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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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Dubai to announce first air taxi station soon, says RTA

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Dubai’s Roads and Transport Authority (RTA) on Tuesday said that that the first station of the air taxi project will be announced soon.

The official operation of the first air taxi station is expected to begin in the first quarter of 2026, and that the project will include the initial launch of four stations.

“The project is considered an ambitious step in the field of autonomous air transport, and aims to provide a modern and effective means of transportation, as the air taxi is expected to serve different areas of the city, with a focus on linking the service to hotels and the airport,” Khalid Al Awadhi, Director of Transportation Systems Department at the Public Transport Agency at RTA, said on the sidelines of the Intelligent Transport Systems Conference and Exhibition, which is being held at the Dubai World Trade Centre from September 16 to 20.

The first phase of the service will include four strategic landing sites in Dubai — Dubai International Airport, Downtown, Dubai Marina and Palm Jumeirah. They will be designed and developed in collaboration with Skyports and will include dedicated take-off and landing areas, electric charging facilities, a dedicated passenger area and security procedures.

Tyler Trerotola, general manager of the Middle East at Joby Aviation, said on the sidelines of the event that the air taxi service is expected to start in the first quarter of 2026, with early operations likely to begin late next year.

He added that the air taxi is an innovative electric aircraft that can carry four passengers and a pilot. The aircraft has a speed of up to 320kmph and a range of up to 160km. It operates smoothly and quietly compared to helicopters, as it emits a sound of no more than 45 decibels, which is less than the sound of rain.

Tyler pointed out that the new service will contribute to easing traffic congestion in Dubai, as it is expected to reduce the travel time from Dubai International Airport to Palm Jumeirah to only 10-12 minutes, compared to the current time of more than 45 minutes during peak times. He stressed the importance of this initiative in supporting smart mobility initiatives in Dubai, expressing his enthusiasm to cooperate with the Roads and Transport Authority and SkyPorts to achieve the company’s vision of developing sustainable air mobility in the city.

It is powered by electricity, making it environmentally friendly as it does not produce operational emissions. The latest modern technologies in this field worldwide were used in its manufacture.

The agreement was signed during the World Government Summit in Dubai, granting Joby the exclusive right to operate air taxis in the city for six years. The agreement covers all the essential components needed for the service to succeed, including determining routes, providing the necessary infrastructure, and providing aircraft with the required capacity.

The project enhances Dubai’s position as a leading city in the applications of modern technology in transportation, and reflects its commitment to sustainable innovation.

Air taxis help reduce reliance on traditional means of transportation, helping to reduce carbon emissions and boost environmental efforts in the city.

Air taxis also provide a convenient and fast alternative for getting between major points in the city, improving the transportation experience and reducing time.

The air taxi is expected to help ease traffic congestion on major roads while attracting visitors and tourists by providing an innovative and unique transportation experience, thus contributing to boosting the city’s tourism sector.

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Guess what? Abu Dhabi is launching Robot taxis this year

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Big things are happening in Abu Dhabi. This year, robot taxis will be hitting the roads, giving you the freedom to travel without a driver and experience the future of mobility. This strategic move is a broader movement toward innovative transportation, with Abu Dhabi making it one of the first cities in the Middle East where such technologies will be available to the public.

The partnership between Uber’s global ride-hailing service and WeRide’s advanced autonomous vehicles promises to offer an effortless and futuristic journey for everyone.

Want to be among the first to step into the future? Just have your Uber app handy—your robotaxi awaits with just a few taps.

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Fuel prices in UAE to fall in October 2024

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Here’s how much you’ll pay at the pump next month…

The UAE fuel price committee on Monday announced petrol and diesel prices for the month of October 2024. The new rates will apply from October 1 and are as follows:

-Super 98 petrol will cost Dh2.66 a litre, compared to Dh2.90 in September.

-Special 95 petrol will cost Dh2.54 per litre, compared to the current rate of Dh2.78.

-E-Plus 91 petrol will cost Dh2.47 a litre, compared to Dh2.71 a litre in September.

-Diesel will be charged at Dh2.6 a litre compared to the current rate of Dh2.78

Petrol prices were expected to drop for October as global oil prices remained subdued in September. Brent oil prices averaged nearly $73 a barrel in September compared to $78.63 a barrel in August due to multiple factors such as firmer supply and news about Saudi Arabia planning to increase production.

The UAE’s Ministry of Energy first began setting UAE fuel prices based on average global prices in August 2015. Prior to that, the price of petrol in the UAE was subsidised by the government, which shielded consumers from global fluctuations in the cost of petrol.

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