Dubai oil and Asia’s reaction to Syria

August 31, 2013

Dubai_oil

Dubai, Aug 31: The premium of Brent crude over Dubai has soared to the highest in almost two years on tensions over Syria, but how long it stays there depends not only on the likelihood of conflict, but on how Asia’s major crude buyers respond to the crisis.

The Brent-Dubai exchange for swaps reached $5.88 a barrel on August 28, the highest premium for the world’s light crude benchmark over the Middle East grade since October 2011, just as the Libyan conflict was starting to wind down.

The premium had risen as high as $7.61 a barrel in 2011 during the early part of the revolution that led to the overthrow and death of Libyan dictator Moammar Gaddafi, indicating there is the potential for further gains should the current Syrian conflict escalate.

However, after hostilities largely ended in Libya, the spread started to decline rapidly, dropping to a low of $1.50 a barrel by June last year.

The mounting concern over Western military action against Syria and the potential for the conflict to spread further in the volatile Middle East has seen Brent’s premium over Dubai leap 44 per cent in little over a month.

It’s not a surprise that Brent prices have responded more aggressively to the Syrian situation, given its role as the global benchmark with the most liquid futures market.

However, Brent prices can respond equally quickly in the other direction, as can be seen by the 2.9 per cent drop between the intraday high of $117.04 a barrel on Thursday and the low of $113.63 in Asian trade on Friday.

The price decline was largely driven by the British parliament’s narrow vote against authorising the use of military force against the government of Syrian President Bashar Al Assad, which is suspected of using banned chemical weapons against civilians.

The volatility of Brent will obviously influence the day-to-day movements in the Brent-Dubai spread, but of more interest to oil producers, traders and consumers are the likely medium- and longer-term trends.

For the next few months, much will depend on whether Asia’s major crude buyers, especially top consumer China, respond to the threat of supply disruptions from the Middle East by building up inventories.

It should be remembered that China boosted imports in the first half of last year, with as much as 500,000 barrels per day flowing into stockpiles.

While some of this was filling strategic storage tanks, it’s likely that some was because of concern over the whether Iranian oil would be available as Western sanctions against Tehran’s nuclear programme were ramped up.

When it proved that the market was well supplied and could handle the loss of Iranian barrels, Chinese imports moderated in the third quarter of last year.

If the Chinese decide they need a cushion of supplies, it’s likely they will turn to Middle Eastern supplies, given their preference for medium and heavy grades, and the fact that these cargoes are at a wider discount to Brent-priced supplies from West Africa.

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News Network
April 27,2020

Dubai, Apr 27: Saudi Arabia has reported 1,289 new Covid-19 cases on April 27, its Ministry of Health tweeted.

Of the newly diagnosed cases, Jeddah recorded 294 infections, followed by Makkah (218) and Madinah (202).

The ministry also confirmed five additional coronavirus-induced deaths, spiking the total death toll to 144.

2,507 people are talking about this
Since the outbreak of the virus strain in the Chinese city of Wuhan late last year, Saudi Arabia has reported a total of 18,811 Covid-19 infections.

As many as 2,531 patients have till now recovered from the virus.

Oman
The sultanate registered 51 new Covid-19 cases on April 27, including 37 nationals and 14 expatriates, spiking the total number of infections to 2,049, Oman News Agency tweeted.

Meanwhile, 10 coronavirus-related deaths have been confirmed in the country.

Qatar
The Ministry of Public Health has reported 957 Covid-19 cases among the 3,420 people tested in the last 24 hours.

As many as 85,709 people have been tested for the virus across the country.

The total number of Covid-19 infections since the outbreak has now risen to 11,244.

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Agencies
June 29,2020

Protests condemning the Israeli plan to annex parts of the occupied West Bank are set to take place in the United States and Europe on the same day prime minister Benjamin Netanyahu plans to begin the process.

The demonstrations will be held on Wednesday in Chicago, San Diego, Brooklyn, Los Angeles and San Francisco. Other Western cities will also witness similar protests, including Toronto, Madrid and Valencia.

Students for Justice in Palestine, Jewish Voice for Peace, and American Muslims for Palestine are among the pro-Palestinian groups organizing the protests.

The Samidoun Palestinian Prisoner Solidarity Network, one of the organizers, urged "direct actions and popular mobilizations in [Palestinian] refugee camps, cities and villages," and professed "loyalty to the martyrs" on its call for the events.

Another group, Al-Awda or the Palestinian Right to Return Coalition, decried "72 years of genocide, ethnic cleansing and dispossession" of Palestinians.

It also tied their demonstrations to the protests against anti-black racism in the US and beyond.

"We demand the defunding and dismantling of US police alongside the defunding and dismantling of Zionist colonialism and racist Israeli apartheid," Al-Awda said on its website.

Netanyahu has set July 1 as the date for the start of cabinet discussions on the annexation plan.

He has been driven ahead by US President Donald Trump, who unveiled a “peace” plan for the Middle East in January that effectively sidelines the Palestinians altogether.

The plan, which Trump himself has described as the “deal of the century,” envisions Jerusalem al-Quds as “Israel’s undivided capital” and allows the Tel Aviv regime to annex settlements in the occupied West Bank and the Jordan Valley. The plan also denies Palestinian refugees the right of return to their homeland, among other controversial terms.

The Palestinians want the West Bank as part of a future independent Palestinian state with East Jerusalem al-Quds as its capital.

