The Opec+ group of oil producers is meeting this week with clear signals that it is not willing to let global geopolitics dictate its output policies and undermine efforts to stabilise a volatile crude market rocked by the Russia-Ukraine crisis.
Despite calls for the supergroup of producers to increase production in a tight market and soaring oil prices that are feeding into rising inflation, the group, which will congregate online on Thursday, is expected to stay the course and roll over planned production increases in May.
Opec+, which is led by Saudi Arabia and Russia, is “likely to endorse plans for another moderate increase in oil production”, said Edward Bell, senior director of market economics at Emirates NBD.
From May 2022, the group is expected to follow the new higher baseline levels for several producers in the alliance and an additional 430,000 barrels per day of oil are expected to be added to market on a monthly basis, compared with 400,000 bpd, which had been the monthly target since the third quarter of last year.
“Messaging from Opec+ ministers has been consistent that they will not willingly oversupply markets even as importing nations call for higher production,” Mr Bell said.
A potential de-escalation in the intensity of the Ukraine war after Russia – the world’s second largest producer of oil – pledged on Tuesday to significantly reduce military operations around Kyiv, strengthens the Opec+ case of sticking to its output increase schedule.
The US and its allies in Europe, however, are sceptical of Russia’s announcement and said they will judge Moscow on its actions rather than its words.
Oil prices that climbed to a notch under $140 per barrel earlier this month, a 14-year high, declined initially after the Russian pledge, but regained upward momentum on Wednesday. They retreated overnight again following reports that he US is considering releasing crude from its strategic petroleum reserves equivalent of around 1 million barrels a day for several months.
Brent, the global benchmark for two thirds of the world's oil, was 4.54 per cent lower at $108.3 per barrel at 7.27am UAE time on Thursday. West Texas Intermediate, the gauge that tracks US crude, was down 5.43 per cent, trading at $102 a barrel at 8.15am UAE time. Brent is up 45 per cent since the start of the year.
The group of crude producers has resisted calls from the US, its European allies and other oil importing nations to increase output amid soaring crude prices and has stuck to its agreed output hikes so far.
On Monday, UAE Minister of Energy and Infrastructure Suhail Al Mazrouei, said the UAE will work within the framework of the Opec+ alliance to ensure the stability of the energy market and that the group's oil production plans must stay independent of politics.
The country is investing in building its capacity to five million bpd but this does not mean it will leave Opec+ or act unilaterally, he said at the Global Energy Forum in Dubai.
Despite volatility in oil markets, the minister urged Opec+ members to stay together and remain focused.
His message was echoed by Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman on Tuesday, who told the World Government Summit that global oil price volatility would have been worse without the efforts of Opec+.
Russia, which produces about 10 million barrels per day or about 10 per cent of the world's global output, makes a sizeable contribution to energy markets, and Opec+ must “compartmentalise” political differences for the collective good, he said.
The producers’ alliance has “made its position clear that it doesn't want to get involved in any political tensions, and Russia will stay part of Opec+", said Naeem Aslam, chief market analyst at Avatrade.
“The only question standing in front of traders now is how much more oil we will see from Opec in its meeting.”
For several months, the 23-member Opec+ alliance has worked to bring back 5.8 million bpd in production cuts to restore supply that was greatly reduced after the onset of the Covid-19 pandemic in 2020. The alliance achieved a historic reduction of 9.7 million bpd between May 2020 and July of last year.
In the near term, energy markets could tighten further with demand up almost three million bpd over last year, reaching pre-pandemic levels in the fourth quarter, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and UAE Special Envoy for Climate Change, said this week at the energy summit.
However, Opec+, which has been shepherding oil prices since 2016, has little spare capacity and most of its members lack the ability to boost production due to years of underinvestment in the upstream oil and gas infrastructure.
Annual investment into oil and gas is $200 billion below where it needs to be and that is just to keep up with demand through 2030, Dr Al Jaber said.
In this scenario, the pressure on oil prices is likely to remain, Monica Malik, chief economist at Abu Dhabi Commercial Bank, said in a research note.
“The increased geopolitical tensions in Eastern Europe and elsewhere highlight the fragile oil market conditions, given limited global spare capacity,” she said.
“The IEA [International Energy Agency] recently estimated that circa three million bpd of Russian oil and products may not find buyers from April, which, if correct, cannot be replaced by other sources immediately, putting upside pressure on the oil price.”
On the demand side, the rapid rise in Covid-19 case numbers in China and the lockdown of Shanghai is likely to dent oil consumption, according to ADCB.
“Amidst this uncertain backdrop, we expect Opec+ to maintain a cautious wait-and-see approach until there is further clarity on the supply and demand outlooks,” Ms Malik said.
Going forward, the alliance will have to factor in Iranian barrels coming to the market if Tehran manages to conclude a nuclear deal with the US and its allies. Iran has been exempt from the production cuts under the Opec+ agreement because its crude oil production is limited by US sanctions.
Iran, one of the larger Opec producers, will be able to boost exports by about a million barrels per day within a matter of months once sanctions are lifted. The US Energy Information Administration estimates Iran’s production could return to full capacity, at 3.8 million barrels per day, if Washington lifts the sanctions.
There is no indication yet, however, when Tehran will be able to strike a deal with the West.
“One factor that can significantly shift oil supply is if Iranian oil comes back to the market, and looking at the circumstances, it doesn't seem that is going to happen that easily,” Mr Aslam said.
The IEA has called an emergency ministerial meeting for this Friday to discuss the state of the oil market, a spokesperson for Australian energy minister Angus Taylor said on Thursday, Reuters reported.
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch:
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Get Out
Director: Jordan Peele
Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Dubai World Cup Carnival card:
6.30pm: Handicap (Turf) | US$175,000 | 2,410 metres
7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) | $100,000 | 1,400m
7.40pm: Handicap (T) | $145,000 | 1,000m
8.15pm: Dubawi Stakes Group 3 (D) | $200,000 | 1,200m
8.50pm: Singspiel Stakes Group 3 (T) | $200,000 | 1,800m
9.25pm: Handicap (T) | $175,000 | 1,400m
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Need to know
Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.
Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
Results
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The%20specs
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
High profile Al Shabab attacks
- 2010: A restaurant attack in Kampala Uganda kills 74 people watching a Fifa World Cup final football match.
- 2013: The Westgate shopping mall attack, 62 civilians, five Kenyan soldiers and four gunmen are killed.
- 2014: A series of bombings and shootings across Kenya sees scores of civilians killed.
- 2015: Four gunmen attack Garissa University College in northeastern Kenya and take over 700 students hostage, killing those who identified as Christian; 148 die and 79 more are injured.
- 2016: An attack on a Kenyan military base in El Adde Somalia kills 180 soldiers.
- 2017: A suicide truck bombing outside the Safari Hotel in Mogadishu kills 587 people and destroys several city blocks, making it the deadliest attack by the group and the worst in Somalia’s history.
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Killing of Qassem Suleimani
The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
