Oil prices on Wednesday edged towards $80 per barrel as concerns about the Omicron coronavirus variant hitting demand eased.
Brent, the international benchmark, was up 0.3 per cent to $79.18 per barrel at 11.46am UAE time, while West Texas Intermediate, the gauge that tracks US crude, was trading 0.2 per cent higher at $76.13 per barrel.
“Oil prices have been rising over the past few days, mainly because of falling concerns regarding the severity of the Omicron variant and its impact on economies around the world,” said Naeem Aslam, chief market analyst at Ava Trade.
Omicron, which was first detected in South Africa last month, is not leading to severe infections despite a high number of cases, the official data shows. Hospital admissions in the US and other countries are lower when compared with earlier waves of the pandemic, according to the US Centres for Disease Control and Prevention data.
The US health officials also decided to shorten the recommended Covid-19 isolation quarantine period from 10 days to five days amid reduced fears of the new variant causing severe infection.
The new development “has pumped investors' optimism and led to the oil market recovering from the slump in prices seen around the time when news of the Omicron variant reached markets”, Mr Aslam said.
Production disruptions in Nigeria, Libya and Ecuador because of maintenance problems and the shutdown of oil fields are also supporting oil prices.
“Investor apprehensions surrounding Omicron are easing on growing evidence that the variant is milder in nature, potentially reducing the need to impose mobility restrictions and thus hampering demand,” said Ehsan Khoman, head of emerging markets research at MUFG Bank.
“Heading into 2022, our conviction remains firm for near-term moderation in oil prices with the pivot towards oversupply on both higher Opec+ and non-Opec+ supplies as well as a normalisation in the demand profile.”
However, the bank expects higher oil prices towards the end of 2022 and into 2023 due to underinvestment in the sector.
The total investment in the upstream sector (exploration and production of oil and gas) of the oil and gas sector fell 23 per cent below pre-coronavirus levels to $341 billion in 2021 while oil demand continued to rise globally, a report by the International Energy Forum and IHS Markit said earlier this month.
Investors are also awaiting an Opec+ meeting on January 4, at which the group will decide whether or not to go ahead with a planned production increase of 400,000 barrels per day in February. At its last meeting, Opec+ stuck to its plans to boost output for January despite Omicron fears.
Meanwhile, Saudi Arabia, Opec's biggest producer, plans to cut prices for the crude it sells to Asia after Middle East benchmarks and spot prices slumped this month due to higher production from Opec and its allies and oil releases from strategic reserves at top consumers, Reuters reported on Wednesday, citing industry sources.
The producer is expected to cut official selling prices (OSPs) of all grades by more than $1 in February from the previous month.
Match info
Uefa Champions League Group F
Manchester City v Hoffenheim, midnight (Wednesday, UAE)
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
The years Ramadan fell in May
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
The 24-man squad:
Goalkeepers: Thibaut Courtois (Chelsea), Simon Mignolet (Liverpool), Koen Casteels (VfL Wolfsburg).
Defenders: Toby Alderweireld (Tottenham), Thomas Meunier (Paris Saint-Germain), Thomas Vermaelen (Barcelona), Jan Vertonghen (Tottenham), Dedryck Boyata (Celtic), Vincent Kompany (Manchester City).
Midfielders: Marouane Fellaini (Manchester United), Axel Witsel (Tianjin Quanjian), Kevin De Bruyne (Manchester City), Eden Hazard (Chelsea), Nacer Chadli (West Bromwich Albion), Leander Dendoncker (Anderlecht), Thorgan Hazard (Borussia Moenchengladbach), Youri Tielemans (Monaco), Mousa Dembele (Tottenham Hotspur).
Forwards: Michy Batshuayi (Chelsea/Dortmund), Yannick Carrasco (Dalian Yifang), Adnan Januzaj (Real Sociedad), Romelu Lukaku (Manchester United), Dries Mertens (Napoli).
Standby player: Laurent Ciman (Los Angeles FC).
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
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.
