DOHA // Energy officials from Arab states are playing down a sudden drop in crude prices, stressing instead the need to invest in renewable energy and co-operate on the MENA region's electricity woes.
In their opening remarks to the Ninth Arab Energy Conference, held this week in the Qatari capital to coincide with a meeting of the Organisation of Arab Petroleum Exporting Countries (OAPEC), government officials representing the organisation's 11 member countries avoided referring to recent oil price movements.
Nor did they mention the Greek financial crisis that has been troubling the world's commodity and stock markets by sending the euro sharply lower compared with the US dollar.
Crude, which is priced in dollars internationally, becomes more expensive to the holders of currencies that weaken against the dollar. Thus, the dollar's recent surge against the euro is believed to have been the main factor behind a 13 per cent drop in crude prices last week.
Traders also worried the euro zone debt crisis could derail global economic recovery, causing the fragile rebound in oil demand of the past few month to stagnate.
The main crude futures contract on the New York Mercantile Exchange dipped below $75 a barrel on Friday, the lowest level since mid-February, just five days after topping $87.
That was the biggest weekly drop in almost 18 months.
"Right now we are seeing a volatile price and we will have to live with it for some time," Abdalla el Badri, the OPEC secretary general, said yesterday on the eve of the OAPEC meeting.
OPEC would stick with the output target it set in December 2008, he added. "We have to abide by that decision, so I am calling for more compliance."
More than half the members of OPEC also belong to OAPEC.
On the sidelines of the conference yesterday, Ali al Naimi, the Saudi oil minister, said oil demand was strengthening and he expected that to continue this year, stabilising prices.
Qatar's oil minister Abdullah al Attiyah and the Algerian oil minister Chakib Khelil said that although the Greek situation was weighing on crude prices at the moment, that was not a reason for OPEC to act. Last week's drop in crude prices had nothing to do with market fundamentals, they said.
"All this economic uncertainly has led to a decline in the oil price," Mr Khelil added. "I don't think we need to step in."
He predicted crude would average between $80 and $85 a barrel for the rest of this year.
Mohammed al Hamli, the UAE Minister of Energy, said: "Prices move up and down. It's a natural correction." Mr al Hamli added there was no need for OPEC to convene before its next scheduled meeting in October.
But Sheikh Ahmed Abdullah Al Sabah, the Kuwaiti oil minister, said the group might need to call an emergency meeting if crude fell below $65 a barrel.
OPEC has kept its production target unchanged at its past five meetings, the most recent of which was held on March 17 in Vienna.
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COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Company%20Profile
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David Haye record
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Losses: 4
Match info
Uefa Champions League Group C
Liverpool v Napoli, midnight
The specs
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Ticket prices
- Golden circle - Dh995
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
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How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
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Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
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LOVE%20AGAIN
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COMPANY PROFILE
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THE BIO
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Director: Jordan Peele
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions