Oil prices touch fresh 11-month highs after fall in US crude stockpiles

The drop in US crude stocks is a typical year-end occurrence as energy companies take oil out of storage to avoid tax bills. (AFP file photo)
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Updated 08 January 2021
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Oil prices touch fresh 11-month highs after fall in US crude stockpiles

  • Oil prices have been supported this week by a pledge by Saudi Arabia to cut output

LONDON: Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in US stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.

Brent crude was up 5 cents to $54.35 a barrel at London afternoon trade after touching $54.90, a fresh high not seen since before the first COVID-19 lockdowns in the West.

US West Texas Intermediate (WTI) was up 26 cents, or 0.5 percent to $50.89 after touching $51.28.

Wednesday’s storming of the US Capitol by supporters of US President Donald Trump appeared to have little impact, while a slight rise in global equities suggested investors believed President-elect Joe Biden would be empowered to spend more freely.

Oil prices have been supported this week by a pledge by Saudi Arabia to cut output by an additional 1 million barrels per day (bpd) in February and March.

“Saudi Arabia ... intimately knows the relationship between the oil price and the global inventory levels. Lower inventories equal higher prices,” SEB chief commodity analyst Bjarne Schieldrop said.

BACKGROUND

$63 - UBS expects Brent to trade at $63 per barrel in the second half of 2021 and WTI to trade at a $3 per barrel discount to Brent prices.

“The strategy of course only works if the OPEC+ (group of oil producers) stays disciplined,” he added. UBS analysts raised their forecast for Brent to $60 per barrel by mid-year, citing the Saudi output decision.

“The Kingdom’s preemptive move suggests to us a desire to defend prices and support the oil market amid demand concerns due to extended mobility restrictions in Europe,” they said.

US crude stocks fell and fuel inventories rose, the Energy Information Administration said on Wednesday.

Crude inventories were down by 8 million barrels in the week to Jan. 1 to 485.5 million barrels, against a Reuters poll showing analysts expected a 2.1 million barrel fall.

The drop in crude stocks is a typical year-end occurrence as energy companies take oil out of storage to avoid tax bills.

UBS raised its Brent forecast amid expectations of a sharp recovery in demand in the second quarter on vaccine rollouts and increased travel.

With Saudi Arabia’s move, OPEC’s production increase of 0.5 million barrels per day (bpd) for January is reversed in full, which will result in a tighter oil market in the first half of the year, analysts at the Swiss bank wrote in a note.

The bank expects Brent to trade at $63 per barrel in the second half of 2021 and WTI to trade at a $3 per barrel discount to Brent prices.


Top Saudi university wins Japan Prize for contributions to marine ecosystem research

Updated 2 min 45 sec ago
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Top Saudi university wins Japan Prize for contributions to marine ecosystem research

  • KAUST biological oceanography and marine ecology Professor Carlos Duarte is among the elite recipients of the prize
  • University's latest achievement solidifies Saudi Arabia's global standing in developing marine solutions to combat the impacts of climate change

JEDDAH: The King Abdullah University of Science and Technology (KAUST) was awarded the prestigious Japan Prize for its contributions to advancing the understanding of changing marine ecosystems and pioneering research in blue carbon. 
The university's achievement solidifies Saudi Arabia's global standing in developing marine solutions to combat the impacts of climate change. 
KAUST biological oceanography and marine ecology Professor Carlos Duarte is among the elite recipients of the Japan Prize. His groundbreaking work in marine ecology has earned him international recognition. 

Professor Carlos M. Duarte in mangrove wetlands at KAUST. (Photo courtesy of KAUST)

KAUST board of trustees' secretary-general Dr. Fahad bin Abdullah Toonsi expressed pride in the university's achievement, emphasizing its role in enhancing global understanding of marine ecosystems. 
He highlighted Saudi Arabia's efforts in sustainable innovation and impactful contributions to climate-change solutions and marine conservation, a milestone reflecting KAUST's commitment to excellence as part of Saudi Vision 2030. 
Established in 1985 and often referred to as the “Nobel Prize of Japan,” the Japan Prize is awarded annually to scientists who make exceptional innovations in science and technology that promote peace and prosperity for humanity. 
Professor Duarte will travel to Tokyo in April to receive the award from Japanese Emperor Naruhito. 


