Oil prices fell more than 6 per cent after Opec+ ended weeks of deadlock and agreed on Sunday to boost supply from August.
Brent, the key international oil benchmark, fell below $70 to trade 6.06 per cent lower at $69.13 per barrel at 7.20pm UAE time. West Texas Intermediate was 6.75 per cent lower at $66.96 per barrel.
Opec+ agreed to bring 400,000 barrels per day back to the markets in August and will revise baselines used to calculate quotas from May 2022, following requests by several countries, including the UAE.
Under the latest agreement, the UAE's new production baseline will increase to 3.5 million bpd, from 3.168 million bpd previously. Other producers – including Iraq, Kuwait, Saudi Arabia and Russia – will also see their baselines rise.
"Although the intention to increase production is a short-term negative for oil prices, particularly as it coincides with growth fears sweeping markets this week, in the longer run, the ability of Opec+ once again to overcome their difference is a positive for prices," said Jeffrey Halley, senior market analyst, Asia Pacific at Oanda.
"If demand falls short of expectations, Opec+ more than likely has the discipline to modify production targets to support prices as well now, as necessary," he added
Opec+, led by Saudi Arabia and Russia, extended its agreement until the end of December 2022. The group reached a consensus over the phasing out of 5.8 million bpd of withheld supply following weeks of deadlock and will review the pact at the end of the year.
Saudi Arabia's energy minister, Prince Abdulaziz bin Salman warned about "uncertainty" in the oil markets.
"We're dealing with uncertainty. And if you are dealing with uncertainty, the first thing you need to do is to acquiesce to the concept that you cannot predict uncertainty," he told reporters after the meeting.
In spite of additional expected output from Opec+, global oil demand growth is still set to outpace supply, "resulting in a further drawdown in inventories," said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
"The expected tight oil market fundamentals are likely to keep oil prices supported and we see Brent averaging $73 per barrel in 2H2021," she added.
Opec continues to maintain its demand growth forecast for crude at almost 6 million bpd for 2021, leaving the estimate unchanged in its July report for the third consecutive month.
Total global oil demand is set to reach 96.6 million bpd, the group said in its latest monthly market report.
Longer-term, oil prices are likely to continue their rise as mobility restrictions ease and demand for energy rises.
"The slow pace of production growth indicates that producers are comfortable with current oil prices and are likely concerned about the pace of economic recovery as new coronavirus variants emerge," said Naeem Aslam, chief market analyst at AvaTrade.
"Therefore, it is uncertain whether the planned rise in oil supply will hinder a rise in oil prices as demand continues to rise," he added.
Following the Opec+ decision to boost supply, Brent, the benchmark under which two thirds of oil globally trades, is still headed towards $80 per barrel as demand is set to outpace supply, said Giovanni Staunovo, commodity analyst at Swiss bank UBS.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Final results:
Open men
Australia 94 (4) beat New Zealand 48 (0)
Plate men
England 85 (3) beat India 81 (1)
Open women
Australia 121 (4) beat South Africa 52 (0)
Under 22 men
Australia 68 (2) beat New Zealand 66 (2)
Under 22 women
Australia 92 (3) beat New Zealand 54 (1)
Sri Lanka Test squad:
Dimuth Karunaratne (stand-in captain), Niroshan Dickwella (vice captain), Lahiru Thirimanne, Kaushal Silva, Kusal Mendis, Kusal Janith Perera, Milinda Siriwardana, Dhananjaya de Silva, Oshada Fernando, Angelo Perera, Suranga Lakmal, Kasun Rajitha, Vishwa Fernando, Chamika Karunaratne, Mohamed Shiraz, Lakshan Sandakan and Lasith Embuldeniya.
UAE currency: the story behind the money in your pockets
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
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
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
Results
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Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
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