Oil markets in the Middle East rounded off the most turbulent year since 2008 by hitting fresh multiyear lows during the final week of December, as prices plummeted towards the US$30 per barrel range as oversupply fears continue to ravage the market.
Oman crude oil trading on the Dubai Mercantile Exchange in December closed out the year at $31.21, the lowest price recorded since the exchange's flagship Oman contract was launched in 2007 and levels not seen for more than a decade on similar Middle East grades such as Dubai blend crude and Abu Dhabi's Upper Zakum.
The monthly average price of the DME for February-delivery crude was $34.59 per barrel, down $7.69 per barrel from the previous month, or 18 per cent, as Opec’s decision in early December to maintain output added to the downward pressure.
On an annual basis, Oman crude during last year lost a record $45.74 per barrel year-on-year, averaging $51.22 per barrel in 2015 compared to $96.96 per barrel in 2014 – which followed three record highs of prices averaging over $100 per barrel. This was a fall of around 47 per cent but from peak, $111 in summer 2014, Middle East crude prices have collapsed by over 70 per cent from the highs.
Last year was dominated by the reluctance of major producers to voluntarily give up on market share, leaving pure economics to find equilibrium in the market. The relatively high cost of shale oil meant that US production had been on the decline during the second half of last year, although it has proved more robust than some expected.
A proposal from Opec, which controls about 40 per cent of the world supply, to non-Opec producers such as Russia and Mexico to curtail production never found momentum among the non-Opec suppliers, bringing oversupply to between 1 and 2 million barrels per day.
On the demand side, prices tumbling by around 50 per cent in a year should in theory have provided a strong lift to buying patterns but against a background of sluggish global economic growth, plus consumers in high-tax environments not reaping the full benefit of much cheaper oil, demand was up by a relatively modest 1.8 million bpd in 2015, according to the International Energy Agency (IEA). But the IEA also predicts that global oil demand growth will slow to 1.2 million bpd this year.
The question now is at what point will the market rebalance and prices start to climb higher, with either production declining or demand rising.
The expected increase in Iranian and Iraqi exports are likely to cancel out the further declines in US production, so Middle East suppliers will again be looking to China as a guide.
According to the latest survey by Bloomberg, which included leading forecasters FGE and Energy Aspects, China could buy 8 per cent more oil from overseas this year, taking average purchases to 7.2 million bpd.
This comes despite the slowdown in Chinese economic growth, but with healthy consumer demand, government stockpiling and new rules allowing privately owned Chinese refiners to import more crude, oil demand should remain firm.
As for price recovery, the latest price survey from Reuters of 20 leading banks and analysts puts the European Brent crude benchmark at $52.52, which would give an implied Oman value of around $47.50 per barrel based on the current Brent/Oman spread of $5 per barrel.
During the first two days of trading this year, prices recovered marginally following renewed tensions between Saudi Arabia and Iran, but further turmoil in global financial markets largely overshadowed geopolitical events. March-loading Oman was trading just above $32 per barrel late afternoon on Tuesday.
Paul Young is the head of energy products at the DME.
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Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
Results:
6.30pm: Al Maktoum Challenge Round-2 (PA) | Group 1 US$75,000 (Dirt) | 2,200 metres
Winner: Goshawke, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer)
7.05pm: UAE 1000 Guineas (TB) | Listed $250,000 (D) | 1,600m
Winner: Silva, Oisin Murphy, Pia Brendt
7.40pm: Meydan Classic Trial (TB) | Conditions $100,000 (Turf) | 1,400m
Winner: Golden Jaguar, Connor Beasley, Ahmad bin Harmash
8.15pm: Al Shindagha Sprint (TB) | Group 3 $200,000 (D) | 1,200m
Winner: Drafted, Pat Dobbs, Doug Watson
8.50pm: Handicap (TB) | $175,000 (D) | 1,600m
Winner: Capezzano, Mickael Barzalona, Sandeep Jadhav
9.25pm: Handicap (TB) | $175,000 (T) | 2,000m
Winner: Oasis Charm, William Buick, Charlie Appleby
10pm: Handicap (TB) | $135,000 (T) | 1,600m
Winner: Escalator, Christopher Hayes, Charlie Fellowes
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%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Barbie
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The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
The Book of Collateral Damage
Sinan Antoon
(Yale University Press)
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
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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.
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Indian construction workers stranded in Ajman with unpaid dues
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Zayed%20Centre%20for%20Research
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4