Oil prices fell below US$60 a barrel for the second time in less than a week as fears of a widespread recession overwhelmed earlier optimism over China's $586 billion (Dh2.2 trillion) economic stimulus package.
Yesterday's five per cent drop in crude prices to $59.32 a barrel on the New York Mercantile Exchange (Nymex) occurred as the US dollar strengthened and stock markets dropped, drawing investor attention away from the Chinese aid plan.
Oil may also have been driven lower by continuing speculation that the International Energy Agency (IEA) would again cut its forecast for 2009 oil demand, as weakening economic growth damps fuel consumption.
The Paris-based IEA, which advises 28 industrialised oil consuming countries, has already lowered its global oil demand projections in each of its two previous monthly reports. It is due to release its 2008 World Energy Outlook, an annual assessment of oil markets, later today.
Amid the market turmoil, Fitch Ratings issued a report predicting that most Gulf states would be able to maintain their recent fiscal spending levels with current oil prices. Nonetheless, it warned that "a phase" of fiscal surpluses for Gulf states may be coming to an end.
"Gulf Co-operation Council governments have saved much of the oil price windfall in recent years, but they have also increased spending, pushing up break-even oil prices," Fitch said.
During the six-year rally in oil prices from 2002 to the middle of this year, Gulf oil exporters used increasing revenues from crude sales to embark on major infrastructure and economic development programmes, most of which are still in early stages of development.
Saudi Arabia's fiscal surplus would fall to zero at an oil price of $50 a barrel, Kuwait would break even at $42 and Abu Dhabi at $31, the debt rating agency said.
"Abu Dhabi, Saudi Arabia and Kuwait will avoid major cuts to spending plans in 200, and will be content to run much lower surpluses," Fitch said.
However Bahrain, needing an oil price of $74 to break even, would have to cut spending as already anticipated in the kingdom's draft budget, it added.
Nymex crude prices have plunged 59 per cent since peaking at $147 a barrel in July, and are down 36 per cent from a year ago.
Oil has slumped 10 per cent in the past week alone, as equities retreated, US fuel stockpiles rose and the nation's unemployment rate climbed to a 14-year high.
Opec officials said this week the group may call a second emergency meeting ahead of its regularly scheduled Dec 17 meeting in Algeria, in response to the continued steep slide in oil prices. At its last emergency meeting on Oct 24, the group pledged to cut output by 1.5 million barrels per day. Since then, major Opec oil exporters including Saudi Arabia, Iran and the UAE have confirmed compliance with the reduced production quotas.
tcarlisle@thenational.ae
Chinese inflation slows B12
Straightforward ways to reduce sugar in your family's diet
- Ban fruit juice and sodas
- Eat a hearty breakfast that contains fats and wholegrains, such as peanut butter on multigrain toast or full-fat plain yoghurt with whole fruit and nuts, to avoid the need for a 10am snack
- Give young children plain yoghurt with whole fruits mashed into it
- Reduce the number of cakes, biscuits and sweets. Reserve them for a treat
- Don’t eat dessert every day
- Make your own smoothies. Always use the whole fruit to maintain the benefit of its fibre content and don’t add any sweeteners
- Always go for natural whole foods over processed, packaged foods. Ask yourself would your grandmother have eaten it?
- Read food labels if you really do feel the need to buy processed food
- Eat everything in moderation
Company%20profile
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Company%20Profile
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Jawan
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Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
MEDIEVIL%20(1998)
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COMPANY%20PROFILE%20
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Fixtures:
Thursday:
Hatta v Al Jazira, 4.55pm
Al Wasl v Dibba, 7.45pm
Friday:
Al Dhafra v Al Nasr, 5.05pm
Shabab Al Ahli Dubai v Al Wahda, 7.45pm
Saturday:
Ajman v Emirates, 4.55pm
Al Ain v Sharjah, 7.45pm
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD5
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Confirmed%20bouts%20(more%20to%20be%20added)
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Company%20Profile
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Company%20Profile
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COMPANY%20PROFILE
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Men's football draw
Group A: UAE, Spain, South Africa, Jamaica
Group B: Bangladesh, Serbia, Korea
Group C: Bharat, Denmark, Kenya, USA
Group D: Oman, Austria, Rwanda
UAE currency: the story behind the money in your pockets
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Bahrain%20GP
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now