Opec+ members Saudi Arabia, the UAE, Iraq, Kuwait, Oman and Algeria will extend their voluntary oil production cuts until the end of 2024 as economic growth concerns weigh on the outlook for crude demand.
Saudi Arabia, the world's largest crude exporter, will make an additional voluntary output cut of 1 million barrels per day in July, which could be extended if required, the kingdom's energy minister said during a press conference after Sunday's Opec+ meeting.
“We continue to set the example of how much one needs to be transparent in order to achieve the most … dominant and more important priorities, which is seeking stability and sustainability,” Prince Abdulaziz bin Salman said.
The UAE, Opec's third-largest producer, will have its voluntary cut of 144,000 bpd in place until the end of December 2024.
This is “a precautionary measure, in coordination with the countries participating in the Opec+ agreement, which had previously announced voluntary cuts in April”, Suhail Al Mazrouei, the UAE's Minister of Energy and Infrastructure, said on Twitter.
“This voluntary cut will be from the required production level,” Mr Al Mazrouei said.
Russia will also extend its voluntary output cut of 500,000 bpd until the end of next year.
In a separate statement on Sunday, the Opec+ alliance of 23 oil-producing countries said it set a new production target of 40.46 million barrels per day for next year.
The decision was taken “in light of the continued commitment … to achieve and sustain a stable oil market, and to provide long-term guidance for the market, and in line with the successful approach of being precautious, proactive, and pre-emptive”, Opec+ said.
The group will hold its next meeting on November 26 in Vienna.
The announcement comes as Brent, the benchmark for two thirds of the world’s oil, lost about 11 per cent of its value this year on weak economic growth in the US and China – the two top oil-consuming nations.
Brent settled 2.49 per cent higher at $76.13 a barrel on Friday after the US Senate passed a debt ceiling agreement, averting what would have been a first-ever default.
West Texas Intermediate, the gauge that tracks US crude, was up 2.34 per cent at $71.74 a barrel.
The international benchmark crossed $85 a barrel in April after some Opec+ producers surprised markets by announcing combined voluntary output cuts of 1.16 million barrels per day from May until the end of the year.
The move took the group’s total production curbs to 3.66 million bpd, or 3.7 per cent of global demand.
At an event in Qatar, Saudi Arabia's Energy Minister told oil market short sellers to “watch out” amid volatility in the market.
“I keep advising them that they will be 'ouching'. They did 'ouch' in April,” Prince Abdulaziz bin Salman said.
Short sellers strategically position themselves to make a profit if prices decline, by selling borrowed assets in the hope of repurchasing them at a lower price.
The Saudi minister’s comments helped to lift prices before a sudden turnaround after Russia’s Deputy Prime Minister, Alexander Novak said Opec+ was likely to stick to existing production targets at their meeting.
Traders are looking for signs of falling Russian exports after the country extended its output cut of 500,000 bpd until the end of the year.
Russian exports surged to 8.3 million bpd in April, the highest since Moscow’s invasion of Ukraine last year, the International Energy Agency said in its latest oil market report.
The agency, which attributed the rise in exports to higher production volumes, said that Russia did not adhere to the output curbs.
Swiss lender UBS said the discrepancy between Russia’s stated production cuts and resilient seaborne exports may be due to changes in pipeline exports, domestic oil demand and exports of refined products.
The IEA has predicted that global crude demand will hit record levels this year on the back of an economic recovery in China, the world’s second-largest economy and top crude importer.
But economic growth in the Asian country has been largely uneven since it lifted Covid-19 restrictions earlier this year.
“The non-synchronised recovery in Chinese economic growth is perhaps the biggest challenge for the oil market,” Energy Aspects, a London-based consultancy, said.
“Not all sectors have risen and definitely not at the same pace.”
Oil prices fell more than 2 per cent in a single session last week after a key gauge of China’s manufacturing sector came in lower than market expectations.
China's manufacturing purchasing managers' index (PMI) for May fell to 48.8 from 49.2 in April, according to data from the National Bureau of Statistics, its lowest in five months.
It marked the second consecutive reading below the 50-point mark that separates expansion from contraction.
Analysts and oil industry executives expect the market to tighten in the second half of 2023 on higher Asian consumption and lower output from Opec+ members.
“This is primarily the winter effect in Asia … but also a strong view that we still have that pre-Covid demand yet to come,” Mike Muller, head of Vitol Asia, said at an event in Dubai last month.
There are a lot of “green shoots” for oil bulls in the summer amid production cuts and projections of strong crude demand growth in China, Energy Aspects said.
“But, fundamentals are not going to drive crude’s flat price higher until strong inventory draws are blindingly obvious,” the consultancy said.
Racecard
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m
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.
