Brent crude rose 3 per cent on Monday after the Opec+ alliance decided to stick with its output policy. Getty
Brent crude rose 3 per cent on Monday after the Opec+ alliance decided to stick with its output policy. Getty
Brent crude rose 3 per cent on Monday after the Opec+ alliance decided to stick with its output policy. Getty
Brent crude rose 3 per cent on Monday after the Opec+ alliance decided to stick with its output policy. Getty

Oil prices open higher on hopes of higher Chinese demand


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Oil prices opened higher for a second consecutive day on Tuesday as China, the world's biggest importer of crude, continued to ease stringent Covid-19 measures despite a rise in infections.

Brent, the benchmark for two thirds of the world’s oil, was trading 0.5 per cent higher at $83.05 a barrel at 9.07am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.4 per cent at $77.27 a barrel.

Brent crude rose more than 3 per cent on yesterday after the Opec+ alliance decided to extend its output oil policy as sanctions on Russian crude came into effect on Monday.

Oil futures gave up nearly all of their gains later in the session.

“Risk appetite on Wall Street is fading away and that might prevent crude prices from pushing much higher right now,” said Edward Moya, a senior market analyst at Oanda.

“The fear that the US economy is headed towards a recession will be a drag on all the pent-up demand that will be released on the China reopening.”

China, the world’s second-largest economy, is lifting lockdowns and easing testing requirements in major cities, including Beijing and Shanghai, even as it faces record high infection numbers.

About three years after the start of the pandemic, China has persisted with its zero-Covid policy, which has dampened the country’s short-term growth prospects.

Investors are keenly awaiting Russia’s response to the price cap on exports of the country’s crude.

After months of negotiations, the EU and the Group of Seven (G7) advanced countries have placed a $60 price cap on Russian crude to limit Moscow’s ability to fund its military offensive in Ukraine.

Russia, which has been selling discounted barrels of crude to India and China, said it would not sell its oil under the price ceiling.

Russian oil exports rose to 7.7 million bpd in October — up 165,000 bpd from the previous month — on higher shipments to the EU, China and India, the International Energy Agency said in its latest oil market report.

“Energy traders are waiting to see how Russia responds,” said Mr Moya. “The crude demand outlook will remain volatile, and concerns that the economic downturn across Europe is about to get worse.”

On Sunday, the Opec+ alliance of 23 oil-producing countries said it would stick to current output cuts of 2 million bpd.

The group said it was ready to address “market developments” and support the “balance of the oil market and its stability if necessary”.

All decisions taken by the Opec+ alliance are based on the “needs of the global oil market in a bid to ensure stability”, Kuwait's Oil Minister Bader Al Mulla was quoted as saying by official news agency Kuna.

The group will continue to “monitor” global market developments to determine appropriate measures, Mr Al Mulla said.

Closing the loophole on sugary drinks

As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.

The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.

Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.

Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
 

Not taxed:

Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.

Terminator: Dark Fate

Director: Tim Miller

Starring: Arnold Schwarzenegger, Linda Hamilton, Mackenzie Davis 

Rating: 3/5

'Spies in Disguise'

Director: Nick Bruno and Troy Quane

Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones 

Rating: 4 out of 5 stars

MATCH INFO

Final: England v South Africa, Saturday, 1pm

TEST SQUADS

Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.

Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Jebel Ali results

2pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m

Winner: AF Al Moreeb, Antonio Fresu (jockey), Ernst Oertel (trainer)

2.30pm: Maiden (TB) Dh 60,000 (D) 1,400m

Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard

3pm: Handicap (TB) Dh 64,000 (D) 1,600m

Winner: One Vision, Connor Beasley, Ali Rashid Al Raihe

3.30pm: Conditions (TB) Dh 100,000 (D) 1,600m

Winner: Gabr, Sam Hitchcott, Doug Watson

4pm: Handicap (TB) Dh 96,000 (D) 1,800m

Winner: Just A Penny, Sam Hitchcock, Doug Watson

4.30pm: Maiden (TB) Dh 60,000 (D) 1,600m

Winner: Torno Subito, Sam Hitchcock, Doug Watson

5pm: Handicap (TB) Dh 76,000 (D) 1,950m

Winner: Untold Secret, Jose Santiago, Salem bin Ghadayer

Bio

Born in Dubai in 1994
Her father is a retired Emirati police officer and her mother is originally from Kuwait
She Graduated from the American University of Sharjah in 2015 and is currently working on her Masters in Communication from the University of Sharjah.
Her favourite film is Pacific Rim, directed by Guillermo del Toro

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Updated: December 06, 2022, 6:38 AM