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.
Defending champions MI Emirates to play Dubai Capitals in DP World ILT20 season opener
- “We are set for a bigger and better edition” says CEO David White ahead of Jan. 11 start
DUBAI: Season three of the DP World International League T20 will begin with a blockbuster clash between defending champions MI Emirates and Dubai Capitals at the Dubai International Stadium in a rematch of last season’s final. The first ball will be delivered at 6:00 p.m. local time on Saturday, Jan. 11.
The Abu Dhabi Knight Riders will launch their campaign with a home game against season one finalists the Desert Vipers on Jan.12 at the Zayed Cricket Stadium, Abu Dhabi. In the evening game on the same day, season one champions Gulf Giants will face the Sharjah Warriorz at the DIS. The first match of the season at the Sharjah Cricket Stadium will be a clash between Sharjah Warriorz and Dubai Capitals on Friday, Jan. 17.
DP World ILT20 CEO David White said: “We are set for a bigger and better edition of the DP World International League T20 as we unveil the schedule for season three. Our six teams have gathered a line-up of world-class T20 stars besides the best of the UAE talent who will combine to provide rich entertainment to cricket fans during the 34-match tournament.”
Fifteen tournament matches will be played at DIS, Zayed Cricket Stadium will host 11, while the Sharjah Cricket Stadium will host eight. Evening games will begin at 6:30 local time on weekdays and at 6:00 on the weekends. On the double-header weekends, the afternoon games will be played at 2:00.
The month-long tournament will conclude at DIS on Sunday, Feb. 9.
The six DP World ILT20 franchises have retained cricket superstars including Andre Russell (Abu Dhabi Knight Riders), Sunil Narine (Abu Dhabi Knight Riders), Alex Hales (Desert Vipers), Sherfane Rutherford (Desert Vipers), David Warner (Dubai Capitals), Rovman Powell (Dubai Capitals), Chris Jordan (Gulf Giants), Shimron Hetmyer (Gulf Giants), Akeal Hossein (MI Emirates), Nicholas Pooran (MI Emirates), Adil Rashid (Sharjah Warriorz) and Johnson Charles (Sharjah Warriorz).
Additionally, Jason Roy (Sharjah Warriorz), Fakhar Zaman (Desert Vipers), Shai Hope (Dubai Capitals), Lockie Ferguson (Desert Vipers), Roston Chase (Abu Dhabi Knight Riders), Matthew Wade (Sharjah Warriorz), Ibrahim Zadran (Gulf Giants) and Romario Shepherd (MI Emirates) will make their DP World ILT20 debuts this season.
Additional UAE players will be selected next week.
“The DP World ILT20’s glittering trophy is one of the most sought-after prizes in the cricket calendar and we expect a fierce battle between the global superstars who will be giving it their all for their respective franchise,” White said.
“In the coming days we will be launching tickets with special offers for both the diehards and fans while encouraging families to come in numbers especially during the weekends at our fan carnivals at the stadiums in Abu Dhabi, Dubai and Sharjah.
“The weather across the UAE will be ideal for cricket for both afternoon and night games. For fans and tourists that are set to visit the country, the DP World ILT20 is surely an experience they cannot afford to miss,” he added.
Hezbollah says to help army build Lebanon’s defensive capacities
- “We will work to... strengthen Lebanon’s defensive capacities,” said Qassem
- “The resistance will be ready to prevent the enemy from taking advantage of Lebanon’s weakness along with our partners... first and foremost the army”
BEIRUT: Hezbollah chief Naim Qassem on Friday vowed to cooperate with the Lebanese army and help build the country’s defense capacities amid efforts to implement the terms of a ceasefire with Israel.
Qassem was speaking for the first time since the start of the ceasefire on Wednesday that envisions both Hezbollah and the Israeli military withdrawing from south Lebanon and the Lebanese military deploying there alongside UN peacekeepers.
“We will work to... strengthen Lebanon’s defensive capacities,” said Qassem, who succeeded Hezbollah’s former leader Hassan Nasrallah after he was killed in a massive Israeli air strike on south Beirut in September.
“The resistance will be ready to prevent the enemy from taking advantage of Lebanon’s weakness along with our partners... first and foremost the army,” he added in a televised speech.
“The coordination between the resistance and the Lebanese army will be at a high level to implement the commitments of the agreement,” Qassem continued, adding that “no one is betting on problems or disagreements” with the army.
Qassem also declared that his group had achieved a “great victory” against Israel that “surpasses that of July 2006,” referring to the last time Hezbollah went to war with Israel.
