Opec appointed Kuwaiti oil executive Haitham Al Ghais as its new secretary general on Monday, as demand for oil continues to improve amid a mild recovery from the coronavirus pandemic.
Mr Al Ghais, a veteran of the Kuwait Petroleum Corporation and Kuwait’s Opec governor from 2017 to June 2021, will take the group’s reins in August, replacing Mohammad Barkindo, delegates at Monday’s Opec meeting said.
“Currently serving as deputy managing director for International Marketing at KPC, Mr Al Ghais chaired the Joint Technical Committee [JTC] of the Declaration of Co-operation [DoC] in 2017 and subsequently served as a member of the JTC until June 2021,” Opec said in a statement.
The move comes as the oil exporters’ group and its allies prepare to meet on Tuesday to decide on a future course for oil production. Opec+ is expected to stick to the plan and increase production by 400,000 barrels per day in February.
At its last meeting in December, Opec+ kept to plans to boost output for January by 400,000 barrels per day despite fears over the Omicron variant of coronavirus.
Oil prices are headed for uncharted territory in 2022, driven by Omicron variant-related uncertainties and bouts of price volatility. Demand for oil has continued to improve as Omicron had only a mild impact.
Production disruptions in Libya and Ecuador due to maintenance problems and the shutdown of oilfields are also supporting oil prices.
Opec+, led by Saudi Arabia and Russia, is entering a new phase of supply recalibrations as the US and other key oil-consuming countries are looking to play a more active role in the markets.
The current Opec secretary general, Mr Barkindo, has been “instrumental in expanding Opec’s historical efforts to support sustainable oil market stability through enhanced dialogue and co-operation with many energy stakeholders, including the landmark DoC since its inception in December 2016”, Opec said.
Oil prices rose more than 50 per cent last year as global economies recovered from the pandemic — the result of stimulus measures and rapid vaccination programmes in a number of countries. Opec+ also restrained production, which propped up oil prices last year.
Brent is likely to overshoot $125 a barrel this year and $150 a barrel in 2023, largely because Opec's spare capacity is below market expectations and impedes its ability to respond to high oil prices, JP Morgan reported.
Mohammed bin Zayed Majlis
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The Specs:
The Specs:
Engine: 2.9-litre, V6 twin-turbo
Transmission: 8-speed automatic
Power: 444bhp
Torque: 600Nm
Price: AED 356,580 incl VAT
On sale: now.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
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Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
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The Written World: How Literature Shaped History
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Granta
Stan%20Lee
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20David%20Gelb%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
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Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
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The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
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- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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UAE currency: the story behind the money in your pockets
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New Zealand 57-0 South Africa
Tries: Rieko Ioane, Nehe Milner-Skudder (2), Scott Barrett, Brodie Retallick, Ofa Tu'ungfasi, Lima Sopoaga, Codie Taylor. Conversions: Beauden Barrett (7). Penalty: Beauden Barrett
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
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