Olympic push for kho kho, India’s ancient tag sportOlympic push for kho kho, India’s ancient tag sport

Updated 10 min 27 sec ago
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Olympic push for kho kho, India’s ancient tag sportOlympic push for kho kho, India’s ancient tag sport

  • Kho kho, a catch-me-if-you-can tag sport, has been played for over 2,000 years in southern Asia but saw its rules formalized in the early 20th century
  • Although it was played as a demonstration sport at the 1936 Olympics in Berlin, it did not gather enough support to be included in the Summer Games

New Delhi: The ancient game of kho kho is enjoying a resurgence in India, with organizers of the first international tournament hoping their efforts will secure the sport’s place in the Olympics.
Kho kho, a catch-me-if-you-can tag sport, has been played for more than 2,000 years across southern Asia but only saw its rules formalized in the early 20th century.
It was played as a demonstration sport at the 1936 Olympics in Berlin but did not gather enough support to be included in the Summer Games and since then has been largely eclipsed by India’s ferocious love of cricket.
Nearly a century later, enthusiasts have sought to raise its profile with the inaugural Kho Kho World Cup featuring teams from 23 nations competing in India’s capital New Delhi.
The tournament’s opening ceremony saw a gala of song, dance and an Olympic-style team parade, reflecting the aspirations of organizers and athletes to take the sport global.
“My elder sister played the sport, but was not able to pursue her dreams,” Indian women’s team player Nasreen Shaikh, 26, told AFP.
“We have crossed the first barrier of playing in a World Cup. The next big step would be an entry in the Olympics.”

In this photograph taken on January 8, 2025, members of India's men's kho kho team take part in selection trials ahead of the upcoming Kho Kho World Cup in New Delhi. (AFP)

Kho kho is traditionally played outside on a rectangular court, divided in two by a line that connects two poles at either end of the field.
Teams switch between attack and defense, with the former chasing and tagging defending players around the field.
Only one player can give chase at a time and attacking players can only move in one direction around the court, forcing them to tag in team-mates crouched on the center line to take over pursuit.
The match is won by whichever team can gain the most points, primarily by tagging defenders faster than the opposing team.
The franchise-based Ultimate Kho Kho League, founded in 2022, brought the sport off grassy fields and onto indoor mats, also boosting its profile with a television audience.
Since then the league has become the third most-watched non-cricket sports tournament in the world’s most populous country after the Pro Kabaddi League — another ancient Indian tag sport — and the Indian Super League football competition.
“The turning point was when it transitioned from mud to mat. It made it into a global game,” Kho Kho Federation of India president Sudhanshu Mittal told AFP.
“Today we are in 55 countries... Native players in countries like Germany, Brazil, and Kenya are embracing the game because of its speed, agility and minimal equipment required.”
Mittal said he expected the sport to gain a foothold in dozens more countries by the end of the year, giving it a strong claim to be featured in the Olympics in the coming decade.
That would coincide with India’s audacious bid to host the 2036 Games in the city of Ahmedabad, 100 years after kho kho last appeared at the Olympics.
The United States, England and Australia were among the nations that competed in this month’s World Cup in New Delhi, with expatriate Indians heavily represented after taking the game to foreign shores.
But Pakistan is a glaring omission from the competition despite the sport being popular there — a reflection of the deep animosity between the nuclear-armed archrivals.
World Cup organizers refused to comment on the absence, which failed to dim the sense of optimism at the competition that the sport is destined to thrive.
“There has been a sea change in the sport,” Indian men’s team captain Pratik Waikar, 32, told AFP.
“Cricket has a rich history and they developed it well by going live on TV, and now our sport has also gone live,” he said. “In the next five years it will be on another level.”


In southern Pakistan, septuagenarian artist fights to keep century-old ‘Matka Dance’ alive

Updated 17 min 2 sec ago
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In southern Pakistan, septuagenarian artist fights to keep century-old ‘Matka Dance’ alive

  • Traditional “Matka Dance” involves dancing while balancing earthen pot, attached to a pole, above one’s head
  • Performing arts expert urges provincial government to support traditional dance, warns it may become extinct

