Oil prices edged higher on Tuesday after Saudi Arabia and Russia announced output cuts for August, stoking concerns over tight supply.
Brent, the benchmark for two thirds of the world’s oil, was trading 2.14 per cent higher at $76.25 a barrel at 10.56pm UAE time, while West Texas Intermediate, the gauge that tracks US crude, was up 1.73 per cent at $71 a barrel.
On Monday, Brent rose nearly 2 per cent before settling 1.01 per cent lower at $74.65 a barrel, while WTI was down 1.20 per cent $69.79.
“The Saudi extension should have been expected by everyone, but the Russian export cut news did surprise many energy traders,” said Edward Moya, senior market analyst at Oanda.
Saudi Arabia, the world’s largest oil exporter, will extend its production cut of one million barrels per day, which was initially announced for July, for another month, the Saudi Press Agency reported on Monday, citing an official source from the Ministry of Energy.
The kingdom’s production for August will be about nine million bpd and “this additional voluntary cut comes to reinforce the precautionary efforts made by Opec countries with the aim of supporting the stability and balance of oil markets”, the source said.
Saudi Arabia’s output will be near its lowest levels since the peak of the pandemic, Emirates NBD economists said in a research note on Tuesday.
In April 2020, the Opec alliance of 23 oil-producing countries announced its largest-ever production cut of 9.7 million barrels per day as Covid-19 lockdowns decimated global fuel demand and took Brent crude below $30 a barrel.
“We expect Saudi Arabia will keep output constrained for the remainder of 2023, only incrementally adding supplies to the market,” Emirates NBD said.
Russia will also cut its oil supplies by 500,000 bpd next month on top of the output reductions that have already been announced, state news agency Tass reported, citing a representative for Deputy Prime Minister Alexander Novak.
“Russian oil exports hit prewar levels in April and Asian demand kept on taking advantage of the Russian discounts,” Mr Moya said.
“[Moscow] has hardly been crippled by western sanctions as they have been able to sell crude to India, China and Turkey.”
Last month, Opec agreed to stick to its existing output cuts until the end of 2024.
The group has total production curbs of 3.66 million bpd, or about 3.7 per cent of global demand, in place, including a two million bpd reduction agreed last year and voluntary cuts of 1.66 million bpd announced in April.
Meanwhile, US manufacturing activity slumped further in June, reaching levels last seen in April 2020.
The ISM’s manufacturing PMI fell to 46.0 last month, down from 46.9 in May. The PMI remained below 50 for the eighth consecutive month, indicating contraction in the sector.
However, the prices paid for inputs fell sharply to 41.8, suggesting that goods inflation may continue to slow.
“The employment component of the ISM survey showed a decline in manufacturing jobs in June after two months of modest gains in employment,” Emirates NBD said.
The probability of a recession in the US over the coming year has dropped to 25 per cent as uncertainty triggered by the disruptive debt ceiling fight has dissipated, Goldman Sachs said.
The chances of contraction in the world’s biggest economy over the next year have come down from an earlier projection of 35 per cent as the banking sector distress appears to have only a modest economic impact, the investment bank said in its latest report on the US economy.
Factory activity growth in China, the world’s second largest economy and top crude importer, slowed in June.
The Caixin/S&P Global manufacturing purchasing managers' index eased to 50.5 last month from 50.9 in May. The 50-point index mark separates expansion from contraction.
After rising at the quickest rate in 11 months in May, Chinese manufacturing output expanded only slightly in June.
The British in India: Three Centuries of Ambition and Experience
by David Gilmour
Allen Lane
Paris Can Wait
Dir: Eleanor Coppola
Starring: Alec Baldwin, Diane Lane, Arnaud Viard
Two stars
Results
4pm: Al Bastakiya – Listed (TB) $150,000 (Dirt) 1,900m; Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)
4.35pm: Dubai City Of Gold – Group 2 (TB) $228,000 (Turf) 2,410m; Winner: Walton Street, William Buick, Charlie Appleby
5.10pm: Mahab Al Shimaal – Group 3 (TB) $228,000 (D) 1,200m; Winner: Canvassed, Pat Dobbs, Doug Watson
5.45pm: Burj Nahaar – Group 3 (TB) $228,000 (D) 1,600m; Winner: Midnight Sands, Pat Dobbs, Doug Watson
6.20pm: Jebel Hatta – Group 1 (TB) $260,000 (T) 1,800m; Winner: Lord Glitters, Daniel Tudhope, David O’Meara
6.55pm: Al Maktoum Challenge Round-1 – Group 1 (TB) $390,000 (D) 2,000m; Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass
7.30pm: Nad Al Sheba – Group 3 (TB) $228,000 (T) 1,200m; Winner: Final Song, Frankie Dettori, Saeed bin Suroor
21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt
Date started: January 2017, app launched November 2017
Based: Dubai, UAE
Sector: Private/Retail/Leisure
Number of Employees: 18 employees, including full-time and flexible workers
Funding stage and size: Seed round completed Q4 2019 - $1m raised
Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels
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
Pieces of Her
Stars: Toni Collette, Bella Heathcote, David Wenham, Omari Hardwick
Director: Minkie Spiro
Rating:2/5
Abramovich London
A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million.
A three-storey penthouse at Chelsea Waterfront bought for £22 million.
Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military.
Sale of Chelsea Football Club is now impossible.
Killing of Qassem Suleimani
The%20trailblazers
%3Cp%3ESixteen%20boys%20and%2015%20girls%20have%20gone%20on%20from%20Go-Pro%20Academy%20in%20Dubai%20to%20either%20professional%20contracts%20abroad%20or%20scholarships%20in%20the%20United%20States.%20Here%20are%20two%20of%20the%20most%20prominent.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EGeorgia%20Gibson%20(Newcastle%20United)%3C%2Fstrong%3E%0D%3Cbr%3EThe%20reason%20the%20academy%20in%20Dubai%20first%20set%20up%20a%20girls%E2%80%99%20programme%20was%20to%20help%20Gibson%20reach%20her%20potential.%20Now%20she%20plays%20professionally%20for%20Newcastle%20United%20in%20the%20UK.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMackenzie%20Hunt%20(Everton)%3C%2Fstrong%3E%0D%3Cbr%3EAttended%20DESS%20in%20Dubai%2C%20before%20heading%20to%20the%20UK%20to%20join%20Everton%20full%20time%20as%20a%20teenager.%20He%20was%20on%20the%20bench%20for%20the%20first%20team%20as%20recently%20as%20their%20fixture%20against%20Brighton%20on%20February%2024.%0D%3C%2Fp%3E%0A
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
UAE currency: the story behind the money in your pockets
JERSEY INFO
Red Jersey
General Classification: worn daily, starting from Stage 2, by the leader of the General Classification by time.
Green Jersey
Points Classification: worn daily, starting from Stage 2, by the fastest sprinter, who has obtained the best positions in each stage and intermediate sprints.
White Jersey
Young Rider Classification: worn daily, starting from Stage 2, by the best young rider born after January 1, 1995 in the overall classification by time (U25).
Black Jersey
Intermediate Sprint Classification: worn daily, starting from Stage 2, by the rider who has gained the most Intermediate Sprint Points.
RESULTS
West Asia Premiership
Thursday
Jebel Ali Dragons 13-34 Dubai Exiles
Friday
Dubai Knights Eagles 16-27 Dubai Tigers
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
One-off T20 International: UAE v Australia
When: Monday, October 22, 2pm start
Where: Abu Dhabi Cricket, Oval 1
Tickets: Admission is free
Australia squad: Aaron Finch (captain), Mitch Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, Darcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa, Peter Siddle
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