“We won because we prevented the enemy from destroying Hezbollah... (and) from annihilating or weakening the resistance.”
Qassem vowed that “our support for Palestine will not stop and will continue through different means.”
The truce ended a conflict that began the day after Hamas’s unprecedented October 7, 2023 attack on Israel, when Hezbollah began a low-intensity exchange of cross-border fire in solidarity with their Palestinian allies.
In late September, Israel intensified its campaign against Hezbollah, launching fierce air strikes and later sending in ground troops.
Lebanon’s health ministry said at least 3,961 people have been killed in the country since October 2023 as a result of the conflict, most of them in recent weeks, while 16,520 were wounded.
On the Israeli side, the hostilities with Hezbollah killed at least 82 soldiers and 47 civilians, authorities there say.
Earlier Friday, the Israeli military said it struck a Hezbollah rocket launcher in southern Lebanon after detecting militant activity in the area.
“A short while ago, terrorist activity and movement of a Hezbollah portable rocket launcher were identified in southern Lebanon,” the army said.
“The threat was thwarted in an (Israeli Air Force) strike,” it added in a statement that featured a video of the air strike on a slowly moving truck.
Israel has vowed to continue acting against any threats even after the ceasefire.
The military also announced a nighttime curfew in south Lebanon for the third day in a row, warning residents they are “strictly forbidden to move or travel south of the Litani River” between 5:00 p.m. (1500 GMT) on Friday and 07:00 AM (0500 GMT) the following day.
Under the ceasefire agreement, Israeli troops will hold their positions but “a 60-day period will commence in which the Lebanese military and security forces will begin their deployment toward the south,” a US official told reporters on condition of anonymity.
Then, Israel should begin a phased withdrawal without a vacuum forming that Hezbollah or others could rush into, the official said.
2 children and a woman crushed to death outside Gaza bakery amid food shortage
- The bodies of two girls aged 13 and 17 and the 50-year-old woman were taken to the Al-Aqsa Martyrs Hospital in Deir Al-Balah in central Gaza
- Osama Abu Laban, the father of one of the girls, wailed over the loss of her life outside the hospital
GAZA: Two children and a woman were crushed to death Friday as a crowd of Palestinians pushed to get bread at a bakery in the Gaza Strip amid a worsening food crisis in the war-ravaged territory, medical officials said.
The bodies of two girls aged 13 and 17 and the 50-year-old woman were taken to the Al-Aqsa Martyrs Hospital in Deir Al-Balah in central Gaza, where a doctor confirmed that they died from suffocation due to crowding at the Al-Banna bakery. Video from The Associated Press showed their bodies placed next to each other on the floor inside the hospital’s morgue.
The flow of food allowed into Gaza by Israel has fallen to nearly its lowest level of almost 14-month-old war for the past two months, according to Israeli official figures. UN and aid officials say hunger and desperation are growing among Gaza’s population, almost all of which relies on humanitarian aid to survive.
Osama Abu Laban, the father of one of the girls, wailed over the loss of her life outside the hospital.
“My wife fell when she heard that she (our daughter) was suffocating. She did not yet know that she was dead,” he told the AP.
Some bakeries in Gaza were closed for several days last week due to a shortage of flour. AP footage taken last week after they reopened showed large crowds of people cramming together, screaming and pushing, at one bakery in Deir Al-Balah.
Palestinians across the Gaza Strip are heavily relying on bakeries and charitable kitchens, with many able to only secure one meal a day for their families.
In Lebanon, thousands of displaced people began returning to their homes this week after a ceasefire was announced between Israel and the Hezbollah militant group.
Many found their homes reduced to rubble after intense Israeli airstrikes over the past two months leveled entire neighborhoods in eastern and southern Lebanon, as well as the southern suburbs of Beirut. Nearly 1.2 million people have been displaced.
The truce was the first major sign of progress in the region since war began more than a year ago, triggered by Hamas’ attack on Israel on Oct. 7, 2023. But it does not address the devastating war in Gaza. For Palestinians in Gaza and families of hostages held in the territory, the ceasefire marked another missed opportunity to end fighting that has stretched on for nearly 14 months.
More than 44,000 people have been killed and more than 104,000 wounded, according to Gaza’s Health Ministry. Israel has destroyed large parts of Gaza and displaced nearly all of its 2.3 million people.
