Despite the challenges the world faces during the Covid-19 pandemic, Abu Dhabi National Oil Company hosted a virtual summit that brought together chief executives of global oil and gas companies, who expressed optimism over the recovery of the energy industry, as economies open up and energy prices rebound.
The chief executives of BP, Total, Aramco, CNPC, Eni were among the top energy leaders who convened virtually at the fifth Abu Dhabi CEO Roundtable on Tuesday, hosted by Adnoc group chief executive and UAE minister of state, Dr Sultan Al Jaber.
The global energy industry has been battered by the coronavirus pandemic, registering historic lows in terms of prices as well as demand, forcing systemic changes in the way Big Oil runs business.
Earlier this week for instance, BP wrote off $17.5 billion (Dh64bn) off the value of oil and gas assets and announced it was laying off 10,000 workers as it adapted to the changing reality of the energy industry.
Its chief executive, Bernard Looney remained optimistic about the industry’s future.
“I do think the response has probably been a bit quicker than we expected. I think that’s a good thing,” he told delegates.
"As ever, we don’t know what the future holds, we really don’t know. And while I’m optimistic about it, I’m only optimistic because we are very focused on the things we control – getting our business in shape,” he added.
Oil majors such as Shell have also announced write-downs of $2bn, while others such as Chevron stated $10bn in impairment charges.
In March, French major Total, lowered its capital expenditure by more than $3bn as prices fell to $30 per barrel. Still, Patrick Pouyanne, its chief executive remained bullish over the pick-up in demand as countries ease lockdown measures.
"I would say in Europe today we are more optimistic because we are getting out of the lockdown and honestly in our industry, the consumption of energy is going up quite quickly, quicker to normal than expected by all,” Mr Pouyanne told delegates.
Power supply, which fell 20 per cent during the lockdown in France was up to “normal market levels”.
"In our fuels business, we are still not at standard levels, but demand is coming back quite quickly,” he said.
In its latest monthly oil market report the International Energy Agency said the recovery in prices to $40 per barrel levels indicates that the worst for the oil markets is over.
While the agency expects demand to decline by 8.1 million barrels per day - the steepest in history - the IEA sees a tepid recovery of 5.7m bpd in 2021.
China, the earliest to enforce strict lockdown measures, which led to a virtual standstill of its factory activity has begun to increase oil imports. Crude imports reached an all time high of 15 per cent in May as Beijing looks to revive economic activity.
Dai Houliang, the chairman of China National Petroleum Corporation urged "international co-operation" to meet the risks and challenges facing industry.
Dr Al Jaber said open dialogue among top industry leaders can lead to a sustainable economic recovery.
“As we respond to the challenges of Covid-19, each one of us has had to guide our respective organisations through difficult times," he said.
"The roundtable offered an excellent platform to share valuable lessons on how to ensure the safety of our people, the resilience of our business, and the long-term growth of our industry,” Dr Al Jaber added.
The next edition of the roundtable will be held in November.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
UAE currency: the story behind the money in your pockets
RESULTS - ELITE MEN
1. Henri Schoeman (RSA) 57:03
2. Mario Mola (ESP) 57:09
3. Vincent Luis (FRA) 57:25
4. Leo Bergere (FRA)57:34
5. Jacob Birtwhistle (AUS) 57:40
6. Joao Silva (POR) 57:45
7. Jonathan Brownlee (GBR) 57:56
8. Adrien Briffod (SUI) 57:57
9. Gustav Iden (NOR) 57:58
10. Richard Murray (RSA) 57:59
HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
- It can be as long as you link
- But I recommend you use the bullet point function (see red square)
- Or try to keep the word count down
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- That's about it
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Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
UAE currency: the story behind the money in your pockets
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
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UAE v Zimbabwe A
Results
Match 1 – UAE won by 4 wickets
Match 2 – UAE won by 5 wickets
Match 3 – UAE won by 25 runs
Match 4 – UAE won by 77 runs
Fixture
Match 5, Saturday, 9.30am start, ICC Academy, Dubai
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
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The bio
Job: Coder, website designer and chief executive, Trinet solutions
School: Year 8 pupil at Elite English School in Abu Hail, Deira
Role Models: Mark Zuckerberg and Elon Musk
Dream City: San Francisco
Hometown: Dubai
City of birth: Thiruvilla, Kerala
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
MATCH INFO:
Second Test
Pakistan v Australia, Tuesday-Saturday, 10am daily at Zayed Cricket Stadium, Abu Dhabi
Entrance is free
A Dog's Journey
Directed by: Gail Mancuso
Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott
3 out of 5 stars
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
