Oil prices were hovering at a 10-month high after Saudi Arabia and Russia said they would extend supply cuts of a combined 1.3 million barrels per day to the end of the year.
Brent, the benchmark for two thirds of the world’s oil, was trading 0.21 per cent higher at $90.23 a barrel at 8pm UAE time on Wednesday, while West Texas Intermediate, the gauge that tracks US crude, was 0.44 per cent higher at $87.07 a barrel.
Brent rallied yesterday following the announcement gaining 1.2 per cent at market close and settling at $90.04, while WTI ended the day 1.3 per cent higher at $86.69.
As part of their voluntary cuts, Saudi Arabia is extending its one million bpd output reduction until December, while Russia is rolling over its export cut of 300,000 bpd until the end of the year.
“This is a clear indication that oil prices trump volumes for the kingdom,” said Rystad Energy’s senior vice president Jorge Leon.
“These bullish moves significantly tighten the global oil market and can only result in one thing: higher oil prices worldwide. The decisions surprised oil markets, and prices reacted strongly and suddenly following the announcements.”
Tightening market conditions come amid concerns about a demand slump due to sluggish economic growth in China, the world's second largest economy and top oil importer.
China's economy expanded an annual 6.3 per cent from April to June, after growing 4.5 per cent in the previous three months, according to the latest data from the National Bureau of Statistics. The pace of growth in the second quarter missed the 7.1 per cent estimate of economists polled by Bloomberg and the 7.3 per cent forecast of those surveyed by Reuters.
China's services activity grew at the slowest pace in eight months in August amid weak demand, a private sector report said on Tuesday.
The Caixin/S&P Global services purchasing managers' index slipped to 51.8 last month from 54.1 in July, indicating a softer expansion in the country’s service sector output.
Saudi Arabia began implementing its cut in July, which was later extended to include August and September.
“In effect, the kingdom’s production for the coming months of October, November and December will be approximately nine million barrels per day,” the Saudi Press Agency reported on Tuesday, citing a Ministry of Energy official.
The decision seeks to “reinforce the precautionary efforts made by Opec+ countries with the aim of supporting the stability and balance of oil markets”, and it will be reviewed monthly in the context of market conditions, SPA said.
The latest move by Russia, which had already pledged to reduce its production by 500,000 bpd until the end of 2024, aims to maintain “stability and balance” in oil markets, Deputy Prime Minister Alexander Novak said on Tuesday.
At its August meeting, producers group Opec+ agreed to keep to its current output policy.
The alliance of 23 oil-producing countries has total production cuts in place of 3.66 million bpd, which includes a two million bpd reduction agreed on last year as well as voluntary cuts of 1.66 million bpd announced in April.
“This policy flexibility allows Saudi Arabia to retain control of the oil market,” said UBS strategist Giovanni Staunovo.
“Russia’s participation is also important, as the country is the second largest producer in the Opec+ group and the deal ensures close co-ordination between the two producers.”
UBS expects a market deficit of more than 1.5 million bpd in the fourth quarter of 2023 and with oil inventories set to fall further over the coming months, it is forecasting Brent to rise to $95 a barrel by the end of the year.
MUFG Bank maintained its yearend 2023 and 2024 Brent crude target of $84 a barrel and $87 a barrel, respectively, with a surge back north of $100 a barrel.
"Our reading of this development is that Opec+ is categorically exercising, in today’s underinvested environment, its inelastic pricing power – that is, its ability to raise prices incrementally without significantly hampering its demand," MUFG said.
Extending production cuts "once again highlights the kingdom’s strong message to 'do whatever is necessary to bring stability to this market'", it said.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
The%C2%A0specs%20
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Napoleon
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
Killing of Qassem Suleimani
ZAYED SUSTAINABILITY PRIZE
RESULTS
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Getting%20there%20and%20where%20to%20stay
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How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
CHATGPT%20ENTERPRISE%20FEATURES
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WWE TLC results
Asuka won the SmackDown Women's title in a TLC triple threat with Becky Lynch and Charlotte Flair
Dean Ambrose won the Intercontinental title against Seth Rollins
Daniel Bryan retained the WWE World Heavyweight Championship against AJ Styles
Ronda Rousey retained the Raw Women's Championship against Nia Jax
Rey Mysterio beat Randy Orton in a chairs match
Finn Balor defeated Drew McIntyre
Natalya beat Ruby Riott in a tables match
Braun Strowman beat Baron Corbin in a TLC match
Sheamus and Cesaro retained the SmackDown Tag Titles against The Usos and New Day
R-Truth and Carmella won the Mixed Match Challenge by beating Jinder Mahal and Alicia Fox
Killing of Qassem Suleimani
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
COMPANY%20PROFILE
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THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
COMPANY%20PROFILE
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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
