Oil prices are likely to average between $60 and $70 per barrel in 2018 and are unlikely to breach these levels unless a geopolitical event, such as levying of fresh sanctions against Iran, change market dynamics, according to Fahad M Alturki, chief economist at Jadwa Investment, a Riyadh-based investment management and advisory firm.
“The rally that happened since this year has produced an average that is higher than what we are comfortable with,” Mr Alturki said. “We think that based on the fundamentals, this is not sustainable. We are more comfortable with the $60 to $70 per barrel [range]."
A higher average price is sustainable due to a "huge" shale oil production, which this year it’s likely to grow between 13 and15 per cent and perhaps 3 to 5 per cent the following year, he noted.
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Read More:
Saudi Arabia's deficit to narrow this year and kingdom to maintain 'stable' fiscal position, says Moody’s
IMF expects GCC economic growth to pick up
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Mr Aturki said if Iran’s nuclear deal is spiked by the US, the price of oil might climb to $80 per barrel, a level that would give a boost to US shale producers.
Iran struck a nuclear deal three years ago after suspending parts of the nuclear development work and the United States and Europe responded by temporarily lifting some of the sanctions that buckled Iran’s economy. US President Donald Trump, however, has threatened to scrap the Joint Comprehensive Plan of Action agreement reached in 2016.
Mr Alturki, who was speaking at an alternative asset management conference in Abu Dhabi on Wednesday, said rising oil prices would help boost economic growth in the GCC, particularly in Saudi Arabia where the economy contracted last year. The kingdom's economy is likely to expand by 1.5 per cent this year, while the GCC as a whole is forecast to grow by 2 per cent this year, he added.
“While the growth for Saudi Arabia is marginal, it shows an uptrend,” the economist said.
Much of the resurgence of Saudi Arabia’s economic growth has come from an improvement in the government finances and a roll-back of austerity measures taken in the aftermath of the 2014 oil crash.
Other economists are also upbeat about the prospects of renewed economic growth in the Arabian Gulf region, which accounts for a third of the world's proven oil reserves. The International Monetary Fund in a report released on Wednesday said that the GCC would see a pick-up in economic growth in 2018 and 2019 after bottoming out last year.
The gross domestic product of oil exporters in the Middle East and North Africa grew 1.7 per cent on aggregate in 2017 compared to 5.4 per cent in 2016. It is expected to rise 2.8 per cent in 2018 and 3.3 per cent in 2019. Economic growth in the GCC contracted 0.2 per cent overall last year and Saudi Arabia, the Arab world’s largest economy, went into recession in 2018 for the first time since 2009.
GCC economic growth is expected to rise 1.9 per cent in 2018 and 2.6 per cent in 2019, the IMF said.
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
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The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
SHOW COURTS ORDER OF PLAY
Wimbledon order of play on Saturday, July 8
All times UAE ( 4 GMT)
Centre Court (4pm)
Agnieszka Radwanska (9) v Timea Bacsinszky (19)
Ernests Gulbis v Novak Djokovic (2)
Mischa Zverev (27) v Roger Federer (3)
Court 1 (4pm)
Milos Raonic (6) v Albert Ramos-Vinolas (25)
Anett Kontaveit v Caroline Wozniacki (5)
Dominic Thiem (8) v Jared Donaldson
Court 2 (2.30pm)
Sorana Cirstea v Garbine Muguruza (14)
To finish: Sam Querrey (24) leads Jo-Wilfried Tsonga (12) 6-2, 3-6, 7-6, 1-6, 6-5
Angelique Kerber (1) v Shelby Rogers
Sebastian Ofner v Alexander Zverev (10)
Court 3 (2.30pm)
Grigor Dimitrov (13) v Dudi Sela
Alison Riske v Coco Vandeweghe (24)
David Ferrer v Tomas Berdych (11)
Court 12 (2.30pm)
Polona Hercog v Svetlana Kuznetsova (7)
Gael Monfils (15) v Adrian Mannarino
Court 18 (2.30pm)
Magdalena Rybarikova v Lesia Tsurenko
Petra Martic v Zarina Diyas
UAE currency: the story behind the money in your pockets
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Eyasses squad
Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)
Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)
Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)
Isabel Affley – goalkeeper / goal defence (Dubai English Speaking College)
Jemma Eley – goal attack / wing attack (Dubai College)
Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)
Molly Fuller – goal attack / wing attack (Dubai College)
Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)
Noorulain Hussain – goal defence / wing defence (Dubai College)
Zahra Hussain-Gillani – goal defence / goalkeeper (British School Al Khubairat)
Claire Janssen – goal shooter / goal attack (Jumeriah English Speaking School)
Eliza Petricola – wing attack / centre (Dubai English Speaking College)
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
The specs
Engine: 2x201bhp AC Permanent-magnetic electric
Transmission: n/a
Power: 402bhp
Torque: 659Nm
Price estimate: Dh200,000
On sale: Q3 2022
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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STAR%20WARS%20JEDI%3A%20SURVIVOR
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