NEW ARRIVALS
Benjamin Mendy (Monaco) - £51.75m (Dh247.94m)
Kyle Walker (Tottenham Hotspur) - £45.9m
Bernardo Silva (Monaco) - £45m
Ederson Moraes (Benfica) - £36m
Danilo (Real Madrid) - £27m
Douglas Luiz (Vasco de Gama) - £10.8m
GRAN%20TURISMO
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Neill%20Blomkamp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20David%20Harbour%2C%20Orlando%20Bloom%2C%20Archie%20Madekwe%2C%20Darren%20Barnet%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)
Zidane's managerial achievements
La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017
The specs
BMW M8 Competition Coupe
Engine 4.4-litre twin-turbo V8
Power 625hp at 6,000rpm
Torque 750Nm from 1,800-5,800rpm
Gearbox Eight-speed paddleshift auto
Acceleration 0-100kph in 3.2 sec
Top speed 305kph
Fuel economy, combined 10.6L / 100km
Price from Dh700,000 (estimate)
On sale Jan/Feb 2020
ITU Abu Dhabi World Triathlon
Women%E2%80%99s%20Asia%20Cup
%3Cp%3ESylhet%2C%20Bangladesh%3Cbr%3E%3Cbr%3E%3Cstrong%3EUAE%20results%3C%2Fstrong%3E%3Cbr%3ELost%20to%20Sri%20Lanka%20by%2011%20runs%3Cbr%3E%3Cbr%3E%3Cstrong%3EUAE%20fixtures%3C%2Fstrong%3E%3Cbr%3ETue%20Oct%204%2C%20v%20India%3Cbr%3EWed%20Oct%205%2C%20v%20Malaysia%3Cbr%3EFri%20Oct%207%2C%20v%20Thailand%3Cbr%3ESun%20Oct%209%2C%20v%20Pakistan%3Cbr%3ETue%20Oct%2011%2C%20v%20Bangladesh%3C%2Fp%3E%0A
Key findings
- Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
- Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
- People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
- Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better.
- But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
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
Schedule for Asia Cup
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
'Champions'
Director: Manuel Calvo
Stars: Yassir Al Saggaf and Fatima Al Banawi
Rating: 2/5
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
OPINIONS ON PALESTINE & ISRAEL
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Victims%20of%20the%202018%20Parkland%20school%20shooting
%3Cp%3EAlyssa%20Alhadeff%2C%2014%3C%2Fp%3E%0A%3Cp%3EScott%20Beigel%2C%2035%0D%3C%2Fp%3E%0A%3Cp%3EMartin%20Duque%2C%2014%3C%2Fp%3E%0A%3Cp%3ENicholas%20Dworet%2C%2017%3C%2Fp%3E%0A%3Cp%3EAaron%20Feis%2C%2037%3C%2Fp%3E%0A%3Cp%3EJaime%20Guttenberg%2C%2014%0D%3C%2Fp%3E%0A%3Cp%3EChris%20Hixon%2C%2049%0D%3C%2Fp%3E%0A%3Cp%3ELuke%20Hoyer%2C%2015%3C%2Fp%3E%0A%3Cp%3ECara%20Loughran%2C%2014%0D%3C%2Fp%3E%0A%3Cp%3EGina%20Montalto%2C%2014%0D%3C%2Fp%3E%0A%3Cp%3EJoaquin%20Oliver%2C%2017%0D%3C%2Fp%3E%0A%3Cp%3EAlaina%20Petty%2C%2014%0D%3C%2Fp%3E%0A%3Cp%3EMeadow%20Pollack%2C%2018%3C%2Fp%3E%0A%3Cp%3EHelena%20Ramsay%2C%2017%0D%3Cbr%3E%0D%3C%2Fp%3E%0A%3Cp%3EAlex%20Schachter%2C%2014%0D%3C%2Fp%3E%0A%3Cp%3ECarmen%20Schentrup%2C%2016%0D%3C%2Fp%3E%0A%3Cp%3EPeter%20Wang%2C%2015%3Cbr%3E%3C%2Fp%3E%0A
Terminator: Dark Fate
Director: Tim Miller
Starring: Arnold Schwarzenegger, Linda Hamilton, Mackenzie Davis
Rating: 3/5
Tips%20for%20travelling%20while%20needing%20dialysis
%3Cul%3E%0A%3Cli%3EInform%20your%20doctor%20about%20your%20plans.%C2%A0%3C%2Fli%3E%0A%3Cli%3EAsk%20about%20your%20treatment%20so%20you%20know%20how%20it%20works.%C2%A0%3C%2Fli%3E%0A%3Cli%3EPay%20attention%20to%20your%20health%20if%20you%20travel%20to%20a%20hot%20destination.%C2%A0%3C%2Fli%3E%0A%3Cli%3EPlan%20your%20trip%20well.%C2%A0%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
More from Neighbourhood Watch
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place playoff
if you go
The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
