World oil prices rise by 2% on supply woes

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Global crude oil prices rose by more than two per cent on Wednesday after Russian President Vladimir Putin announced a partial military mobilisation, raising fears of a shortage in oil and gas supplies.

Brent crude futures rose $2.28, or 2.5 per cent, to $92.90 a barrel, after falling $1.38 in the previous session, while US West Texas Intermediate (WTI) crude futures rose by $2.22, or 2.6 per cent, to $86.16 a barrel.

Oman oil price
Oman oil price (November Delivery 2022) on Tuesday reached $92.84, comprising a rise by 24 cents from the price of Tuesday which stood at $92.60, on the Dubai Mercantile Exchange (DME).

The average price of Oman oil (September Delivery 2022) has stabilised at $103.21 per barrel, thus $9.72 per barrel lower than August Delivery 2022.

“Oil markets strongly rebounded in response to the Russian president’s announcement regarding the conflict in Ukraine. The planned mobilisation of Russian troops could result in increasing tensions, disruptions in oil deliveries as well as new sanctions from Europe,” Wael Makarem, Senior Market Strategist – MENA at Exness, said to Times of Oman.

“This could add to the concerns around supply levels, possibly shifting attention away from the decreasing demand for a moment. Geopolitical tensions could also affect current price trends if the confrontation flares up,” he further added.

At the same time, traders remained concerned about the slowing demand as global economic output continues to cool down. This could continue to affect oil prices over the longer term as geopolitical tensions abate, Makarem said.

The US Federal Reserve is widely expected to hike rates by 75 basis points for the third time in a row later on Wednesday in its drive to rein in inflation. This could also impact expectations regarding the global economy and demand for energy. A stronger-than-expected interest rate hike could put downward pressure on oil prices, he said.

“As a result, energy markets could see strong volatility in the coming days as traders react to the central bank’s decision on one side as well as to the increasing tensions in Europe on the other,” he added.

Source:https://timesofoman.com/article/121510-world-oil-prices-rise-by-2-on-supply-woes

Qatar weighs alcohol sales in stadiums at 2022 World Cup

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Qatari officials are weighing whether to relax the country’s ban on alcohol at sporting events amid pressure from FIFA and Anheuser-Busch InBev to let fans drink beer in stadiums at the 2022 World Cup, according to people familiar with the matter.

Deliberations so far have centered on whether to make Bud Light or another lower-alcohol Budweiser product available inside the venues, said the people, declining to be named as the matter is confidential.

While Qatari officials have yet to announce a final decision, organisers have signalled increasing willingness to accommodate demands from fans as the tournament’s drawn closer.

For the World Cup, Qatar’s Supreme Committee on Delivery and Legacy has promised alcohol will be available in designated “fan zones” outside stadiums and other hospitality venues.

A spokesperson said the group is working with FIFA and Qatari stakeholders to “cater to all local and visiting fans,” and “further details will be communicated in due course.”

The tournament has been beset with controversies, ranging from scheduling complications due to Qatar’s summer heat to the treatment of migrant workers.

Difficulties could mount once fans arrive and face local norms, such as dress codes requiring men and women cover their bodies from shoulders to knees in many public spaces.

Alcohol availability has been a particular flashpoint for criticism around FIFA’s decision to hold the quadrennial soccer spectacle in a conservative Muslim country where public displays of affection, boisterousness and drunkenness are taboo.

Qatar prohibits alcohol sales at almost all restaurants not associated with a high-end hotel or resort. With employer permission, foreign residents can also buy bottles of liquor, beer and wine for home consumption from a single Qatar Airways-run depot on the outskirts of Doha.

Five years ago, Hassan Al Thawadi, the Supreme Committee’s Secretary-General, said he favoured a ban on alcohol in public areas and that drinking would be permitted only in “far-away places.”

In June, he promised that liquor would be “readily available” to those who want it, touting previous experiments with “fan zones” around Qatar.

FIFA and Budweiser maker AB Inbev, which have been in partnership since 1986, are pushing for more concessions. They’ve had success in the past – Brazil passed the so-called Budweiser Bill to overturn local laws that prohibited beer in stadiums for the 2014 World Cup.

But they’ll still need to persuade Qatari officials that alcohol can be sold at stadiums without leading to the kind of unrest that has marred other major soccer tournaments and prompted leagues either to ban or limit consumption at games.

Spokespeople for FIFA and AB InBev said they’re trying to create an atmosphere that’s “respectful” towards Qatar’s customs and traditions while still making alcohol available for those who want it.

“For many around the world, having a beer is part of the shared fan experience of enjoying major sports events,” AB InBev said in an emailed statement, also noting its non-alcoholic offerings. Neither commented on discussions with local organizers.

Source:https://www.arabianbusiness.com/lifestyle/lifestyle-sport/qatar-weighs-alcohol-sales-in-stadiums-at-2022-world-cup