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.”
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Globalization and its Discontents Revisited
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W. W. Norton & Company
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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Day 2, Dubai Test: At a glance
Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.
Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.
The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