KARACHI: Sain Dad, 73, expertly balances a round earthen pot, also known as a “matka” in the local language, four feet high above his head attached to a metal rod. Dad dances to the beat of the drums, using his hands not once to steady the rod as he performs a century-old art only a handful of people in southern Pakistan can perform.
The “Matka Dance” is a traditional folk dance performed in Pakistan’s southern Sindh province which involves expertly balancing an earthen pot above your head. The trick is to not use your hands as you dance while balancing the rod atop your head.
While the exact origin of the matka dance remains unknown, Dad traces its lineage back to Saleh Muhammad Shah, one of Sindh’s earliest known practitioners. Over a century ago, Dad says Shah pioneered the technique of lifting the earthen pitcher using a bamboo stick.
The skill was passed down through generations, until Mehrab Dad, Sain Dad’s father, ultimately taught his son the dance when he was 13 years old. It has been 60 years since then and Dad continues to keep the legacy alive.
“You cannot hold it and then have to control your neck,” Dad told Arab News, demonstrating how to execute the dance. “It is practice. It takes almost ten years to learn this.”
In six decades, Dad has graced various stages across 18 countries, even performing before the late Princess Diana during his tour of the United Kingdom in 1995.
While he is proud of the craft, it is a dying one and Dad lives an impoverished life in Khuda Bux Goth, a Karachi suburb, in a shanty house that only has a mat for a roof.
Apart from him, Dad says only his two sons and two students can perform the matka dance in Sindh. 
Sheema Kermani, a renowned classical dancer and performing arts expert, said the matka dance is a “dance of joy and celebration” that was traditionally performed before nomadic communities left one area for another.
“All these folk dancings are rooted in people’s lives, in their work, in the kind of labor that they do,” Kermani explained. 
She lamented the lack of government support for the craft, saying that the art form would die unless it received support from authorities.
“You see these people who are still practicing, they are the ones, they need to be supported,” Kermani told Arab News. “This is our heritage. This is the beauty of this culture.”
‘WEALTH OF RESPECT’
Muhammad Saleem Solangi, deputy director of culture in Sindh government, says his department actively promotes traditional artists by sending them overseas to perform at international festivals.
“I personally had our legendary artist, Sain Dad sahib, recommended for the Presidential Award in Islamabad,” Solangi told Arab News, adding that artists receive “substantial remuneration” for their performances at festivals.
“The department, within its limited resources, also provides him with an annual stipend,” he said. “In times of illness or financial crisis, they continue to support him, and they also look after his children.”

The picture taken on January 21, 2025, shows presidential award certificate granted to Sain Dad in Karachi, Pakistan. (AN photo)
The picture taken on January 21, 2025, shows presidential medal awarded to Sain Dad in Karachi, Pakistan. (AN photo)

Dad’s 30-year-old son Muhammad Iqbal is a skilled drummer who accompanies his father and brothers to their performances. He says they typically perform three to four times a month, and during peak seasons, even six. Their earnings range up to Rs 30,000 [$107.66] per performance, which they divide among themselves.
“Whenever there is an exhibition or a wedding program, or a mehndi event, we perform in these programs,” Iqbal said.
But earnings hardly matter for Dad, who says the respect he enjoys from performing means the world to him.
“We may not have wealth in terms of money, but the wealth of respect is immense,” he said.
While the art form may be a dying one, Dad is already teaching his 15-year-old grandson how to balance a water bottle on his head.
And so far, Mehtab Ali is determined to master the matka dance.
“Just like my grandfather and uncle lift the pitcher, I will also, God willing, be able to lift it in four months,” Ali said.


Drone Racing World Cup at Boulevard City begins; SAR1.3 million in prizes at stake

Updated 40 min 14 sec ago
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Drone Racing World Cup at Boulevard City begins; SAR1.3 million in prizes at stake

  • The three-day event is among the myriad activities in the ongoing Riyadh Season
  • The cup marks the first of its kind in the MENA region since its inception in 2016

RIYADH: Prizes exceeding SAR1.3 million await winning participants in the Drone Racing World Cup, which begins Thursday at Boulevard City in Riyadh.

Organized by the Saudi Federation for Cybersecurity, Programming, and Drones, in collaboration with the World Air Sports Federation, the three-day event is among the myriad activities in the ongoing Riyadh Season.

The cup marks the first of its kind in the Middle East and North Africa since its inception in 2016, highlighting Saudi Arabia's commitment to the sector.

According to the Saudi Press Agency (SPA), this year's edition will feature world champions in drone racing, including Kim Minjae and Yuki Hashimoto, winners of the 2024 FAI World Drone Racing Championship; Killian Rousseau, winner of the 2023 FAI Drone Racing World Cup; Luisa Rizzo, twinner of the 2024 Women's FAI Drone Racing Championship; and Min Chan Kim, the winner of the 2023 FAI World Drone Racing Championship; 

Several Saudi pilots will also compete, including Muhannad Al-Wohaibi, Ibrahim Al-Sultan, Dalia Al-Safar, Al-Anoud Al-Shalaan, Bader Mutlaq Al-Raqas, Nawaf Al-Hamoud, and Salma Attallah Al-Aqbi. 