Bangladesh urges EU states to expedite formal recognition of Palestine
- Only 11 of 27 EU member states recognize the State of Palestine
- Bangladesh responds to EU’s declared commitment to a two-state solution
DHAKA: Bangladesh has called on EU member states to expedite the formal recognition of the State of Palestine and use their influence to prevent permanent members of the UN Security Council from obstructing a ceasefire in Gaza.
Bangladesh’s delegation took part in a meeting of the Global Alliance for the Implementation of the Two-State Solution in Brussels on Thursday, where the EU foreign policy chief emphasized the bloc’s commitment to a two-state solution — providing Palestinians with their own nation-state — as “the only viable path to peace in the region.”
But so far, only 11 out of 27 EU member states recognize the State of Palestine, with three — Spain, Ireland and Slovenia — doing so earlier this year in the wake of Israel’s deadly onslaught in Gaza and with a genocide case against Tel Aviv ongoing in the International Court of Justice.
“The Bangladeshi delegation urged the participating member states to expedite their formal recognition of the State of Palestine, affirming this as a crucial step toward legitimizing and empowering Palestinian sovereignty and self-determination,” the Bangladeshi Ministry of Foreign Affairs said in a statement following the meeting.
For Bangladesh, which established diplomatic ties with Palestine soon after achieving independence in 1971, formal recognition of Palestinian statehood, was key to achieving peace.
“Already 149 countries have supported the UN recognition of the Palestinian state’s membership,” said Shafiqur Rahman, director general of the Bangladeshi Foriegn Affairs Ministry’s West Asia wing, who led the delegation to Brussels.
“It’s very important to galvanize and mobilize the global community. We must continue to apply pressure, and efforts should persist in this regard. There is no room for giving up,” he told Arab News on Friday.
The Bangladeshi delegation also called on EU member states to leverage their influence to discourage any vetoes by permanent members of the UN Security Council “that could obstruct adopting a permanent ceasefire in Gaza war and resultant peace initiatives.”
The most recent UNSC resolution demanding an “immediate, unconditional and permanent” ceasefire in the Gaza Strip was voted down by the US last week, as Israel’s deadly bombardment of the Palestinian territory continues.
It was the fourth time Joe Biden’s administration has vetoed a UNSC Gaza ceasefire resolution, blocking international action to halt Israel’s war, which over the past one year killed at least 44,000 Palestinians, injured over 100,000 more and destroyed most of Gaza’s civilian infrastructure.
Philippines looks to boost ties with Bahrain’s tourism, hospitality sector
- Bahraini government is preparing to open its embassy in Manila
- Cebu and Palawan are top destinations for Bahraini tourists in Philippines
MANILA: The Philippines is expanding collaborations with Bahrain to mutually boost tourism and hospitality expertise, Christina Frasco, the Philippine tourism secretary, said on Friday.
While other GCC countries have for years been the main overseas destination for Filipinos, relations with Bahrain started to expand only recently, with the Bahraini government preparing to open its embassy in Manila this year.
Frasco, who visited Manama earlier this month, held talks with her Bahraini counterpart Fatima Al-Sairafi on increasing tourism between the two countries.
“They’re very interested in learning from our world-renowned Filipino hospitality, as well as our brand of service excellence, and in collaborating to increase opportunities for meetings, incentives, conventions, and exhibitions,” Frasco told Arab News.
Some 57,000 Filipinos currently live in Bahrain, working mainly as accountants, engineers, construction contractors, sales associates, and business and government support staff. The tourism sector, however, remains untapped territory.
“We discussed the potential of wide-reaching collaborations between Bahrain and the Philippines, first and foremost on joint cooperation to increase tourist flows,” Frasco said.
“We also discussed how we may be able to further expand connectivity between Bahrain and the Philippines, not only with Manila, but with other places in the country, especially since, as I learned when I was in Bahrain, there are certain destinations (in the Philippines) that are very popular with the people of Bahrain, such as Cebu and Palawan.”
The number of tourists from Bahrain has been on the rise, with more than 5,500 visiting the Philippines from January to October this year — a 16-percent increase over the same period in 2023.
The Philippines has been trying to attract more visitors from Middle Eastern countries and has been encouraging the local hospitality industry to introduce standards that will make their properties and services attractive to Muslim tourists.
“We note that these countries have recovered very well (from the COVID pandemic travel shutdown) ... and we wish to be able to grow this momentum further by forging strategic collaborations with them,” Frasco said.
“Connectivity is one thing that we are continuing to focus on, as well as really ensuring that our tourist destinations are prepared to receive tourists from that region. This includes the growth of our halal and Muslim-friendly establishments.”
