Barclays says oil demand ‘healing’ even as COVID rages across Asia

Barclays says oil demand ‘healing’ even as COVID rages across Asia
Gas companies struggle to keep up with Increase of fuel demand as memorial day approaches. (Getty)
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Updated 21 May 2021

Barclays says oil demand ‘healing’ even as COVID rages across Asia

Barclays says oil demand ‘healing’ even as COVID rages across Asia
  • The bank expects Brent and WTI oil prices to average $66 a barrel and $62 a barrel, respectively, this year.

LONDON: A gradual oil demand recovery is largely on track as economies re-open, British bank Barclays said on Friday, adding that it remained constructive on oil prices despite rising coronavirus cases across Asia and potential return of Iranian supplies.
It cut demand estimates for the Emerging Markets Asia (ex-China) region, flagging the risk of further downside if the recent surge in infections persisted.
“Extended mobility restrictions in the region might slow the demand recovery somewhat, but seem unlikely to stall it for a sustained period, given largely positive results of vaccination programs worldwide,” Barclays said.
The bank expects Brent and WTI oil prices to average $66 a barrel and $62 a barrel, respectively, this year. It sees an increase of $5 to $6 a barrel in 2021.
Brent crude futures were trading around $65.23 a barrel, while US West Texas Intermediate was at $62.17 a barrel during Asian trading hours on Friday.
In its note titled “Cautious supply, healing demand,” Barclays said a swift agreement to revive and implement Iran’s nuclear deal could pose some downside risk to its price view for the second half of 2021.
“But such a scenario might also entail a slower tapering of supply curbs by the OPEC+, potentially softening the blow to prices,” it added.
If the United States lifted sanctions on Iran, the Middle East nation could boost oil shipments, adding to global supply.
Global oil inventories could largely normalize over the next two or three months, given a recent drawdown in inventories and a projected deficit of about 1.5 million barrels a day in the second half, the bank said. A cautious approach by US producers of tight oil and continued OPEC+ restraint aids inventory normalization, it added.


US Treasury imposes more sanctions on Hezbollah-linked Lebanese individuals

US Treasury imposes more sanctions on Hezbollah-linked Lebanese individuals
Updated 26 min 51 sec ago

US Treasury imposes more sanctions on Hezbollah-linked Lebanese individuals

US Treasury imposes more sanctions on Hezbollah-linked Lebanese individuals
  • Lebanon’s economy has been in crisis since 2019 when it collapsed under a mountain of debt

WASHINGTON: The United States on Friday imposed sanctions on three Lebanese nationals and 10 companies it said were part of an international Hezbollah network, accusing them of evading sanctions on the powerful group with an armed militia that is designated as a Foreign Terrorist Organization by Washington.
The US Treasury Department in a statement said it designated Adnan Ayad, who it said was a Hezbollah member and businessman, as well as other members of an international network of facilitators and companies connected to him and his business partner, Adel Diab, who was designated by Washington on Tuesday.
Friday’s move comes after the United States on Tuesday imposed sanctions on three businessmen, including Diab, with ties to Hezbollah, saying their activity as financial facilitators for the Iran-backed group was exploiting Lebanon’s economic resources at a time of crisis for that country.
“Treasury is committed to disrupting Hizballah’s illicit activity and attempts to evade sanctions through business networks while the group doubles down on corrupt patronage networks in Lebanon,” Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson said in the statement on Friday.
Lebanon’s economy has been in crisis since 2019 when it collapsed under a mountain of debt. Its currency plunged to a new low last week, and swaths of the country have been driven into poverty.
Lebanon’s Cabinet will hold its first meeting in three months next week, local media reported on Monday, after Hezbollah and another group, Amal, ended their boycott of the Cabinet over the weekend.
The two groups, which back several ministers, had been boycotting the Cabinet in a dispute over the conduct of an investigation into a huge explosion at Beirut’s port in 2020.


