ABU DHABI // A leading US energy official said yesterday that more transparency about the supply and demand for oil will help to stabilise energy markets amid political unrest in the Middle East.
Daniel Poneman, the US deputy energy secretary, was in the capital yesterday after meeting Opec oil ministers at the International Energy Forum (IEF) in Riyadh this week.
Political upheaval, most recently in Libya, has pushed crude prices to their highest level in two-and-a-half years. There is also unrest in other countries including Tunisia, Yemen, Algeria, Bahrain and Iran.
"There are no suggestions of any lack of capacity to satisfy the current demand," Mr Poneman said. "There is ample supply, but we encourage and expect producers to respond by bringing to the market … an effective amount to calm the prices."
Nearly 90 countries that import or export oil signed an IEF charter this week seeking stronger co-operation to collect accurate figures for how much crude is on the market.
The lack of such an agreement has contributed to the uncertainty about oil prices.
Mr Poneman yesterday repeated calls he made at the IEF for oil producers to boost output to ease prices. However, he said there was no shortage on the market.
He pointed out that Saudi Arabia had an estimated 4 million barrels per day of spare capacity, while other Opec members could also produce surplus oil if needed.
Although he called the events in Libya "a serious source of concern", he did not expect the surge in prices to hinder the global economic recovery.
Mr Poneman was in Abu Dhabi to meet Sultan al Jaber, the Masdar chief executive, to discuss possible future joint projects involving building efficiency, carbon capture sequestration and smart grid systems.
Masdar's photovoltaic plant, which converts solar energy into electricity, could be a "game changer", he said.
econroy@thenational.ae
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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.
Scoreline
Chelsea 1
Azpilicueta (36')
West Ham United 1
Hernandez (73')
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5