LONDON: A gradual oil demand recovery is largely on track as economies re-open, British bank Barclays said on Friday, adding that it remained constructive on oil prices despite rising coronavirus cases across Asia and potential return of Iranian supplies.
It cut demand estimates for the Emerging Markets Asia (ex-China) region, flagging the risk of further downside if the recent surge in infections persisted.
“Extended mobility restrictions in the region might slow the demand recovery somewhat, but seem unlikely to stall it for a sustained period, given largely positive results of vaccination programs worldwide,” Barclays said.
The bank expects Brent and WTI oil prices to average $66 a barrel and $62 a barrel, respectively, this year. It sees an increase of $5 to $6 a barrel in 2021.
Brent crude futures were trading around $65.23 a barrel, while US West Texas Intermediate was at $62.17 a barrel during Asian trading hours on Friday.
In its note titled “Cautious supply, healing demand,” Barclays said a swift agreement to revive and implement Iran’s nuclear deal could pose some downside risk to its price view for the second half of 2021.
“But such a scenario might also entail a slower tapering of supply curbs by the OPEC+, potentially softening the blow to prices,” it added.
If the United States lifted sanctions on Iran, the Middle East nation could boost oil shipments, adding to global supply.
Global oil inventories could largely normalize over the next two or three months, given a recent drawdown in inventories and a projected deficit of about 1.5 million barrels a day in the second half, the bank said. A cautious approach by US producers of tight oil and continued OPEC+ restraint aids inventory normalization, it added.
Barclays says oil demand ‘healing’ even as COVID rages across Asia
https://arab.news/ywxuj
Barclays says oil demand ‘healing’ even as COVID rages across Asia
- The bank expects Brent and WTI oil prices to average $66 a barrel and $62 a barrel, respectively, this year.
Saudi swimmer’s remarkable 30km swim from Alkhobar to Bahrain
- Mariam Binladen’s feat of endurance and grit completed in over 11 hours
JEDDAH: In a remarkable feat of endurance and determination, Saudi Arabia’s Dr. Mariam Binladen recently completed the Khalid bin Hamad Swimming Challenge, covering a distance of 30km from Alkhobar, Saudi Arabia, to Salman City, Bahrain.
Binladen achieved this incredible feat in 11 hours, 25 minutes and 47 seconds.
Among her achievements, the open-water swimmer became the first Arab woman to cross the Red Sea to Egypt in October 2022, and the first to traverse Dubai Creek with a swim of 24 km in 2017.
In addition, she was the first woman from the Gulf to swim across the English Channel, covering 33.5 km in August 2016.
Speaking to Arab News about her feat on Dec. 26, Binladen said: “This swim was on my radar for 7 years.
“Unfortunately it was difficult to find an optimum window to do the challenge, primarily because weather conditions in the Gulf of Bahrain are incredibly difficult to predict.
“I had to study the sea very well taking into account the tides, wind speed, wave patterns, swells, water temperature and marine life cycles in order to minimize risk and achieve this goal.”
She added: “Amongst the many challenges of this event was swimming at night in the dark, in fluctuating cold-to-warm water temperatures, with the added complexity of tidal changes.
“As a way of mitigating the hazardous conditions the swim started at the Water Tower at Alkhobar at 1:50 a.m. Visibility was zero so I was swimming blind coupled with water temperatures ranging from 17 to 22 degrees.
“Instead of feeding every 30 minutes I fed every 15 minutes to avoid hypothermia and to maintain my body heat until sunrise, which was half-way through the swim.
“The tide in this area shifts every six hours which meant swimming part of the way against the tide which requires a huge amount of stamina and mental agility in order not to become exhausted.”
She added: “Each challenge poses its own distinct difficulties and unique set of conditions; during the Red Sea swim it was how to maneuver around sharks and avoid their feeding times.
“The English Channel, for example, was freezing cold and it is a busy shipping lane so it was necessary to address those concerns and plan accordingly.
“The Bahrain swim was undoubtedly hazardous and posed many issues, the distance being one of them. Before any swim I undertake area studies, conditions, risks and train to mitigate risks and for the conditions that I will face. Of course there are always some surprises.”
She has faced other challenges during her career. “My most unusual swim was in an ice glacier in Switzerland, this challenge was to swim in (minus) 2 degrees for 85 meters.
“I undertook extensive physical and cognitive training in order to prepare for this unique challenge. The burn of the ice-cold water will remain with me forever.”
In addition to being an athlete and dentist, Binladen also helps refugees and creates awareness through her platform, which has been acknowledged by organizations worldwide.
In 2016, she opened the first free medical facility of its kind for dental treatment in a Syrian refugee camp in Azraq, Jordan.
“Of course it is rewarding to treat any patients, I love to help people in any capacity I can, whether through treatment, inspiring them in sport or supporting them to swim gives me enormous satisfaction.”
As the Kingdom empowers women, Binladen said that she is delighted to be living at a time when Saudi women can pursue their ambitions in the workplace, sports and business.
“My advice to Saudi women is to never give up on your dream, with hard work and dedication you can fulfill your goals.”
On her future, she said: “It’s a common question, everybody is interested to know what’s next. All I can say is that I have a few possibilities in the pipeline and am carrying out area studies at the moment.”
“My ambition is to lead a fulfilling life in which I am constantly learning, developing, growing and making a positive impact on those around me, through my career, relationships or personal endeavors.
“I strive to pursue excellence and leave a lasting legacy that inspires others.”
Singapore says 3 men detained since October for seeking to join Mideast conflict against Israel
SINGAPORE: Singapore said on Thursday it had detained three men since October last year who were preparing to travel to the Middle East to fight against Israel.