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News Network
April 16,2020

Dubai, Apr 16: Most of the patients who have fully recovered from Covid-19 in the UAE followed healthy behaviours that helped strengthen their immune systems, said Dr Farida Al Hosani, Official Spokesperson for the UAE Health Sector.

Dr Al Hosani made the remarks during the UAE Government's regular briefing on the latest developments related to the spread of coronavirus in the country, which was held on Wednesday in Abu Dhabi.

During the briefing, Dr Al Hosani spoke about the precautionary measures that aimed to prevent the spread of the virus.

Ammar Al Muaini, Official Spokesperson of the National Programme for Happiness and Quality of Life, also explained the outcomes of the National Mental Health Programme.

During the briefing, Dr Al Hosani affirmed that recorded cases in the country, especially recoveries, were related to key factors and reasons.

"In most cases of recoveries, we noticed that they have followed several daily health behaviours, such as doing exercise, eating a healthy diet, strengthening the immune system, and maintaining an ideal weight, as well as abstaining from bad habits, such as smoking and unhealthy eating. The psychological aspect is also important, and it is necessary to support the mental health of individuals, along with their physical health," she said.

"These practices, which we always emphasise and promote, will help raise a person's immunity and resistance to diseases, in addition to medicines, and can speed up the process of recovering from disease," she added.

Dr Al Hosani also talked about the importance of not being complacent if one's temperature rises. "We highlight the importance of periodic temperature checks for family members at home. This step is one of the health measures that we are encouraging.

"Everyone who has a high temperature must contact the nearest health centre or hospital or go to a drive-through testing centre because personal health is linked to the health of those around us and we are responsible for it. There is no room for hesitation in protecting our families," she stressed.

Dr Al Hosani highlighted the importance of covering the nose and mouth, whether by wearing surgical, paper or cloth masks, or any other covering or clothing.

"This procedure is important for everyone leaving home to avoiding the transmission of any infection and preserving the safety of everyone, along with leaving a safe physical distance between people in public places, markets and workplaces, and following the precautions," she explained.

Regarding high temperatures and their relationship to the coronavirus, Dr. Al Hosani said: "All studies that attempt to understand the relationship between the virus and climate have not been able to confirm that higher temperatures will help kill the virus. We are continuing to monitor the results of these studies."

Al Muaini explained the details and developments of the national campaign, titled, 'Don't Worry,' which aims to support the mental health of community members.

"The UAE Government, represented by the National Programme for Happiness and Quality of Life, has launched, under the current circumstances, the national campaign, titled, 'Don't Worry,' that aims to provide psychological support to members of society facing the repercussions of the novel coronavirus, in line with relevant national efforts," Al Muaini said.

"The campaign reflects the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, affirming that quality of life is a high priority, and health is the most important pillar of quality of human and society," Al Muaini added.

Al Muaini stated that the phrase, 'Don't Worry,' is profound in its meaning, according to His Highness Sheikh Mohamed bin Zayed, and reassures everyone that everything will be fine. "Today, the concept of health is not limited to physical health, but it also includes mental health. During this period, and due to the social, professional, and educational changes that directly affect our lives, we need to support and enhance our mental health to overcome these challenges," he  added.

Al Muaini said that over 50 specialists, psychologists and social workers are voluntarily participating in the national campaign to serve the country, which includes three main components focusing on providing psychological support to all members of society, especially as this type of support is one of the necessary community needs during the current circumstances.

The first component, 'Let's Support Together,' aims to answer enquiries regarding psychological challenges, provide educational advice, and support individuals in facing challenges, through daily live broadcasts on the social media networks of the National Programme for Happiness and Quality of Life, @HappyUAE. Two events are broadcast every day, with the first being at 17:30 in English and the second at 20:30 in Arabic to benefit all segments of society.

Al Muaini explained that the number of live broadcasts on the programme's social media accounts has reached 30 and covers various topics, including psychological care for senior citizens, psychological care for children, psychological support for working mothers, and how to address anxiety and psychological concerns.

According to scientific studies, fear and anxiety are among the strongest influences that weaken human immunity, and, therefore, it is necessary to learn about how to deal with them. The duration of each broadcast is one hour, attracting some 250,000 views each.

Al Muaini explained that the second component of the campaign is the hosting of closed virtual sessions, entitled, 'Let's Talk Together,' which aim to provide psychosocial support to specific groups of society, to enable them to talk to each other in a safe environment to discuss the psychological challenges they are facing.

The programme has organised over eight closed psychological support sessions to maintain the privacy of participants, under the supervision of certified physicians and psychologists. Some 300 people have participated and some sessions were held for those under quarantine, including working mothers, school and university students, and doctors working in the first line of defence.

Some 300,000 people watched "Let's Reassure Each Other" programme Al Muaini noted that the third component of the campaign, titled, "Let's Reassure Each Other," focuses on raising awareness of the importance of psychological resilience and promoting its importance to society. The programme has so far posted more than 21 video clips containing messages of support and reassurance to the community.

The number of people who watched the programme reached some 300,000 viewers.

Al Muaini stressed that the campaign is an effective interactive platform available on a daily basis, to provide psychological support to all segments of society at a time when people require reassurance and psychological support to overcome the current crisis. The campaign hosted doctors working in the first line of defence and their enquiries were answered directly. A group of people under quarantine was also involved in the closed support sessions, which were also popular with participating doctors.

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