Economy
Oil rises amid expectations OPEC+ production cuts will be extended
Oil rises amid expectations OPEC+ production cuts will be extended
Oil prices rose on Monday, on rising expectations that the OPEC+ alliance will maintain its supply curbs and hopes that the Federal Reserve will end its cycle of interest rate hikes.
Saudi Arabia has been at the forefront of efforts to support prices, and announced major voluntary cuts in its oil production as part of a deal with the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ alliance, which includes allies including Russia.
October is widely expected to voluntarily cut output by 1 million barrels per day for the fourth straight month.
The kingdom’s previous decisions to reduce its production came before the announcement of official selling prices, which are usually revealed in the first week of the month.
Russian Deputy Prime Minister Alexander Novak said Russia had agreed with its partners in the OPEC+ alliance on criteria for continuing to cut exports.
OANDA analyst Craig Erlam said Saudi Arabia and Russia could reverse the cuts at any time, “but I don’t think they’ll be in a rush to cut prices again.”
Brent crude for November delivery rose 45 cents to $89 a barrel, while US West Texas Intermediate crude futures for October delivery rose 40 cents to $85.95 a barrel.
Russell Hardy, CEO of Vitol, the world’s largest independent oil trader, said global crude oil supplies are expected to improve in the next six to eight weeks due to refinery maintenance, but supply of high-sulfur crude will remain limited.
A senior official at global commodity trading firm Trafigura said on Monday that the oil market is facing a risk of higher prices due to low inventories and lack of investment in new oil fields.
US employment data in August reinforced expectations that the Federal Reserve would refrain from raising interest rates at its meeting on the 20th of this month.
Employment data on Friday showed a bigger-than-expected rise as nonfarm payrolls rose by 187,000 jobs last month, compared with expectations for a gain of 170,000 jobs.
But economists say a broader slowdown in the U.S. labor market, a slowdown in job growth, a decline in available jobs and a rise in the unemployment rate to 3.8% have reduced the chances of raising interest rates. Federal Reserve in the future.
Expectations of a contraction in oil supplies rose after Russian Deputy Prime Minister Alexander Novak reported on Thursday that Russia had agreed with partners in the Organization of the Petroleum Exporting Countries on criteria for continued export cuts. An official announcement about the planned cuts is expected this week.
China’s manufacturing activity unexpectedly expanded in August, with data from the Caixin Manufacturing Purchasing Managers’ Index leading to renewed optimism about the economic health of the world’s largest oil importer.
A series of economic support measures announced by Beijing last week supported energy prices, including cutting interest rates on deposits at some of the country’s largest state-owned banks and easing lending rules for homebuyers.
(Reuters, Al-Arabi Al-Jadeed)
“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”
Economy
Russia uses Indian and Chinese tankers and violates “price ceiling” sanctions
Russia uses Indian and Chinese tankers and violates “price ceiling” sanctions
Western reports on Monday expected Russia to achieve higher revenues from oil exports this year despite higher price ceilings imposed on it by the Group of Seven and the European Union in response to its invasion of Ukraine.
An analysis of shipping data cited by the Financial Times today shows that Russia now ships three-quarters of its oil abroad without Western insurance, one of the tools used by the G7 and the EU to impose a cap above $60 a barrel. .
Prices are rising, the report says, and Russian crude oil is no exception. Urals crude is currently trading at approximately $79 per barrel, while Aspo crude, a Far East blend, is trading at more than $88 per barrel.
This spring, the Financial Times cited data from the US firm Kpler which noted that Russia transports half of its oil exports without Western insurance, indicating that “Moscow has become more adept at avoiding price ceiling sanctions imposed by the G7”. on energy.
These high prices for Russian raw materials come amid repeated assurances from the US Treasury that the maximum price ceiling “worked as intended”.
US Treasury Undersecretary Wally Adeyemo said last June: “In just six months, the maximum price ceiling for Russian raw materials has contributed to a significant decline in Russian revenues, and contributed to a major turning point in the war.”
Last August, US Assistant Secretary for Economic Policy Eric Van Nostrand said he was “confident that the price ceiling achieves the dual goals of curbing Russian revenues and helping to stabilize energy markets.”
The Financial Times newspaper cited the Kiev School of Economics as estimating that this year, Russia’s revenue from oil exports will rise by $15 billion due to the breach of price ceilings set by the Group of Seven and the European Union.
Critics of the price ceiling have argued from the outset that implementing it would be challenging for Western countries and relatively easy for Russian companies to avoid.
In fact, Russian, Chinese, and Indian insurance companies intervened in the transport of Russian oil instead of large Western insurance companies, and what the media called the “dark fleet” tankers were built to ship Russian crude around the world without the participation of Western companies.
But despite all this, the sanctions regime has had a significant impact since the Russian invasion of Ukraine, which Western reports estimate will cost Russia $100 billion in oil exports from February 2022, but the problems facing the oil industry in Russia are simply beyond that. Challenges Exports Domestic shortages of diesel fuel have forced the Kremlin to restrict fuel exports from the country.
“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”
Economy
ADNOC and TAQA finalize financing agreement for sustainable water supply project
This strategic investment by two major energy companies in Abu Dhabi aims to build and operate sustainable seawater desalination facilities and supply ADNOC’s onshore operations at the Bab and Bu Hassa fields in Abu Dhabi. Reducing emissions, improving its operations and ensuring it is future-proof.