Magnitude 6 earthquake strikes Sarangani, Philippines

People gather on a field after an earthquake struck the Batanes Province, in northern Philippines. (REUTERS file photo)
People gather on a field after an earthquake struck the Batanes Province, in northern Philippines. (REUTERS file photo)
Updated 22 January 2022

Magnitude 6 earthquake strikes Sarangani, Philippines

People gather on a field after an earthquake struck the Batanes Province, in northern Philippines. (REUTERS file photo)

MANILA: A magnitude 6 earthquake struck Sarangani province in Philippines, the United States Geological Survey (USGS) said on Friday.
The quake was at a depth of 24 km (15 miles), USGS said.


Coalition denies targeting detention center in Yemen

Coalition denies targeting detention center in Yemen
Updated 22 January 2022

Coalition denies targeting detention center in Yemen

Coalition denies targeting detention center in Yemen

RIYADH: The Coalition to Restore Legitimacy in Yemen said media reports about it targeting a detention center in Saada are false.
The coalition blamed the Iran-backed Houthi militia for spreading misinformation, saying it fits the group’s usual deceptive approach.
The Coalition’s Joint Forces Command will brief the Office for the Coordination of Humanitarian Affairs (OCHA) in Yemen and the International Committee of the Red Cross (ICRC) about the facts and details, Al Ekhbariya reported early on Saturday.


Myanmar sentences lawmaker from Suu Kyi's party to death

Myanmar sentences lawmaker from Suu Kyi's party to death
Updated 22 January 2022

Myanmar sentences lawmaker from Suu Kyi's party to death

Myanmar sentences lawmaker from Suu Kyi's party to death
  • The two are among the most prominent activists to be given death sentences since the military in February last year seized power from the elected government of Aung San Suu Kyi

BANGKOK: Two prominent political activists in military-ruled Myanmar have been sentenced to death for alleged involvement in terrorist activities, an army television station reported Friday.
Myawaddy TV said on its evening news broadcast that Kyaw Min Yu, better known as Ko Jimmy, and Phyo Zeyar Thaw, also known as Maung Kyaw, were convicted under the country’s Counterterrorism Law. They were found guilty of offenses involving explosives, bombings and financing terrorism.
Both have been detained since their arrests, unable to comment on the allegations, and no lawyer ever emerged to comment on their behalfs. Min Yu’s wife, Nilar Thein, in October denied the allegations lodged against her husband.
Details of their trials were unavailable because the proceedings were carried out in a closed military court. It was unclear if their two cases were linked.
Modern-day Myanmar has a record of rarely carrying out death sentences.
The two are among the most prominent activists to be given death sentences since the military in February last year seized power from the elected government of Aung San Suu Kyi.
Its takeover sparked wide-scale popular protests, which have since turned into a low-level insurgency after nonviolent demonstrations were met with deadly force by the security forces. Almost 1,500 civilians are estimated to have been killed, and more than 11,000 arrest carried out for political offenses.
Some resistance factions have engaged in assassinations, drive-by shootings and bombings in urban areas, The mainstream opposition organizations generally disavow such activities, while supporting armed resistance in rural areas, which are more often subject to brutal military attacks.
Kyaw Min Yu is one of the leaders of the 88 Generation Students Group, veterans of the popular uprising that failed to unseat a previous military government.
He has been active politically ever since then, and has spent more than a dozen years behind bars. His Oct. 23 arrest in Yangon was originally reported by his wife, an activist who also has been jailed in the past. Both went into hiding after the February takeover and she is believed to still be in hiding.
Two weeks after his arrest, a statement from the military-installed government accused Kyaw Min Yu, of “conducting terrorism acts including mine attacks to undermine the state stability” and alleged he headed a group called “Moon Light Operation” to carry out urban guerrilla attacks.
He had already been on the wanted list for social media postings that allegedly incited unrest.
Phyo Zeyar Thaw is a former lawmaker with Suu Kyi’s National League for Democracy party. He was a hip-hop musician before becoming as a member of Generation Wave, a political movement formed in 2007.
He was arrested on Nov. 18 in possession of weapons and ammunition, according to a statement at the time from the ruling military.
That statement also said he was arrested on the basis of information from people arrested a day earlier for carrying out the shootings of security personnel.
Other statements from the military accused him of being a key figure in a network of dozens of people who allegedly carried out what the military described as “terrorist” attacks in Yangon.


