The additional voluntary output cuts announced by the Opec+ alliance of 23 oil producers in April are aimed at balancing the oil market, the UAE's Minister of Energy and Infrastructure has said.
Suhail Al Mazrouei said he was concerned about future oil supply shortages due to low investment, according to a Reuters report.
“I’m not that worried about the very short term, I think we can manage balancing the supply with demand,” he told reporters on Tuesday, on the sidelines of the World Utilities Congress in Abu Dhabi.
“I’m more worried about the level of investment required for years to come.”
In a surprise move last month, Opec+ members — including Saudi Arabia, the UAE, Iraq, Kuwait, Oman and Algeria — announced voluntary oil production cuts amounting to 1.16 million barrels per day from May until the end of the year as a precautionary measure to support oil market stability.
Saudi Arabia, the world’s biggest oil exporter and Opec's largest producer, plans to cut its output by 500,000 bpd from May until the end of the year, according to the kingdom's Ministry of Energy.
The UAE will cut its output by 144,000 bpd during the same period, Mr Al Mazrouei said at the time.
Brent, the benchmark for two thirds of the world’s oil, crossed $85 a barrel last month after the announcement.
Brent was down 0.78 per cent at $76.41 a barrel at 1.37pm UAE time on Tuesday while West Texas Intermediate, the gauge that tracks US crude, was trading 0.78 per cent lower at $72.59 a barrel.
Opec+ said it would continue to review market dynamics and plans to meet again on June 4 in Vienna to decide on its next course of action.
April’s announcement followed a historic cut in October last year, when the Opec+ group slashed its crude output by two million bpd, its biggest production cut since the start of the Covid-19 pandemic in 2020.
The decision was made in “light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive and pre-emptive”, Opec+ said at the time.
Last week, Swiss lender UBS said it was retaining a positive outlook on the oil market and expected it to tighten on the group's cuts and rising demand over the coming months.
“Generally, we see oil demand holding up and look for even higher demand over the coming months,” UBS strategist Giovanni Staunovo said in a research note.
“The lower potential Opec+ crude production and exports should help the oil market tighten, supporting our view that oil inventories will begin to decline and support prices.”
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
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Killing of Qassem Suleimani
Getting%20there
%3Cp%3EGiven%20its%20remote%20location%2C%20getting%20to%20Borneo%20can%20feel%20daunting%20even%20for%20the%20most%20seasoned%20traveller.%20But%20you%20can%20fly%20directly%20from%20Kuala%20Lumpur%20to%20Sandakan%20and%20Sepilok%20is%20only%20half%20an%20hour%20away%20by%20taxi.%20Sandakan%20has%20plenty%20of%20accommodation%20options%2C%20while%20Sepilok%20has%20a%20few%20nature%20lodges%20close%20to%20the%20main%20attractions.%3C%2Fp%3E%0A
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Jetour T1 specs
Engine: 2-litre turbocharged
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Specs
Engine: Duel electric motors
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Price: On request
UAE currency: the story behind the money in your pockets
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
More on Quran memorisation:
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UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
