Opec+, the oil exporters alliance headed by Saudi Arabia and Russia, stays the course for its planned supply increase for September, to bring 400,000 barrels per day back to the market.
The group did not acquiesce to pressures from the White House, which last month called on producers to bring more supply to the markets.
Opec+ has begun to taper a historic production restriction pact and plans to bring 2 million bpd back to the markets by the end of the year.
Oil prices fell in response to more crude output hitting the markets in the near future. Brent, the international benchmark, was down 0.45 per cent to trade at $71.31 per barrel at 8.07pm UAE time. West Texas Intermediate, which tracks US crude grades, was down 0.57 per cent at $68.11 per barrel.
"While the effects of the Covid-19 pandemic continue to cast some uncertainty, market fundamentals have strengthened and OECD [Organisation for Economic Co-operation and Development] stocks continue to fall as the recovery accelerates," Opec said in a communique after a meeting on Wednesday.
The group will convene its next ministerial meeting on October 4.
Conformity with output curbs reached 109 per cent in July, Opec said.
The group also extended the timeline for countries that produced over their quota to make compensatory cuts until the end of December. The producers have been asked to submit their plans to make additional cuts by September 17.
"This was a rare easy meeting for Opec+ that did not even last half an hour. No surprises today, as Opec+ ratified a plan to move forward with 400,000 bpd production increases," said Edward Moya, senior market analyst for the Americas, at Oanda.
"The oil market will stay in deficit for the rest of the year with 2021 oil demand growth at 6 million bpd."
Opec's joint ministerial monitoring committee expects a surplus of 2.5 million bpd in 2022, which is expected to prevent a surge in oil prices.
Alexander Novak, Russia’s deputy prime minister and top Opec negotiator, said ahead of the Opec+ meeting that the country, the largest producer within the alliance, could raise its supply over its quota limits.
"The battle for market share among Opec+ will intensify but the posturing has already started," Mr Moya said.
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While you're here
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Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
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More from Sholto Byrnes
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
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On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
The National Editorial: Is there much to celebrate on International Women's Day 2021?
Cricket World Cup League 2
UAE results
Lost to Oman by eight runs
Beat Namibia by three wickets
Lost to Oman by 12 runs
Beat Namibia by 43 runs
UAE fixtures
Free admission. All fixtures broadcast live on icc.tv
Tuesday March 15, v PNG at Sharjah Cricket Stadium
Friday March 18, v Nepal at Dubai International Stadium
Saturday March 19, v PNG at Dubai International Stadium
Monday March 21, v Nepal at Dubai International Stadium
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
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Quick%20facts
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
SPECS
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
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MATCH INFO
Uefa Champions League semi-final, second leg
Real Madrid (2) v Bayern Munich (1)
Where: Santiago Bernabeu, Madrid
When: 10.45pm, Tuesday
Watch Live: beIN Sports HD
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Tomorrow 2021
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
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Rashmee Roshan Lall: Sound of silence in South Asia
The national orchestra
Tomorrow 2021
Mohammed bin Zayed Majlis
Our commentary on Brexit
- Alistair Burt: Despite Brexit, Britain can remain a world power
- Sam Williams: Departure is influenced by its sense of place
While you're here
On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
The National Editorial: Is there much to celebrate on International Women's Day 2021?
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Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
