Opec+, the alliance of 23 oil-producing countries, aims to reduce market fluctuations and will continue to focus on stability in the year ahead, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said.
The alliance's decision to cut production by 2 million barrels per day on October 5 proved to be the right one, given recent developments, he told a forum in Riyadh on Sunday after the kingdom's 2023 budget announcements.
At its last meeting in October, Opec+ decided to slash its collective output by 2 million bpd until the end of next year, citing concerns of a global economic slowdown.
He insisted every member of Opec+, which is led by Saudi Arabia and Russia, took part in decision-making.
"Group action requires agreement and therefore I continue to insist that every Opec+ member, whether a big or small producer, be a part of decision-making," Prince Abdulaziz said.
"Consensus has positive implications on the market."
The alliance, which brings together members of Opec and non-oil producers, last met on December 4 and decided to keep output unchanged amid a weakening economy and uncertainty over how the Russian price cap would affect the market.
The group said it was ready to address “market developments” and support the “balance of the oil market and its stability if necessary”.
Oil prices posted their worst weekly decline in months at close on Friday as mounting recession concerns stoked fears of slumping demand for crude.
Brent, the benchmark for two thirds of the world’s oil, settled 0.07 per cent lower at $76.10. West Texas Intermediate, the gauge that tracks US crude, closed 0.62 per cent lower at $71.02 a barrel.
Oil prices fell to below $80 a barrel for the first time since January last week on persistent fears of a recession and rising interest rates.
Global economic growth is forecast to be as weak as in 2009 — during the financial crisis — as a result of the Ukraine conflict and its impact on the world economy, the Institute of International Finance said in a report this month.
The world economy is projected to grow by 1.5 per cent next year, compared with 0.6 per cent in 2009, the IIF said.
This assessment follows the International Monetary Fund's move to slash its global economic growth forecast for next year due to the effects of the Ukraine conflict, broadening inflation pressures and a slowdown in China, the world’s second-largest economy.
The fund maintained its global economic estimate for this year at 3.2 per cent but downgraded next year's forecast to 2.7 per cent — 0.2 percentage points lower than the July forecast.
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The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
UAE currency: the story behind the money in your pockets
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How Beautiful this world is!
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
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Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Building boom turning to bust as Turkey's economy slows
Deep in a provincial region of northwestern Turkey, it looks like a mirage - hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.
Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.
The ambitious development has been hit by regional turmoil as well as the slump in the Turkish construction industry - a key sector - as the country's economy heads towards what could be a hard landing in an intensifying downturn.
After a long period of solid growth, Turkey's economy contracted 1.1 per cent in the third quarter, and many economists expect it will enter into recession this year.
The country has been hit by high inflation and a currency crisis in August. The lira lost 28 per cent of its value against the dollar in 2018 and markets are still unconvinced by the readiness of the government under President Recep Tayyip Erdogan to tackle underlying economic issues.
The villas close to the town centre of Mudurnu in the Bolu region are intended to resemble European architecture and are part of the Sarot Group's Burj Al Babas project.
But the development of 732 villas and a shopping centre - which began in 2014 - is now in limbo as Sarot Group has sought bankruptcy protection.
It is one of hundreds of Turkish companies that have done so as they seek cover from creditors and to restructure their debts.
HOSTS
T20 WORLD CUP
2024: US and West Indies; 2026: India and Sri Lanka; 2028: Australia and New Zealand; 2030: England, Ireland and Scotland
ODI WORLD CUP
2027: South Africa, Zimbabwe and Namibia; 2031: India and
Bangladesh
CHAMPIONS TROPHY
2025: Pakistan; 2029: India
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
UAE currency: the story behind the money in your pockets
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Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
Price: Dh601,800
On sale: now
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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