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Oil prices were steady on Wednesday as the announcement of a coalition to protect ships from Houthi attacks calmed investors.
Brent, the global benchmark for two thirds of the world's oil, was trading 0.15 per cent higher at $79.35 a barrel at 11.47am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.32 per cent at $74.18 a barrel.
On Tuesday, Brent settled 1.64 per cent higher at $79.23 a barrel. WTI closed up 1.34 per cent at $73.44.
Several countries, led by the US, agreed on Monday to jointly carry out patrols in the southern Red Sea and Gulf of Aden to safeguard commercial shipping after many companies decided to halt their operations in the region.
Some of the world’s largest shipping companies suspended their operations in the Red Sea after attacks by Yemeni Houthi rebels.
The Bab Al Mandeb, situated at the southern edge of the Red Sea and the western part of the Gulf of Aden, serves as a vital route for oil tankers and vessels travelling between the Arabian Gulf and Asia, as well to Europe by way of the Suez Canal.
About 12 per cent of the seaborne oil trade and 8 per cent of liquefied natural gas pass through the strait.
The Red Sea attacks may raise short-term supply risks as ships have to sail around Africa, "which will add thousands of miles to their voyages, thereby delaying cargo deliveries", said Ole Hansen, head of commodity strategy at Saxo Bank.
“[But], the risk of a lasting impact seems limited at this stage,” he added.
Meanwhile, the US bought 2.1 million barrels of crude oil to help refill its emergency stockpiles after the largest sale on record in 2022, Reuters reported, citing the Energy Department.
The department said it bought the oil, for delivery in February, for an average of $74.23 a barrel, below the average of $95 a barrel that oil sold for in 2022.
Oil recorded a small gain last week after the US Federal Reserve signalled it was probably finished raising interest rates after opting to leave them unchanged in the year’s last policy meeting.
The central bank also hinted at rate cuts next year amid easing inflation.
Lower interest rates encourage more spending and investment in an economy, resulting in higher crude demand.
Brent is down by more than 4 per cent since Opec+ announced voluntary output cuts of 2.2 million barrels per day on November 30.
Traders are concerned about compliance among the group’s members to the latest supply reduction.
“In prior agreements, members that exceeded their target levels would have to compensate by deeper subsequent cuts,” Emirates NBD said in a research note this week.
“These voluntary cuts have no such enforcement mechanism. The lack of a wider Opec+ deal suggests that there is some dissent among members about seemingly having to perpetually adjust output lower,” the Dubai-based lender said.
Conservative MPs who have publicly revealed sending letters of no confidence
- Steve Baker
- Peter Bone
- Ben Bradley
- Andrew Bridgen
- Maria Caulfield
- Simon Clarke
- Philip Davies
- Nadine Dorries
- James Duddridge
- Mark Francois
- Chris Green
- Adam Holloway
- Andrea Jenkyns
- Anne-Marie Morris
- Sheryll Murray
- Jacob Rees-Mogg
- Laurence Robertson
- Lee Rowley
- Henry Smith
- Martin Vickers
- John Whittingdale
Blonde
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It's up to you to go green
Nils El Accad, chief executive and owner of Organic Foods and Café, says going green is about “lifestyle and attitude” rather than a “money change”; people need to plan ahead to fill water bottles in advance and take their own bags to the supermarket, he says.
“People always want someone else to do the work; it doesn’t work like that,” he adds. “The first step: you have to consciously make that decision and change.”
When he gets a takeaway, says Mr El Accad, he takes his own glass jars instead of accepting disposable aluminium containers, paper napkins and plastic tubs, cutlery and bags from restaurants.
He also plants his own crops and herbs at home and at the Sheikh Zayed store, from basil and rosemary to beans, squashes and papayas. “If you’re going to water anything, better it be tomatoes and cucumbers, something edible, than grass,” he says.
“All this throwaway plastic - cups, bottles, forks - has to go first,” says Mr El Accad, who has banned all disposable straws, whether plastic or even paper, from the café chain.
One of the latest changes he has implemented at his stores is to offer refills of liquid laundry detergent, to save plastic. The two brands Organic Foods stocks, Organic Larder and Sonnett, are both “triple-certified - you could eat the product”.
The Organic Larder detergent will soon be delivered in 200-litre metal oil drums before being decanted into 20-litre containers in-store.
Customers can refill their bottles at least 30 times before they start to degrade, he says. Organic Larder costs Dh35.75 for one litre and Dh62 for 2.75 litres and refills will cost 15 to 20 per cent less, Mr El Accad says.
But while there are savings to be had, going green tends to come with upfront costs and extra work and planning. Are we ready to refill bottles rather than throw them away? “You have to change,” says Mr El Accad. “I can only make it available.”
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Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
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If you go
The flights
Return flights from Dubai to Santiago, via Sao Paolo cost from Dh5,295 with Emirates.
The trip
A five-day trip (not including two days of flight travel) was split between Santiago and in Puerto Varas, with more time spent in the later where excursions were organised by TurisTour.
When to go
The summer months, from December to February are best though there is beauty in each season
UAE currency: the story behind the money in your pockets
