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If%20you%20go
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