Oil prices fell on Monday as salvage teams partially refloated the massive container ship that has been blocking the Suez Canal and traders weighed the impact of renewed movement restrictions on global demand before a crucial Opec+ meeting next month.
Brent, the international benchmark for more than half of the world's crude, slipped 1.16 per cent to $63.82 per barrel at 11:42am UAE time. West Texas Intermediate, the key gauge for US oil, was down 1.69 per cent at $59.94 per barrel.
Ever Given, the 400 metre, 200,000 tonne ship that has been stuck in the Suez Canal since March 23, was partially refloated and is currently being secured according to maritime services provider Inchcape. However, it is not known when the canal will be fully reopened.
More than 400 vessels including container ships and oil tankers are stuck on either side of the canal as maritime teams work to get the vessel moving again.
Some ships are being rerouted around the Cape of Good Hope, adding about two weeks to journeys and an extra $300,000-$400,000 in fuel costs for larger ships, according to a research note issued on Monday by Abu Dhabi Commercial Bank.
A lengthy blockage of the Suez Canal could lead to a "significant" temporary shortage of a number of goods and commodities across the world, resulting in a sharp rise in prices, ADCB's chief economist Monica Malik said in the note.
"Suez transit volumes account for 5 per cent of global oil trade (equivalent to 5 million bpd), 10 per cent of gas, grains and urea, and 30 per cent of potash."
However, there are alternative methods for shipping crude and given the relatively low level of volumes transiting through the canal, the current demand scenario and inventory levels both in Asia and the West, "it is unlikely that the blockage in the Suez Canal will have a significant impact on crude oil balances [and] prices", financial data company Refinitiv said in a report on Monday.
"The outlook for oil should remain positive" despite a recent sharp decline in prices, Stephen Innes, chief global market strategist at Axi told The National. "Opec+, having maintained production cuts at higher prices last month, seems less likely to open the taps at current levels."
Opec+ countries including Saudi Arabia and Russia will meet next month to discuss the current level of oil output cuts. The group is currently holding back 7.2 million barrels of oil per day to rebalance oil markets. Saudi Arabia, the biggest exporter, is voluntary restraining its production by 1 million bpd.
Renewed movement restrictions in different parts of the world are also weighing on oil prices. Brisbane, Australia’s third most-populous city, is set to enter a three-day lockdown and the Indian state of Maharashtra – which includes the country's commercial hub, Mumbai – is considering another shutdown if a rebound in coronavirus cases isn’t quelled. A night-time curfew is already in place.
"We expect Opec+ to keep oil output broadly steady at the agreed April level amidst a new wave of Covid cases and related restrictions in Europe and India," Ms Malik said.
"Rising demand-side concerns and increased oil price volatility since the last meeting are also likely to encourage Opec+ to adopt a cautious and restrictive approach, in our view. Saudi Arabia is expected to maintain its voluntary and unilateral 1 million bpd production cut for May and any reversal is likely to be gradual."
Secret Pigeon Service: Operation Colomba, Resistance and the Struggle to Liberate Europe
Gordon Corera, Harper Collins
More from Neighbourhood Watch:
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
Tips for used car buyers
- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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
The chef's advice
Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.
“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”
Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.
The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
SPEC%20SHEET
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
UAE currency: the story behind the money in your pockets
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place play-off
Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
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COMPANY%20PROFILE
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