Talks with Opec+, an oil exporters' group led by Saudi Arabia and Russia, are still under way to address concerns that were raised by the UAE on metrics used to calculate its output quotas, the country's Ministry of Energy and Infrastructure said on Wednesday.
"Deliberations with Opec+ regarding [our] position on an extension of an oil supply deal are still under way," a ministry statement posted on the state news agency Wam read.
"An agreement had not been reached yet," it added.
The ministry was responding to reports suggesting that Opec+ reached a compromise with the UAE regarding its appeal to review the baseline used to calculate its output quotas.
Opec+ currently calculates the UAE's quota using an October 2018 baseline, which sets its production capacity at 3.168 million barrels per day.
The group deferred three planned ministerial meetings in July. These were to be held to assess supply restrictions but discussions stalled owing to disagreements on future cuts.
The UAE appealed to the group earlier this month to "decouple" output restrictions from plans to extend its existing agreement beyond April 2022.
The Emirates, which is Opec's third-largest producer, is investing heavily in raising its production capacity to 5 million bpd by 2030 and has called on fellow producers to use a more current baseline to allocate its quota.
Abu Dhabi has said that the baseline currently being used is not reflective of several changes in its capacity to produce oil.
Under the two-year-old baseline, the discrepancy between the UAE's current production capacity and that of October 2018 is nearly 18 per cent – the highest proportion among producers within the bloc.
Oil prices fell following earlier reports of a prospective deal as they braced for additional future supply from the bloc.
Brent, the international benchmark, closed down 2.26 per cent on Wednesday and traded 0.79 per cent lower at $74.17 by 8.19am on Thursday. WTI, the main US crude grade, dropped 2.82 per cent on Wednesday and was 0.86 per cent lower on Thursday at $72.50.
Both benchmarks rose to multi-year highs following Opec+'s indecision, which left markets tight. The crude commodity benchmarks are up nearly 50 per cent owing to vaccination efforts and the reopening of developed economies.
On Tuesday, the International Energy Agency said in its monthly market report that a no-deal among Opec+ producers is expected to tighten the market significantly as global energy demand continues to increase.
Results
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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
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
WISH
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UAE v IRELAND
All matches start at 10am, and will be played in Abu Dhabi
1st ODI, Friday, January 8
2nd ODI, Sunday, January 10
3rd ODI, Tuesday, January 12
4th ODI, Thursday, January 14
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
How green is the expo nursery?
Some 400,000 shrubs and 13,000 trees in the on-site nursery
An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo
Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery
Approximately 340 species of shrubs and trees selected for diverse landscape
The nursery team works exclusively with organic fertilisers and pesticides
All shrubs and trees supplied by Dubai Municipality
Most sourced from farms, nurseries across the country
Plants and trees are re-potted when they arrive at nursery to give them room to grow
Some mature trees are in open areas or planted within the expo site
Green waste is recycled as compost
Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs
Construction workforce peaked at 40,000 workers
About 65,000 people have signed up to volunteer
Main themes of expo is ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.
Expo 2020 Dubai to open in October 2020 and run for six months
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
More coverage from the Future Forum
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Killing of Qassem Suleimani