The consortium, which includes Orascom Construction and Medito, will also build a world-class central seawater treatment facility and a network to transport and distribute treated water.
ADNOC and TAQA hold a majority stake of 51 percent (25.5 percent each) in the project company, while the construction consortium holds the remaining stake (49 percent). , then Transfer of Ownership (BOOT), the entire ownership of the project will be transferred to ADNOC after 30 years of operation.
The project will be financed by nine local and international banks. First Abu Dhabi Bank, Gulf International Bank, Natixis Bank, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Commercial Bank, Emirates NPT, Emirates Development Bank and Warba Bank by providing commercial and Islamic finance facilities. The rest of the project cost will be paid by the shareholders according to the ownership stake.
On this occasion, Abdul Monim Saif Al Kindi, Chief Executive Officer of ADNOC’s Exploration, Development and Production Division, said: “This sustainable strategic investment is another example of ADNOC’s efforts and efforts to improve and ensure the reduction of emissions from its operations. They are future-proof in an effort to contribute to enabling transformation in the energy sector and accelerate a paradigm shift in ADNOC’s ongoing efforts to improve and modernize its business to contribute to creating a low-emission future. I am pleased to collaborate with TAQA in the implementation of this new innovative project, which will provide energy-efficient water supplies to ADNOC’s onshore operations and contribute to reducing its environmental impact.
More than 60 percent of the project’s value is expected to be redirected to the UAE economy through the ADNOC project.
For his part, Jassim Hussain Thabet, Group CEO and Managing Director of Abu Dhabi National Energy Company (TAQA), said: “This collaboration between TAQA and ADNOC, two leading companies in the sector, will enable us to complete the world class. Sustainable project to reduce electricity consumption.” This enhances our efforts to ensure energy security. Based on TAQA’s position as a leader in fully integrated low-carbon applications, it is considered the partner of choice for companies in other sectors looking to decarbonize. “Climate.” By providing sustainable solutions for operations, water and electricity, and investing in key infrastructure needed to achieve neutrality.
By replacing the deep, high-salinity groundwater system currently used in fields, the project is expected to contribute to a 30 percent reduction in electricity consumption required for water injection operations. The project is expected to get all its electricity needs from clean sources.
The project is notable for:
- It includes a water transportation network spanning over 75 km, distribution pipelines spanning over 230 km and two pumping stations.
- It will provide more than 110 million gallons of filtered seawater per day based on nanofilter technology.
- The total cost of the project is $2.2 billion (as per market conditions at the time of funding), compared to $2.4 billion when announced on May 24, 2023.
“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”
Economy
Cybersecurity Council exposes phishing methods
Abu Dhabi: Imad Al-Din Khalil
The UAE Government’s Cyber Security Council has revealed the methods that electronic phishing hackers use to capture personal data of individuals, companies, public and private institutions, and put businesses and finances at risk.
If a hacker wants to penetrate the security system of a company or bank, for example, it would take weeks or months for him to access a loophole that he could use to launch a cyber attack, the council said, however, there is another quick and relatively easy solution. A safe method used by many attackers is phishing.
He explained that electronic phishing is harmful messages that stimulate the senses of the user until he clicks on a particular link, whether this user is a general visitor or a specific person, once the user opens the link, he falls into the hacker’s trap and becomes a victim of unwanted curiosity and intrusion. He and his business are at risk. are exploited.
Through electronic phishing, a hacker tricks the user through a fake message containing a link containing malicious and harmful software. If the user does not carefully read the content of the message and opens it or clicks on the links in it. That, he faces a big problem that his money is stolen or his money is hacked, destroys his system or even his reputation because he has no control over the computer he is using.
In order to protect ourselves from the dangers of electronic phishing attacks, the Council emphasized the need not to disclose any personal information that could be used to identify you, as official organizations would never request such information and would not open any links from sources. What you didn’t know before, you should also use programs like protection from cyber attacks, updating all software periodically, changing passwords regularly and using double security keys.
The Cyber Security Council has called on mobile phone users to be cautious, avoid falling prey to phishing attacks and malicious scams, and avoid opening unknown links such as encrypted websites and suspicious links.
The Council called on users to regularly update their mobile device software to prevent device vulnerabilities from being exposed, citing ways to hack mobile devices, including using suspicious links, vulnerabilities and unencrypted public programs, and direct connection to lure unsuspecting users. to send their confidential data.
The Council emphasized the importance of mobile phone users adhering to usage standards, particularly for workplace phones, and continuous auditing and monitoring.
“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”
-
Top News1 year ago
Top 3 Cities in Vietnam for Digital Nomads
-
Top News1 year ago
Reasons why there isn’t More Scoring in Soccer
-
Top News2 years ago
Direction Dubai: Private jets were attacked to escape the health drama in India
-
Economy3 months ago
Apple’s market cap is about $3 trillion
-
science2 years ago
A Scientific Surprise .. Contemporary Month of Ancient Egyptians | Science
-
Tech2 years ago
The email is said to have come from Nintendo’s Lost Game Boy extension
-
Tech2 years ago
Netflix launches new video game platform on Android devices
-
entertainment2 weeks ago
“Hanging Gardens” represents Iraq in the competition for “Oscars”.