The Home Affairs Ministry said in a statement the three Singaporean men were not linked to one other and had been “radicalized” online, but there was no indication others had been recruited.
It was not immediately clear why the ministry announced the detention on Thursday.
Following their arrest in October, they were detained under Singapore’s Internal Security Act, which allows suspects to be held for lengthy periods without trial.
The three were a director of a digital marketing company, a lift mechanic, and a security guard, aged 41, 21, and 44, respectively.
BACKGROUND
The three men were a director of a digital marketing company, a lift mechanic, and a security guard, aged 41, 21, and 44, respectively.
One of the men had visited a shooting range in Thailand to learn to operate firearms, while two planned to visit shooting ranges in Indonesia, it said.
The ministry said restrictions were placed on two other Singaporeans in June and July last year under the security law, related to the conflict in Gaza.
More than 46,000 people have been killed in the Gaza war, according to Palestinian health officials.
Much of the enclave has been laid waste, and most of the territory’s 2.1 million people have been displaced multiple times and face acute shortages of food and medicine, humanitarian agencies say.
Polish government to protect Israel's Netanyahu from arrest if he attends Auschwitz event
Netanyahu became an internationally wanted suspect last year after the International Criminal Court, the world’s top war crimes court, issued an arrest warrant for him in connection with the war in the Gaza Strip, accusing him of crimes against humanity over the death of more than 45,000 Palestinians, the majority of them women and children, since October 2023.
“The Polish government treats the safe participation of the leaders of Israel in the commemorations on January 27, 2025, as part of paying tribute to the Jewish nation,” read the resolution published by the office of Prime Minister Donald Tusk.
The government published the statement after Polish President Andrzej Duda asked Tusk to ensure that Netanyahu can attend without the risk of being arrested.
There had been reports suggesting that the arrest warrant could prevent Netanyahu from traveling to Poland to attend observances marking the anniversary of the liberation in 1945 of the Auschwitz-Birkenau death camp by Soviet forces on Jan. 27.
Member countries of the ICC, such as Poland, are required to detain suspects facing a warrant if they set foot on their soil, but the court has no way to enforce that. Israel is not a member of the ICC and disputes its jurisdiction.
The court has more than 120 member states, though some countries, including France, have already said that they would not arrest him. Hungarian Prime Minister Viktor Orbán even said he would defy the warrant by inviting Netanyahu to Hungary.
It was not even clear if Netanyahu wanted to attend the event. The Polish Foreign Ministry said earlier Thursday that it has not received any information indicating that Netanyahu will attend the event.
What We Are Reading Today: ‘The Machines of Evolution and the Scope of Meaning’
Author: Gary Tomlinson
In this groundbreaking book, Gary Tomlinson defines a middle path. Combining emergent thinking about evolution, new research on animal behaviors, and theories of information and signs, he tracks meaning far out into the animal world. At the same time he discerns limits to its scope and identifies innumerable life forms, including many animals and all other organisms, that make no meanings at all.
Zelensky meets Meloni for talks in Rome
- Meloni “reiterated the all-round support that Italy ensures and will continue to provide to the legitimate defense of Ukraine... ,” her office said
- She also “expressed solidarity for the victims of the recent Russian bombings“
ROME: Ukrainian President Volodymyr Zelensky held talks in Rome Thursday with Italian Prime Minister Giorgia Meloni, after meeting other allies in Germany.
Meloni “reiterated the all-round support that Italy ensures and will continue to provide to the legitimate defense of Ukraine... to put Kyiv in the best possible condition to build a just and lasting peace,” her office said.
She also “expressed solidarity for the victims of the recent Russian bombings,” it said in a statement, as the grinding war nears the three-year mark.
Zelensky had earlier Thursday joined a meeting of about 50 allies at the US air base Ramstein in Germany — the last such gathering before Trump takes office on January 20.
The US president-elect has criticized the large amount of US aid for Kyiv and vowed to bring the war to a swift end, without making any concrete proposals for a ceasefire or peace agreement.
In Germany, Zelensky said Trump’s return to the White House would open a “new chapter” and reiterated a call for Western allies to send troops to help “force Russia to peace.”
In a post on X, Zelensky thanked Italy for its “unwavering support,” saying: “Together, we can bring a just peace closer and strengthen our collective positions.”
He and Meloni discussed “strengthening security, addressing global developments, and preparing for this year’s Ukraine Recovery Conference to be held in Rome,” he said.
Meloni, who has led NATO and EU member Italy since October 2022, has strongly supported Ukraine in its fight against Russia, but is also politically close to Trump.
At a press conference in Rome earlier, Meloni — who visited Trump at his Florida home last weekend — said she did not believe the president-elect would abandon Kyiv.
“Frankly I don’t foresee a disengagement,” she said, adding that Trump had previously “said precisely because we want peace, we will not abandon Ukraine.”
She added that she would support options for peace that Ukraine would support.
NATO and EU member Italy has sent arms and aid to Ukraine to help fight off Russia’s invading forces, but has refused to allow Kyiv to use its weapons inside Russian territory.
Zelensky’s spokesman Sergiy Nykyforov said the Ukrainian president would meet Friday with Italian President Sergio Mattarella, the country’s largely ceremonial head of state.
US Secretary of State Antony Blinken was also in the Italian capital on Thursday for separate talks with European counterparts on Syria. It was not clear if he planned to meet Zelensky during his trip.
US President Joe Biden had also been due to visit Rome in what was expected to be his final overseas trip in office, but canceled to focus on the federal response to wildfires raging across Los Angeles.
