Healthy global oil markets rely on stability, which has been hard to find recently. Intricately linked to all parts of the world economy, they are unsettled today for reasons as diverse as Covid-19 and the supply chain crisis, to name only a few. Perhaps most important of all, the war in Ukraine has sent shock waves that will be felt for quite some time. Brent rose to a staggering level of almost $140 per barrel following its start.
The commodity will be hard to tame in the short to medium term, although unexpected crashes have been known to happen when prices are this high. Even that will have its downsides, however. Countries with economies reliant on oil would quickly have to re-calibrate government spending, and sudden price fluctuations could hurt the global economy.
Therefore, lurches in either direction would be shocks to the global economy at a time when it is already at breaking point. But there are still actions that can make a noticeable difference for the better and bring about some calm. The online meeting of Opec members on Wednesday is a good example.
At the session, the super group of oil producers agreed to increase September's output by 100,000 barrels a day. Any increase is a step in the right direction, but some in the international community will have hoped for much more. In a statement, the organisation laid out why such requests were not possible, a key reason being "the severely limited availability of excess capacity, which necessitates utilising it with great caution in response to severe supply disruptions".
There are other reasons, too. Pumping more oil is not a straightforward process, and quickly bringing about a surge in production does not happen at the simple flick of a switch.
Also on Wednesday, an Opec communique described its concern about the impact of long-term under-funding in the industry. It said that: "Insufficient investment into the upstream sector will impact the availability of adequate supply in a timely manner to meet growing demand beyond 2023."
Members also have a responsibility to protect their economic well-being amid so much uncertainty. With the world on the brink of a recession, too much oil on the market could devalue prices further if and when a downturn was to happen; demand for energy typically dries up during a recession.
This caution is not just to protect the interests of producers. Oil is not isolated in the economy, and mismanaging it could have an effect on other sectors. With all parts of the energy industry vulnerable, high inflation across the board – the UK has raised interest rates by the biggest level since 1995, for example – and yet more geopolitical instability on the horizon, the latest concern being Taiwan, responsible management of oil is key. Opec understands this.
Another important part of the meeting was introducing the organisation's new head, Kuwaiti oil executive Haitham Al Ghais, who took over on Monday. He will be in post for three years. He takes over from Mohammad Barkindo, who died last month, leaving the Opec community bereft, after two consecutive terms of dedicated service.
Mr Al Ghais now becomes an important mediator on the global stage. In a statement on the day he took up the job, he reminded the world that: “Opec has been at the forefront of promoting dialogue, co-operation and partnerships to achieve its mission … I look forward to working with all our member countries and our many partners around the world to ensure a sustainable and inclusive energy future which leaves no one behind.”
It sums up the nuanced path the organisation must tread on the road ahead. Founded with co-operation and responsibility as its guiding principles, Opec is more than capable of doing so.
Results
Stage 7:
1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29
2. Sam Bennett (IRL) Deceuninck-QuickStep - same time
3. Phil Bauhaus (GER) Bahrain Victorious
4. Michael Morkov (DEN) Deceuninck-QuickStep
5. Cees Bol (NED) Team DSM
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28
2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35
3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02
4. Chris Harper (AUS) Jumbo-Visma - 0:01:42
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
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.
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.
UAE%20PREMIERSHIP
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
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Crime%20Wave
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PLAY-OFF%20DRAW
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COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Dooda%20Solutions%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Lebanon%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENada%20Ghanem%0D%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20AgriTech%0D%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%24300%2C000%20in%20equity-free%20funding%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2011%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
HOW TO WATCH
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SHADOWS%20AND%20LIGHT%3A%20THE%20EXTRAORDINARY%20LIFE%20OF%20JAMES%20MCBEY
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
ZAYED SUSTAINABILITY PRIZE
