The UAE's Minister of Energy and Infrastructure has said Opec+'s decision to slash production was “technical” and meant to “stabilise” crude oil prices.
“We truly trust and believe in the technical credibility of the Opec and Opec+,” Suhail Al Mazrouei told reporters during a conference before the start of Adipec on Tuesday.
Earlier this month, the 23-member alliance of oil-producing countries slashed its crude output by 2 million barrels per day amid signs of a global economic slowdown.
The move, which drew criticism from the White House, led to a more than 10 per cent surge in oil prices.
On Tuesday, oil edged lower as the prospect of additional supplied from strategic reserves eased market concerns of a tight market heading into the winter season.
Brent, the benchmark for two thirds of the world’s oil, was trading 3.03 per cent lower at $88.84 a barrel at 6.49pm UAE time on Tuesday. West Texas Intermediate, the gauge that tracks US crude, was down 3.91 per cent at $82.12 a barrel.
“We are against the rumours that this is political … we always meet and discuss the facts and how we can all contribute to taking the right measures to balance the supply and demand,” Mr Al Mazrouei said.
“The decision is always taken unanimously and the same approach was taken in the last meeting,” he said.
Other Opec+ members have also stepped up their defence of the group’s output cut.
Algerian Energy Minister Mohamed Arkab called the decision a “purely technical” response to the international economic situation.
Bahrain's Ministry of Foreign Affairs expressed solidarity with Saudi Arabia and “its refusal to politicise the Opec+ decision” on production cuts.
On Sunday, Oman’s Energy Ministry said that Opec+ decisions were based on purely economic considerations and the realities of supply and demand in the market.
Mr Al Mazrouei also said that countries needed to increase their oil and gas spending as a global energy shortage looms.
“Many countries have lost production capacity and they are in decline now,” he said.
Adnoc, which is responsible for most of the UAE’s crude oil production, aims to boost its capacity to 5 million bpd by 2030 amid growing global demand for oil and gas with a lower carbon intensity.
RESULTS
5pm Wathba Stallions Cup Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner Munfared, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)
5.30pm Handicap (PA) Dh70,000 (D) 1,600m
Winner Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami
6pm Maiden (PA) Dh70,000 (D) 1,800m
Winner Dergham Athbah, Pat Dobbs, Mohamed Daggash
6.30pm Handicap (PA) Dh70,000 (D) 1,800m
Winner Rajee, Fernando Jara, Majed Al Jahouri
7pm Conditions (PA) Dh80,000 (D) 1,800m
Winner Kerless Del Roc, Fernando Jara, Ahmed Al Mehairbi
7.30pm Handicap (TB) Dh70,000 (D) 2,000m
Winner Pharoah King, Pat Dobbs, Doug Watson
8pm Conditions (PA) Dh85,000 (D) 2,000m
Winner Sauternes Al Maury, Dane O’Neill, Doug Watson
Sholto Byrnes on Myanmar politics
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
Game Of Thrones Season Seven: A Bluffers Guide
Want to sound on message about the biggest show on television without actually watching it? Best not to get locked into the labyrinthine tales of revenge and royalty: as Isaac Hempstead Wright put it, all you really need to know from now on is that there’s going to be a huge fight between humans and the armies of undead White Walkers.
The season ended with a dragon captured by the Night King blowing apart the huge wall of ice that separates the human world from its less appealing counterpart. Not that some of the humans in Westeros have been particularly appealing, either.
Anyway, the White Walkers are now free to cause any kind of havoc they wish, and as Liam Cunningham told us: “Westeros may be zombie land after the Night King has finished.” If the various human factions don’t put aside their differences in season 8, we could be looking at The Walking Dead: The Medieval Years.
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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
Meydan race card
6.30pm: Maiden Dh 165,000 1,600m
7.05pm: Handicap Dh 185,000 2,000m
7.40pm: Maiden Dh 165,000 1,600m
8.15pm: Handicap Dh 190,000 1,400m
8.50pm: Handicap Dh 175,000 1,600m
9.25pm: Handicap Dh 175,000 1,200m
10pm: Handicap Dh 165,000 1,600m
The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.
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UAE currency: the story behind the money in your pockets
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