Saudi elementary, kindergarten students excited about return to school

For the first few weeks after schools reopen the program will in particular focus on psychological efforts to help students get back into the school routine. (Supplied)
For the first few weeks after schools reopen the program will in particular focus on psychological efforts to help students get back into the school routine. (Supplied)
Updated 22 January 2022

Saudi elementary, kindergarten students excited about return to school

For the first few weeks after schools reopen the program will in particular focus on psychological efforts to help students get back into the school routine. (Supplied)
  • Psychological preparation and support important for the children as it will help them resume their studies and interactions with their peers, says mother-of-two

JEDDAH: As teachers and education authorities prepare for the long-awaited return of younger children to school classrooms on Sunday, so too are the students and their parents.

The Saudi Ministry of Education announced last week that elementary schools and kindergartens will reopen on Jan. 23, almost two years after they closed as a health precaution to prevent the spread of the coronavirus. The resumption of in-person teaching for the under-12s had been postponed from October last year.
“It’s a decision we must face one day and my children are excited to return to school and it is better for them,” Ala’a Alama, mother of two, told Arab News.
Schools in Saudi Arabia closed classrooms and switched to online learning soon after the pandemic began in early 2020. More than 5 million students across the Kingdom used specially developed distance-learning platforms called Madrasati and Rawdati.  Jumana Haj Ahmad, UNICEF’s deputy representative for the Gulf region, said that Saudi authorities had played a world-leading role in the provision of online education.
In preparation for the long-awaited return of students, senior school officials across the Kingdom have implemented a program to prepare pupils, parents and teachers for a safe resumption of classes.

HIGHLIGHTS

• In preparation for the long-awaited return of students, senior school officials across the Kingdom have implemented a program to prepare pupils, parents and teachers for a safe resumption of classes.

• It focus on four key areas: Reassuring students and parents about the return to school and face-to-face learning; reminding them of the importance of adhering to safety protocols while in school; providing parents with a platform through which they can ask questions and share concerns; and motivating students to study and participate in activities.

It focus on four key areas: Reassuring students and parents about the return to school and face-to-face learning; reminding them of the importance of adhering to safety protocols while in school; providing parents with a platform through which they can ask questions and share concerns; and motivating students to study and participate in activities.
For the first few weeks after schools reopen the program will in particular focus on psychological efforts to help students get back into the school routine. As part of the program, schools will offer art activities, children’s theater, cultural and entertainment workshops, take photos and shoot videos as students return, and distribute gifts.
Alama said that psychological preparation and support is important for the children as it will help them to resume their studies and interactions with their peers.
Schools will also provide 22 cultural, sports and awareness activities to give students plenty of opportunities to get physically active again after a hiatus of almost two years.
Meanwhile, the online education facilities will remain available for children with serious health conditions that prevent them from returning to the classroom.
Educators in charge of kindergartens and elementary schools across the Kingdom will follow safety guidelines from the Saudi Public Health Authority: Morning assemblies will remain suspended; sports activities must be conducted in spacious, well-ventilated locations; organized entry and departure from school will be organized; and social-distancing measures must be followed in classrooms.
Alama said her children, who are 7 and 10 years old, are aware of all the precautionary measures they need to follow.
“During the pandemic, they learned the importance of washing their hands, maintaining social distancing, and using masks, sanitizers and disinfecting wipes, which are all kept in a kit prepared for them to take to school,” she said.
UNICEF’s Ahmad this week praised the decision by Saudi authorities to resume in-person teaching for children under the age of 12. Older children have already returned to classrooms.
Ahmad said it is an important step and added that during a pandemic, schools should be the last places to close and first to reopen.
 In addition,  Saudi Arabia’s provision of online education through its two platforms and TV and video channels was world-leading. She also praised the Ministry of Education’s efforts to ensure children’s successful psychological and social growth, and programs designed to protect them from abuse.