Opec+ is fighting against “uncertainties and sentiments” in the market that is behaving against the fundamentals and forcing oil producers to take precautions, Saudi Arabia’s Energy Minister has said.
“I think the physical market is telling us something and the futures market is telling us something else,” Prince Abdulaziz bin Salman told the 10th Arab-China Business Conference in Riyadh on Sunday.
“That’s why we keep taking these precautionary measures.”
On Sunday, Opec+ members Saudi Arabia, the UAE, Iraq, Kuwait, Oman and Algeria said they would 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, also said it would make an additional voluntary output cut of a million barrels per day next month, which could be extended if required, Prince Abdulaziz said last week.
“This is a Saudi lollipop,” he told a news conference at the time.
Oil prices ended lower on Friday and posted a second week of losses on demand concerns and a report that the US and Iran are edging closer to an interim nuclear deal.
Brent, the benchmark for two-thirds of the world’s oil, slid 1.54 per cent, or $1.17, to settle at $74.79 a barrel. West Texas Intermediate, the gauge that tracks US crude, closed down 1.57 per cent, or $1.12, to $70.17 a barrel.
The group has total production curbs of 3.66 million bpd, or about 3.7 per cent of global demand, in place, including a 2 million bpd reduction agreed on last year and voluntary cuts of 1.66 million bpd announced in April.
Crude prices are trending lower despite the International Energy Agency predicting global crude demand to hit record levels this year on the back of an economic recovery in China.
The group countries need to remain vigilant and proactive to ensure oil market stability as they are dealing with “volatile situations” that have been generated and created by situations that “we have nothing do with” he said in Doha last month.
“To understand Opec+ today, it’s all about being proactive, pre-emptive and precautionary,” he said in Riyadh.
The minister said the latest Opec+ output caps decision involved “comprehensive reform and it would be rewarding producers who are investing to grow their crude production capacity".
"In the final analysis what this agreement will achieve for all of us is that those who invest, not this year, but years to come in 24, 25 and moving forward, there will be a recognition for their investment because they will be given higher production allocations," he said.
"Investors working with countries, just to name few, Algeria, Iraq and the UAE … will see the merits for investing in these countries simply because the pendulum has swung to those who are investing.”
MATCH INFO
Uefa Champions League, Group B
Barcelona v Inter Milan
Camp Nou, Barcelona
Wednesday, 11pm (UAE)
Killing of Qassem Suleimani
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
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Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.
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
Aayan%E2%80%99s%20records
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SPECS
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Sly%20Cooper%20and%20the%20Thievius%20Raccoonus
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The lowdown
Bohemian Rhapsody
Director: Bryan Singer
Starring: Rami Malek, Lucy Boynton, Gwilym Lee
Rating: 3/5
Killing of Qassem Suleimani
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
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- 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
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Specs
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)
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
