The UAE is committed to de-escalating tensions along the world’s busiest oil trading route and will work towards securing energy supplies for its customers, according to Abu Dhabi National Oil Company's chief executive.
“The UAE, with the sixth-largest oil reserves in the world, views very seriously any threat to security of energy supplies,” Dr Sultan Al Jaber, who is also UAE Minister of State, told the Emerging + Frontier Forum 2019 at Bloomberg's European headquarters in London on Tuesday.
"Any attack on a single tanker is an assault on the entire international community,” Dr Al Jaber said. “Now is the time for wisdom, diplomacy and the concerted efforts of the international community, as we all have an interest in stable and secure market. They are the essential foundation for economic progress.”
He said the recent attacks on tankers in the Gulf of Oman, in which a vessel carrying UAE cargo was targeted only a month after similar incidents off the coast of Fujairah, were threats to "free trade, peace and prosperity".
"That is why the UAE will work together with our friends and allies to defuse and de-escalate the current threat and help ensure regional stability and the security of energy supplies to global customers,” Dr Al Jaber said.
Nearly a third of the world’s seaborne oil passes through the Strait of Hormuz, which coveys around 18.5 million barrels per day of crude. Any conflict in the strait has the potential to upset the oil market. Much of the world’s spare capacity for crude belongs to producers that straddle the Gulf, particularly Saudi Arabia, which has, as well as attacks on its tankers, also suffered damage to an east-west pipeline.
Oil prices, which had earlier proven immune to the ongoing crisis in the Gulf, have rallied over fears of a full-blown conflict.
On Thursday, the White House said it was poised to launch an offensive against Iranian targets in response to the downing of a US drone by Tehran. Iran said the surveillance drone had been operating in its airspace.
US President Donald Trump eventually called off the strikes, fearing high civilian casualties in Iran.
However, the US administration has since been drumming up support against Tehran, with US Secretary of State Mike Pompeo on a tour of Gulf states to build a coalition against Iran. Mr Pompeo was in Abu Dhabi on Monday to step up pressure against Iran, even as Washington imposed new sanctions against the country.
Oil remained close to $65 per barrel as the US imposed restrictions aimed at Supreme Leader Ayatollah Ali Khamenei. In response to the sanctions, Iran said US actions mean the "permanent closure of the path of diplomacy".
Brent was trading at $64.8 per barrel at 1.30pm UAE time, down 0.14 per cent from the three-week high of $65.18 seen on Monday.
Iran’s exports have taken a beating, falling to 100,000 bpd in May after the US cancelled waivers to eight of its top oil importers. The move came amid Washington’s drive to reduce Iran’s exports to zero after walking away from the nuclear deal last year.
Washington has accused Iran of seeking a nuclear weapons programme, even within the nuclear deal known as the Joint Comprehensive Plan of Action, which was engineered by the Obama administration, its European allies, Russia and China in 2015. Iran has denied the accusations and has said its nuclear programme was for power and research purposes.
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
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
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6.30pm: Madjani Stakes Group 2 (PA) Dh97,500 (Dirt) 1,900m
7.05pm: Maiden (TB) Dh82,500 (D) 1,400m
7.40pm: Maiden (TB) Dh82,500 (D) 1,600m
8.15pm: Handicap (TB) Dh87,500 (D) 2,200m
8.50pm: Dubai Creek Mile Listed (TB) Dh132,500 (D) 1,600m
9.25pm: Conditions (TB) Dh120,000 (D) 1,900m
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Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
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Five ways to get fit like Craig David (we tried for seven but ran out of time)
Start the week as you mean to go on. So get your training on strong on a Monday.
Train hard, but don’t take it all so seriously that it gets to the point where you’re not having fun and enjoying your friends and your family and going out for nice meals and doing that stuff.
Think about what you’re training or eating a certain way for — don’t, for example, get a six-pack to impress somebody else or lose weight to conform to society’s norms. It’s all nonsense.
Get your priorities right.
And last but not least, you should always, always chill on Sundays.
Brief scoreline:
Manchester United 0
Manchester City 2
Bernardo Silva 54', Sane 66'
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
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Racecard
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Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
CHELSEA'S NEXT FIVE GAMES
Mar 10: Norwich(A)
Mar 13: Newcastle(H)
Mar 16: Lille(A)
Mar 19: Middlesbrough(A)
Apr 2: Brentford(H)
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
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The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
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