Crude oil tanks at the Cushing storage centre in Oklahoma. Reuters
Crude oil tanks at the Cushing storage centre in Oklahoma. Reuters
Crude oil tanks at the Cushing storage centre in Oklahoma. Reuters
Crude oil tanks at the Cushing storage centre in Oklahoma. Reuters

Oil poised for weekly gain amid US crude stock decline and improving demand outlook


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Oil prices dipped on Friday but were on track to record a weekly gain amid a surprise drop in US crude stocks and an improving global oil demand outlook.

Brent, the benchmark for two thirds of the world’s oil, settled 0.09 per cent lower at $85.34 a barrel.

West Texas Intermediate, the gauge that tracks US crude, closed 0.27 per cent lower at $81.04 a barrel.

On Thursday, the International Energy Agency raised its oil demand growth forecast for this year by 110,000 barrels per day, and said it expected oil markets to be in a deficit in 2024 instead of the surplus predicted by the agency earlier.

The IEA said its forecast was based on the assumption that Opec+ supply cuts would continue into the second half of the year.

Opec+ members, including Saudi Arabia, the UAE and Kuwait, have extended voluntary supply cuts of 2.2 million bpd into the second quarter to stabilise the market. The producer alliance will next meet in Vienna on June 1.

This week, Opec stuck to its oil demand projections for 2024 and 2025, and raised its forecast for economic growth this year, citing strong activity in the US and India.

“We view that oil’s slow-but-steady advance this year still has further to run in the near term in the wake of the Opec+ decision to roll over its output cuts to June,” said Ehsan Khoman, head of commodities, ESG and emerging markets at MUFG, in a research note on Thursday.

“While oil is often given to haring around, it’s the snail's slow-and-steady pace that we are convinced will be more effective as the year further advances, than the animal spirits at the current juncture.”

Meanwhile, US crude stocks, an indicator of fuel demand, decreased by 1.5 million barrels in the week that ended on March 8, according to the US Energy Information Administration.

Analysts polled by Reuters were expecting a growth of 1.3 million barrels.

Total petroleum stocks fell by 5.7 million barrels, while distillate fuel inventories rose by 900,000 barrels, EIA data showed.

Oil prices also gained as Ukraine’s attacks on Russian refineries stoked fears of a supply disruption.

On Wednesday, Ukraine's drone strikes resulted in a fire at Rosneft's largest refinery. The incident stood out as one of the most severe attacks on Russia's energy sector in recent months.

Recently, Kyiv has intensified its strikes on Russian refineries and energy installations.

“Trend and momentum indicators support a further rise in oil prices. But oil bulls could hit a wall if we see a hawkish shift from the [US Federal Reserve] at next week’s meeting,” said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.

The Federal Open Market Committee is set to convene on March 19 and March 20.

While it is widely believed to maintain the interest rates, markets look for hints on the potential timing for policy tightening.

Lower interest rates typically encourage economic growth, improving crude demand.

“The Fed will update its dot plot having seen a two-month jump in inflation, robust jobs data, a relatively strong gross domestic product print and healthy earnings,” Ms Ozkardeskaya said.

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
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THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

FIXTURES

Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan

The top two teams qualify for the World Cup

Classification matches 
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.

Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place play-off

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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

The specs

Engine: 3.0-litre flat-six twin-turbocharged

Transmission: eight-speed PDK automatic

Power: 445bhp

Torque: 530Nm

Price: Dh474,600

On Sale: Now

 

 

The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

UAE currency: the story behind the money in your pockets
The specs: 2018 Audi R8 V10 RWS

Price: base / as tested: From Dh632,225

Engine: 5.2-litre V10

Gearbox: Seven-speed automatic

Power: 540hp @ 8,250rpm

Torque: 540Nm @ 6,500rpm

Fuel economy, combined: 12.4L / 100km

Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
The Greatest Royal Rumble card as it stands

The Greatest Royal Rumble card as it stands

50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias

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Updated: March 16, 2024, 6:10 AM