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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 traffic alert: Key roads, including Sheikh Zayed Road, to close on New Year’s Eve

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Dubai will implement gradual road closures on New Year’s Eve, including major routes such as Sheikh Zayed Road, starting from 4 PM on December 31, according to a senior official from the Roads and Transport Authority (RTA).

Residents and visitors planning to visit Downtown Dubai or other popular fireworks destinations are advised to begin their journeys early and rely on public transport, said Hussain Al Bana, Executive Director of Traffic at the RTA. He urged those not attending festivities in these areas to leave early and reminded guests with bookings near the celebrations to arrive before 4 PM.

The road closure schedule includes:

  • Sheikh Mohammed Bin Rashid Boulevard: From 4 PM
  • Financial Centre Street (Lower Deck): From 4 PM
  • Al Mustaqbal Street: From 4 PM
  • Burj Khalifa Street: From 4 PM
  • Al Asayel Road (Oud Metha to Burj Khalifa): From 4 PM
  • Al Sukuk Street: From 8 PM
  • Upper Level of Financial Road: From 8 PM
  • Sheikh Zayed Road: Gradual closure from 11 PM

To accommodate workers and ensure safety, authorities have designated viewing zones featuring large screens and meal services in collaboration with the Permanent Committee for Labour Affairs. Dedicated family-only viewing areas have also been arranged, with additional details forthcoming.

Enhanced Parking Facilities

The RTA has arranged approximately 20,000 additional parking spaces at Dubai Mall, Zabeel, and Emaar Boulevard to cater to visitors. Alternative parking options at Al Wasl and the GDRFA parking lots will also be available, with free shuttle buses provided for convenience.

Metro users can park at Centerpoint, Etisalat e&, and Jebel Ali stations for easier access to celebration venues. Note that the Dubai Water Canal Footbridge and elevators will close at 4 PM.

Citywide Celebrations

As Dubai rings in 2025, a total of 36 locations across the city will host spectacular celebrations. Highlights include fireworks displays at Burj Park, Global Village, Dubai Festival City Mall, Al Seef, Bluewaters, The Beach at JBR, and Hatta.

Authorities encourage the public to use public transport and plan their journeys in advance to enjoy a smooth and memorable New Year’s Eve.

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Dubai Metro rolls Out 43-hour nonstop operations for New Year’s Eve

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Dubai Metro and Tram services will operate nonstop for over 43 hours starting December 31, according to a senior official from the Roads and Transport Authority (RTA).

This initiative is designed to alleviate congestion during New Year celebrations, encouraging the public to rely on public transport for a smoother journey. Dubai Metro will run continuously from 5 AM on December 31 until the end of January 1, while Dubai Tram will operate from 6 AM on December 31 until 1 AM on January 2.

Additionally, the RTA will deploy a fleet of 1,400 buses, available free of charge, to further support public transportation. The RTA, highlighted that the extended Metro and Tram services, increased parking facilities, and free bus rides are part of the authority’s efforts to provide convenient travel options and reduce traffic congestion for celebrators.

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Fuel prices in UAE announced for December 2024

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

Super 98 petrol will cost Dh2.61 a litre, compared to Dh2.74 in November.
Special 95 petrol will cost Dh2.50 per litre, compared to the current rate of Dh2.63.
E-Plus 91 petrol will cost Dh2.43 a litre, compared to Dh2.55 a litre in November.
Diesel will be charged at Dh2.68 a litre compared to the current rate of Dh2.67.

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