The qualifying rounds will start Thursday and continue until midday Friday, followed by the finals on Saturday. 

The event will host an activity zone featuring various accompanying activities, including a Drones Hub for teaching amateurs and professionals; a Drag Racing Zone for speed competitions on a straight path; a Fly Free Zone designed for testing and operating drones; a VR Drone Racing simulation using virtual-reality glasses; Drone Workshops for training, designing, assembling, and building drones; and a Fans Zone dedicated to watching the Drone Racing World Cup competitions. 

This edition marks the inaugural season of the Drone Racing World Cup, consisting of a series of rounds held in leading countries in the drone racing field, SPA said.


Ludvig Aberg cards an opening-round 63 for a 2-shot lead at the Farmers Insurance Open

Updated 23 January 2025
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Ludvig Aberg cards an opening-round 63 for a 2-shot lead at the Farmers Insurance Open

  • The 25-year-old Swede capitalized on playing the easier North Course at Torrey Pines, hitting 16 of 18 greens in regulation while making eight birdies and an eagle on the coastal links
  • Japan’s Hideki Matsuyama, the highest-ranked player in the field and the winner at The Sentry at Kapalua, shot a 68 on the South Course

SAN DIEGO: Ludvig Aberg shot a 9-under 63 Wednesday in what he calls his favorite place in the world, taking a two-shot lead over Danny Walker and Hayden Springer in the opening round of the Farmers Insurance Open at Torrey Pines.

Aberg took a first-round lead on the PGA Tour for the first time after posting the best opening-round score of his short career. The 25-year-old Swede capitalized on playing the easier North Course at Torrey Pines, hitting 16 of 18 greens in regulation while making eight birdies and an eagle on the coastal links.

“I like when you hit a lot of drivers, and I feel like I did that a lot today, and probably going to do the same tomorrow,” Aberg said. “(I love) any golf course when it looks like this, when you have the views, and Torrey Pines is a really, really cool place.”

The 25-year-old Walker was outstanding in his fourth career PGA Tour start. He posted the opening day’s best round on the tougher South Course, where the scoring average was 72.487 compared to 70.218 on the North.

Walker and Springer finished one shot in front of Lanto Griffin, Zac Blair, 48-year-old Zach Johnson and 20-year-old Aldrich Potgieter — all of whom played the North Course.

Japan’s Hideki Matsuyama, the highest-ranked player in the field and the winner at The Sentry at Kapalua, shot a 68 on the South Course.

Aberg, who finished ninth last year in his Torrey Pines debut, began the new season with a fifth-place finish in Maui after undergoing knee surgery last fall. After winning the tour’s rookie of the year award in 2023, he went winless last year despite posting six top-five finishes, including runner-ups at the Masters, the AT&T Pebble Beach Pro-Am and the BMW Championship.

While many top players aren’t at Torrey Pines this week, Aberg couldn’t wait to get out to the beautiful coastal course, calling San Diego “my favorite place in the world” earlier this week.

Aberg also said he would love it if the Genesis Invitational is held here in three weeks. The tournament is expected to announce its 2025 home soon after being moved away from Riviera Country Club because of the deadly wildfires that destroyed part of the Pacific Palisades neighborhood of Los Angeles, near the famed course.

“I haven’t had any issues since the surgery, so it’s really nice,” Aberg said. “I think Maui was the ultimate test for that. I got some blisters on my feet. That’s another story, but the knee was holding up nice. Really looking forward to coming back and playing a lot of tournaments. ... I’m looking forward to a nice stretch of golf.”

Walker, a rookie who who earned his PGA Tour card on the Korn Ferry Tour, turned in a bogey-free round after missing his first two cuts of the season.

Johnson hasn’t won on tour since the 2015 British Open at St. Andrews, but he started impressively at Torrey Pines after getting in on a sponsor’s exemption.

Defending champion Matthieu Pavon shot a 73 on the South Course.

This famed tournament on the northern coast of San Diego has fewer stars than normal in its field this year. World No. 2 and San Diego native Xander Schauffele didn’t enter, while fifth-ranked and Southern California native Collin Morikawa withdrew on Sunday, followed by former Torrey Pines runner-up Will Zalatoris on Wednesday morning.

The Farmers Insurance Open starts on a Wednesday and ends on a Saturday to avoid a final-round conflict with the NFL’s conference championship games.