The International Energy Agency expects a 'substantial' crude market deficit in the fourth quarter. AP
The International Energy Agency expects a 'substantial' crude market deficit in the fourth quarter. AP
The International Energy Agency expects a 'substantial' crude market deficit in the fourth quarter. AP
The International Energy Agency expects a 'substantial' crude market deficit in the fourth quarter. AP

Oil records weekly loss but gains 22% in third quarter amid tightening supplies


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Oil prices recorded a weekly loss last week on profit-taking and macroeconomic concerns but rose by about 22 per cent during the third quarter on tight supplies.

Brent, the benchmark for two thirds of the world’s oil, settled 0.97 per cent lower at $92.20 a barrel on Friday. West Texas Intermediate, the gauge that tracks US crude, closed down 1 per cent at $90.79 a barrel.

“After an amazing week, month and quarter, oil was ready for some profit-taking," said Edward Moya, senior market analyst at Oanda.

"Energy traders quickly realised this wasn't the time for oil to rally above the $100 a barrel level, so they are cautiously locking in some profits.

“Oil isn't going to have a major pullback given how tight the market will remain following the Russian fuel curbs and on expectation China's golden week travel will boost jet fuel demand."

Crude futures have been rising on Opec+ production cuts, as well as additional supply reductions by group members Saudi Arabia and Russia.

However, signs of growing US crude supply weighed on futures on Friday.

American oil production grew 0.7 per cent to 12.99 million barrels per day in July, its highest since November 2019, the US Energy Information Administration said.

Meanwhile, US crude and petroleum products supplied fell by 592,000 bpd in July to 20.12 million bpd, the lowest since April.

US crude inventories, an indicator of demand, fell by 2.2 million barrels in the week that ended on September 22, EIA data showed.

Last month, Russia announced a temporary ban on petrol and diesel exports in response to domestic shortages, adding to the tightness in the market.

The International Energy Agency expects a “substantial” crude market deficit in the fourth quarter of this year due to Opec+ output cuts.

The agency expects global oil demand to rise by 1.5 million bpd in the second half of this year, compared with the first half, exceeding supply by 1.24 million bpd during that period.

Opec, which expects a supply shortfall of 3.3 million bpd in the fourth quarter, has said China’s recent stimulus measures would help to revive growth in the world’s second-largest economy.

The Opec+ ministerial panel meeting will take place on October 4, where Saudi Arabia and Russia, with collective supply cuts of 1.3 million bpd, “may reassess whether the full package of restrictions is still necessary”, said Craig Erlam, senior market analyst at Oanda.

“With investors now questioning the resilience of the global economy going into next year against the backdrop of higher interest rates for longer, that bullish bias in oil markets may become more balanced."

ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

Bharat

Director: Ali Abbas Zafar

Starring: Salman Khan, Katrina Kaif, Sunil Grover

Rating: 2.5 out of 5 stars

DIVINE%20INTERVENTOIN
%3Cp%3EStarring%3A%20Elia%20Suleiman%2C%20Manal%20Khader%2C%20Amer%20Daher%3C%2Fp%3E%0A%3Cp%3EDirector%3A%20Elia%20Suleiman%3C%2Fp%3E%0A%3Cp%3ERating%3A%204.5%2F5%3C%2Fp%3E%0A
Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3ESplintr%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMay%202019%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EMohammad%20AlMheiri%20and%20Badr%20AlBadr%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20and%20Riyadh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Epayments%20%2F%20FinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESize%3A%20%3C%2Fstrong%3E10%20employees%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3Eundisclosed%20seven-figure%20sum%20%2F%20pre-seed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStage%3A%20%3C%2Fstrong%3Eseed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3Eangel%20investors%3C%2Fp%3E%0A
Asia Cup 2018 Qualifier

Sunday's results:

  • UAE beat Malaysia by eight wickets
  • Nepal beat Singapore by four wickets
  • Oman v Hong Kong, no result

Tuesday fixtures:

  • Malaysia v Singapore
  • UAE v Oman
  • Nepal v Hong Kong
Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

THE DETAILS

Solo: A Star Wars Story

Director: Ron Howard

2/5

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)
UAE currency: the story behind the money in your pockets

Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt

Date started: January 2017, app launched November 2017

Based: Dubai, UAE

Sector: Private/Retail/Leisure

Number of Employees: 18 employees, including full-time and flexible workers

Funding stage and size: Seed round completed Q4 2019 - $1m raised

Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels

Updated: October 01, 2023, 7:38 AM`