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Oil prices are ‘nowhere near’ peak yet, says UAE energy minister

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Oil prices are “nowhere near” their peak as an impending rise in Chinese demand threatens to strain a global market already pinched by tight supplies, UAE Energy Minister Suhail Al Mazrouei said on Wednesday.

The comments serve as an acknowledgment that last week’s decision by the Opec+ coalition to bolster output will give consumers little respite from the soaring cost of energy this summer, said Bloomberg in a report.Efforts by Opec+ oil producers to boost output are “not encouraging”, the UAE minister told an energy conference in Jordan, noting the group was currently 2.6 million barrels per day short of its target.“The risk is when China is back,” Al Mazrouei said in an apparent reference to Chinese demand. Prospects for demand growth in China, which is relaxing lockdowns, have been buoying crude prices recently.

Al Mazrouei warned that without more investment across the globe, Opec+ can’t guarantee sufficient oil supplies as demand fully recovers from the coronavirus pandemic.

Prices can reach “unseen” levels if Russian oil and gas is completely taken off the market, he said.
Opec+ is currently 2.6 million barrels per day short of its target.

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UAE petrol prices take another welcome hit for inflation this October

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Now fill up your car tanks for a lot less after a third successive rebate in fuel prices in the UAE

 

Motorheads in the UAE are rejoicing and it is not just the drop in temperatures. The country’s fuel price committee has announced petrol and diesel prices for the month of October 2022 with a dip for a third successive month. Around 37-38 fils have been shaved off in each petrol category

In October, Super 98 petrol will cost Dh3.03 per litre, Special 95 at Dh2.92 and E-Plus 91 at Dh2.85. Diesel has been priced at Dh3.76 a litre.

Retail fuel prices crossed Dh4 per litre mark for the first time in June 2022 since UAE announced deregulation in 2015, and reached a peak of Dh4.63 per litre in July 2022. The surge, however, has now been offset by some distance.

Over August and September, prices came down Dh1.4 per litre in response to a decline in energy costs brought on by concerns that recessions will soon engulf the world economy.

The price reduction was expected. As a result of worries about an impending global recession, oil prices fell to their lowest levels since January earlier this week. On Thursday afternoon, WTI was selling for $82.39 a barrel and Brent was trading at $89.6.

According to globalpetrolprices.com, the average price of gasoline in the United Arab Emirates is Dh3.3 per litre, which is significantly less than the Dh4.66 per litre price of gasoline worldwide.

Here’s what a full tank will cost you

COMPACT (avg 51 litres) October September August July
Super 98 petrol 154.53 173.91 236.13 211.65
Special 95 petrol 148.92 168.30 230.52 205.33
E-plus 91 petrol 145.35 164.22 226.44 201.96

SEDAN (avg 62 litres) October September August July
Super 98 petrol 187.86 211.42 287.06 257.86
Special 95 petrol 176.70 204.6 280.24 249.86
E-plus 91 petrol 238.08 199.64 275.26 245.52

SUV (avg 74 litres) October September August July
Super 98 petrol 224.22 252.34 298.22 342.62
Special 95 petrol 216.08 244.20 290.08 334.48
E-plus 91 petrol 210.90 238.28 284.16 328.56

The decrease in gasoline costs has a favorable effect on inflation in the countries, raising the cost of food and other commodities.

While US West Texas Intermediate crude for November delivery fell to $76.71 per barrel, Brent crude futures for November finished down at $84.06 per barrel.

“A tough period has begun. Lower growth and higher inflation rates were the two main global variables that caused the decline [in oil prices], according to Abdul Jabbar.

Opec+ has increased oil production this year in an effort to reverse the unprecedented cuts made in 2020 after the pandemic drastically reduced consumption.

However, due to underinvestment in oilfields by some Opec members and output losses in Russia, Opec+ has recently failed to meet its desired output gains.

 

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Dubai Police staff in Sharjah accident with one dead, six injured

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One person has died and six more were injured after a Dubai Police bus crashed on Sharjah’s Sheikh Mohammed bin Zayed Street at around dawn on Thursday morning.
The six Dubai Police workers are being treated for their minor injuries at the Al-Qasimi and Kuwaiti Hospital in Sharjah. Details of the incident were not released.
A delegation from the Sharjah Police, headed by Colonel Youssef Obaid Haramoul Shamsi, Director of the Department of Comprehensive Police Centers of Sharjah Police, expressed their condolences over the deceased colleague and visited the wounded to wish them a speedy recovery.

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Tesla tests car endurance in Dubai’s hot weather

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Tesla has announced sending a number of its electric car models to the deserts of the Emirate of Dubai in order to conduct durability and endurance tests, during high temperatures that sometimes reach 50° Celsius.

The American company, through its accounts on the communication platforms, published pictures of its cars traversing sand dunes and roaming rough terrain with brilliance, lightness and distinctive performance.

Testing vehicles in extreme temperatures is not easy, especially in high heat, as it requires certain preparation for those who are not accustomed to it from electric models to ensure that they work properly and without problems.

The company said, via its Instagram account, that its field quality engineers went to Dubai during the hottest time of the year to conduct extreme heat and durability tests.

Tesla’s field quality engineers took several cars, including the Model 3 and the ultra-fast Model X Plaid, to run tests in the Dubai desert.

One of the images shows an engineer driving the super-fast X Plaid, billed as the highest-performance SUV ever.
The company said the three-motor all-wheel drive can reach 96 kilometers per hour from a standstill in less than 2.5 seconds.

And the field test began a big adventure in the sand dunes, to show how far Tesla is ready to go to ensure the performance and safety of its vehicles in the extremely hot weather that characterises the countries of the Middle East.

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