Oil prices surged to their highest levels in two years, with Brent, the international benchmark, breaching the $70 per barrel mark during trading on Tuesday.
Brent, under which two-thirds of the world's oil is traded, reached as high as $70.88 per barrel during early trading on Tuesday for the first time since May 2019, after Opec left its global demand growth forecast largely unchanged.
The benchmark rose 2.19 per cent to reach $70.84 per barrel at 12.13pm UAE time. West Texas Intermediate, which tracks US crude grades, also reached the highest level since October 2018 and was up 2.9 per cent to reach $68.24 per barrel.
Opec+, the supergroup led by Saudi Arabia and Russia, left demand growth expectations at 6 million barrels per day, following its joint technical meeting, according to sources cited by Reuters.
The group's joint ministerial monitoring committee are convening today and in parallel to a ministerial meeting.
Opec+ plans to incrementally add 2 million bpd by July despite a surge in Covid-19 infections in several energy-consuming markets, particularly India. However, a robust recovery in Europe and the US has raised hopes that the market will be able to absorb the additional supply of crude.
"The market expectation is a gradual and cautious decrease in Opec+ production cuts, especially given that Iran is waiting ... for its sanctions to be lifted in the next couple of weeks and for ramping up its own production," said Ipek Ozkardeskaya, senior analyst at Swissquote.
"From a technical standpoint, trend and momentum indicators hint that there is no particular urge for a downside correction at the current levels," she added.
Iran’s possible return to global oil markets is expected to dominate discussions today at the meeting.
Tehran, which resumed negotiations with the US to reinstate the nuclear deal, is expected to reach a decision before Iran’s presidential elections on June 18.
Projections by London-based consultancy Facts Global Energy suggest that Iran’s production halved from 3.8 million bpd before sanctions were reimposed in 2018 to dip below 1.9 million bpd.
Tehran was exempted from Opec+ cuts last year when the alliance introduced some of the steepest production cuts in history, drawing back 9.7 million bpd from markets in response to a significant drop in demand caused by the coronavirus-induced slowdown.
"Many traders start wondering whether we could see the barrel of US crude advance to $100. Probably not just yet. A too rapid rise in oil prices would add on top of the worrying inflationary pressures and jeopardise the economic recovery," said Ms Ozkardeskaya.
The years Ramadan fell in May
Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
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
Zayed Sustainability Prize
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
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
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
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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
Mohammed bin Zayed Majlis
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
The years Ramadan fell in May
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
UAE currency: the story behind the money in your pockets
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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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
Killing of Qassem Suleimani
THE SPECS – Honda CR-V Touring AWD
Engine: 2.4-litre 4-cylinder
Power: 184hp at 6,400rpm
Torque: 244Nm at 3,900rpm
Transmission: Continuously Variable Transmission (CVT)
0-100kmh in 9.4 seconds
Top speed: 202kmh
Fuel consumption: 6.8L/100km
Price: From Dh122,900
The five pillars of Islam
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Killing of Qassem Suleimani
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
Zayed Sustainability Prize
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
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
KILLING OF QASSEM SULEIMANI
