Jordanian foreign minister says HTS leader Al Sharaa realises threat of Daesh; Qatar's Minister of State for Foreign Affairs also arrives in Damascus
world1 hour ago
Oil prices rose on Monday as the slow return of US crude output that was cut by frigid conditions raised concerns about supply just as demand is coming back from the depths of the coronavirus pandemic.
Also read:
Brent crude was up 76 cents, or 1.2 per cent, at $61.67 a barrel by 0104 GMT, after gaining nearly 1 per cent last week. US oil rose 74 cents, or 1.3 per cent, to $59.98 a barrel, having fallen 0.4 per cent last week.
Abnormally cold weather in Texas and the Plains states forced the shut down of up to 4 million barrels per day (bpd) of crude production along with 21 billion cubic feet of natural gas output, analysts estimated.
Oilfield crews will likely take several days to de-ice valves, restart systems and begin oil and gas output. US Gulf Coast refiners are assessing damage to facilities and may take up to three weeks to restore most of their operations, analysts said, with low water pressure, gas and power losses hampering restarts.
“With three quarters of fracking crews standing down, the likelihood of a fast resumption is low,” ANZ Research said in a note.
“Longer term, the fall in capital expenditure at US shale oil companies this year will keep drilling activity subdued, leading to output remaining below pre-pandemic levels,” ANZ said.
For the first time since November, US drilling companies cut the number of oil rigs operating due to the cold and snow enveloping Texas, New Mexico and other energy producing centres.
Jordanian foreign minister says HTS leader Al Sharaa realises threat of Daesh; Qatar's Minister of State for Foreign Affairs also arrives in Damascus
world1 hour ago
The campaign brings an added layer of festive excitement, allowing customers to schedule gift deliveries for Christmas Eve or Christmas Day
kt network1 hour ago
On the menu is Naser’s famous machboos, which uses his mum’s special spice blend
food1 hour ago
Movie theatres are scarce in the country, numbering at just 15 and largely concentrated in major urban hubs
mena1 hour ago
Alain Carpentier, Senior Vice President for Worldwide Sales, and Jacob Chacko, Regional Director for the Middle East and Africa, HPE Aruba Networking, share insights into the company's vision, approach to AI-powered networking, and relentless pursuit of innovation
supplements1 hour ago
Switzerland’s economy was already tipped to outperform its neighbours
economy1 hour ago
The initiative, which provides two customised options of inspection, reduces customs processing times by more than 50 per cent
uae1 hour ago
It is just one of the sites being cleaned up across the capital as it prepares for the arrival of 33 million people in 2025 for the Jubilee of the Catholic Church
europe1 hour ago