Oil traded near the highest close in more than two years after an explosion at a pipeline carrying crude to Libya’s biggest export terminal . AFP
Oil traded near the highest close in more than two years after an explosion at a pipeline carrying crude to Libya’s biggest export terminal . AFP
Oil traded near the highest close in more than two years after an explosion at a pipeline carrying crude to Libya’s biggest export terminal . AFP
Oil traded near the highest close in more than two years after an explosion at a pipeline carrying crude to Libya’s biggest export terminal . AFP

Energy

Oil trades near highest since mid-2015 on Libya pipeline blast

Explosion at pipeline carrying crude to Libya’s biggest export terminal curbed production

Bloomberg

December 27, 2017

  • English
  • Arabic

Oil traded near the highest close in more than two years after an explosion at a pipeline carrying crude to Libya’s biggest export terminal curbed the Opec nation’s production.

Futures were little changed in New York after rising 2.6 per cent on Tuesday and breaching $60 a barrel for the first time since June 2015. A pipeline run by Waha Oil Company that carries crude to Libya’s Es Sider terminal exploded Tuesday, reducing output by 70,000-100,000 barrels a day. Meanwhile, Saudi Arabia is said to expect oil revenue to jump about 80 per cent by 2023 to help the kingdom record its first budget surplus in a decade.

Oil is heading for a second yearly advance as the Opec  countries and their allies including Russia prolong supply curbs through the end of 2018. Prices gained this month after a separate pipe in the UK -- one of the most important conduits in the world -- was shut because of a crack. Partial flows have now restarted at the Forties Pipeline System’s Kinneil facility, operator Ineos Group said.

“The pipeline explosion in Libya is a lot more serious as it may take a long time to restore, which can be a long-term driver of oil prices,” Kim Kwangrae, a commodities analyst at Samsung Futures in Seoul. “The disruption is considered detrimental enough to dry up some of the global glut.”

West Texas Intermediate for February delivery was at US$59.75 a barrel on the New York Mercantile Exchange, down 22 cents, at 2:13pm in Seoul. Total volume traded was about 53 per cent below the 100-day average. Futures rose to as high as $60.01 a barrel in the previous session. At the settlement on Tuesday, they gained $1.50 to $59.97.

Brent for February settlement lost 29 cents to $66.73 a barrel on the London-based ICE Futures Europe exchange. Prices climbed $1.77, or 2.7 per cent, to $67.02 a barrel Tuesday, the highest close since May 2015. The global benchmark crude traded at a premium of $6.98 to WTI.

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Output in Libya, where oil fields have endured sporadic shutdowns and disruptions due to protests, power blackouts and fighting, rose to about 1 million barrels a day this year, the highest level in four years. Any drop in production due to the blast that occurred 130 kilometres south of Sidra will ease pressure on Opec-led efforts to drain a inventory glut.

Under a six-year program to balance the budget, officials predict rising prices and expanded output will push Saudi Arabia’s income from oil sales to 801.4 billion riyals (US$214bn) from 440 billion riyals this year, said people with knowledge of the matter.

In the other oil market reports US crude production is set to surpass 10.5 million barrels a day by the end of next year because of the growth in the Permian “super” Basin, Reed Olmstead, director for energy research and analysis at IHS Markit, said in a note.

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4. Shahada

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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 three: the age of the electric vehicle begins

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Read part one: how cars came to the UAE

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
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Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
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The specs: 2018 Audi RS5

Price, base: Dh359,200

Engine: 2.9L twin-turbo V6

Transmission: Eight-speed automatic

Power: 450hp at 5,700rpm

Torque: 600Nm at 1,900rpm

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Citizenship-by-investment programmes

United Kingdom

The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).

All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.

The Caribbean

Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport. 

Portugal

The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.

“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.

Greece

The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.

Spain

The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.

Cyprus

Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.

Malta

The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.

The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.

Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.

Egypt 

A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.

Source: Citizenship Invest and Aqua Properties

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SUNDERLAND 2002-03

No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.

SUNDERLAND 2005-06

Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.

HUDDERSFIELD 2018-19

Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.

ASTON VILLA 2015-16

Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.

FULHAM 2018-19

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Arrived in UAE: 1978

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Favourite place in Abu Dhabi? “Everywhere. Wherever you go, you can relax.”

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Age: 25

Town: Al Diqdaqah – Ras Al Khaimah

Education: Bachelors degree in mechanical engineering

Favourite colour: White

Favourite place in the UAE: Downtown Dubai

Favourite book: A Life in Administration by Ghazi Al Gosaibi.

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Light Welterweight (64kg): Baatarsukh Chinzorig (MGL) beat Shiva Thapa (IND) 3-2.

Welterweight (69kg): Bobo-Usmon Baturov (UZB) beat Ablaikhan Zhussupov (KAZ) RSC round-1.

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