Opec+ will continue pursuing efforts to stabilise the oil market and will do “whatever is necessary”, Saudi Arabia’s Energy Minister has said.
Prince Abdulaziz bin Salman, who was speaking at the Opec Seminar in Vienna on Wednesday, said the market would not be left “unattended” and that the output policy announced on June 4 was “too big for people to comprehend”.
His remarks come after the world’s largest oil exporter said it would extend its voluntary production cut of a million barrels per day, which was initially announced for July, for another month.
Russia is also cutting its oil exports by 500,000 bpd in August on top of the output reductions that have already been announced, state news agency Tass reported on Monday.
Prince Abdulaziz said it was “more meaningful” for Moscow to reduce its oil exports and that the cut was voluntary and not imposed.
“Part of what we have done with … Russia is mitigating the cynical side of spectators,” he said.
Brent, the benchmark for two thirds of the world’s oil, has lost about 12 per cent of its value this year amid economic growth concerns and resilient Russian crude supply.
Brent was trading 0.47 per cent higher at $76.63 a barrel at 5.50pm UAE time on Wednesday.
“You cannot change negativity that is emanating from a 'tell me' kind of thing and not a 'show me' kind of thing,” Prince Abdulaziz said as he addressed the lukewarm market response to recent production cuts.
“People [also] overlook the fact that inflation is being managed and it has come down … the tools of the central bankers are working.”
The US Federal Reserve has raised interest rates 10 times to between 5 per cent and 5.25 per cent since March 2022 to bring down the high cost of goods.
Although inflation has fallen since its peak of 9.1 per cent last summer, Fed Chairman Jerome Powell has said it remains above the central bank's long-term target.
Speaking at a separate panel session, the UAE's Energy Minister indicated that the country would not participate in any additional voluntary output cuts.
“The voluntary cuts that apply in the Kingdom of Saudi Arabia [and] Russia as well … are very important,” Suhail Al Mazrouei said.
The minister also affirmed that voluntary oil output cuts by Opec and non-Opec producers have contributed to ensuring global oil market stability.
He also said that Opec+ may need to invite new members to join the group as it makes the group's job easier.
"The more producers we have, the more sets of data we have and the [data] prediction is easier," Mr Al Mazrouei said.
Opec+ countries currently produce about 40 per cent of all the world's crude oil.
Last month, the alliance of 23 oil-producing countries agreed to stick to its existing output policy 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.
Opec+ will continue to increase transparency in the market by engaging with third parties and independent institutions to verify the production capacities of member countries, Prince Abdulaziz said.
“The lessons learnt in attending to the Covid-19 crisis [led to] more transparency [and] clarity with market participants,” he said.
In April 2020, the Opec+ alliance announced its largest production cut of 9.7 million bpd as Covid-19 lockdowns hit global fuel demand and took Brent crude below $30 a barrel.
In an earlier speech at the event, Opec Secretary General Haitham Al Ghais said the oil producer’s group was pursuing market stability, adding that crude oil was “too central and fundamental” to the global economy.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
End of free parking
- paid-for parking will be rolled across Abu Dhabi island on August 18
- drivers will have three working weeks leeway before fines are issued
- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket
- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200.
- The penalty for failing to pay for a ticket after 10 minutes will be Dh200
- Parking on a patch of sand will incur a fine of Dh300
UAE currency: the story behind the money in your pockets
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%3Cp%3EAl%20Khayma%0D%3Cbr%3EBait%20Maryam%0D%3Cbr%3EBrasserie%20Boulud%0D%3Cbr%3EFi'lia%0D%3Cbr%3Efolly%0D%3Cbr%3EGoldfish%0D%3Cbr%3EIbn%20AlBahr%0D%3Cbr%3EIndya%20by%20Vineet%0D%3Cbr%3EKinoya%0D%3Cbr%3ENinive%0D%3Cbr%3EOrfali%20Bros%0D%3Cbr%3EReif%20Japanese%20Kushiyaki%0D%3Cbr%3EShabestan%0D%3Cbr%3ETeible%3C%2Fp%3E%0A
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Mohammed bin Zayed Majlis
More on Quran memorisation:
The bio
Academics: Phd in strategic management in University of Wales
Number one caps: His best-seller caps are in shades of grey, blue, black and yellow
Reading: Is immersed in books on colours to understand more about the usage of different shades
Sport: Started playing polo two years ago. Helps him relax, plus he enjoys the speed and focus
Cars: Loves exotic cars and currently drives a Bentley Bentayga
Holiday: Favourite travel destinations are London and St Tropez
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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.
BOSH!'s pantry essentials
Nutritional yeast
This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.
Seeds
"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."
Umami flavours
"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".
Onions and garlic
"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."
Your grain of choice
Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
