The Opec+ alliance of oil-producing countries is not aiming for price control through its output cuts, but less volatility in the market, Saudi Arabia’s Energy Minister has said.
The group wants to be “proactive” and “pre-emptive”, Prince Abdulaziz bin Salman was quoted as saying at the World Petroleum Congress in Calgary, Alberta, on Monday.
He also said that the group’s conduct was “benign” and no different from actions taken by global central banks to control inflation.
His remarks come as oil prices hover near $95 a barrel amid expectations of a large crude deficit in the fourth quarter and signs of economic recovery in China.
In its monthly oil market report last week, Opec said it expected a supply deficit of 3.3 million barrels per day over the next three months.
The minister also said there was ongoing uncertainty regarding Chinese demand, European economic growth and interest rate actions.
China's post-coronavirus economic recovery lost momentum mainly as a result of a deepening property slump and weak consumer spending.
The country, which is the world’s largest crude importer and second-largest economy, recently announced a string of stimulus measures, including halving the stamp duty on stock transactions and easing mortgage rates.
Earlier this month, Saudi Arabia and Russia said that they would extend supply cuts of a combined 1.3 million bpd to the end of the year.
As part of their voluntary cuts, the kingdom is extending its output reduction of 1 million bpd until December while Russia is rolling over its export cut of 300,000 bpd until the end of the year.
At its August meeting, Opec+ agreed to stick to its current output policy.
The group has total production cuts in place of 3.66 million bpd, which includes a 2 million bpd reduction agreed on last year as well as voluntary cuts of 1.66 million bpd announced in April.
Brent crude has gained roughly a third in value since falling to a low of $71.84 a barrel in June this year.
Meanwhile, in a speech at the same event, Saudi Aramco's president and chief executive Amin Nasser said that the notion of peak oil demand is “wilting under scrutiny because it is mostly being driven by policies, rather than the proven combination of markets, competitive economics and technology”.
“In oil, one widely publicised scenario calls for global demand to fall by more than 25 million bpd by 2030,” he said.
“Yet oil consumption is projected to approach 103 million bpd in the second half of this year, which would be a record.”
He also called for action to avert a more serious energy crisis and avoid a North-South transition divide.
“While much of the Global North is focusing on environmental sustainability, the priority for many in the Global South is economic survival,” he said.
“Transition planning has not sufficiently recognised this clear need for distinctive solutions, and a widening divide is an inevitable result.”
He called for an energy transition plan that is multi-source, multi-speed and multidimensional.
“The current transition shortcomings are already causing mass confusion across industries that produce and/or rely on energy,” Mr Nasser said.
“Long-term planners and investors do not know which way to turn. It is increasing the risk of acute supply-demand imbalances in conventional energy, and therefore an even more serious energy crisis where countries and people, not just assets, are stranded.”
He also called for a more realistic and robust energy transition plan that emphasises the continued deployment of new energy while recognising the need for conventional energy.
“We are talking about the complete transformation of a $100 trillion global economy today. One that is likely to roughly double in size by 2050, with close to an additional two billion energy consumers,” Mr Nasser said.
“In short, the reinvention of our entire energy-based way of life in less than 30 years. Let us be inspired by that, but understand it means making history.”
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
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
UAE currency: the story behind the money in your pockets
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
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Brief scores:
Toss: Sindhis, elected to field first
Pakhtoons 137-6 (10 ov)
Fletcher 68 not out; Cutting 2-14
Sindhis 129-8 (10 ov)
Perera 47; Sohail 2-18
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
More coverage from the Future Forum
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Killing of Qassem Suleimani
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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)
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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
MATCH INFO
Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')
Fulham 0
Red cards: Tim Ream (Fulham)
Man of the Match: Gabriel Jesus (Manchester City)
UAE currency: the story behind the money in your pockets
Results
5pm: Maiden (PA) Dh80,000 (Turf) 2,200m, Winner: Zalman, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) Dh80,000 (T) 1,600m, Winner: Hisham Al Khalediah II, Fernando Jara, Mohamed Daggash.
6pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: Qader, Adrie de Vries, Jean de Roualle
6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 (T) 1,600m, Winner: Mujeeb, Fabrice Veron, Eric Lemartinel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,600m, Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 (T) 1,600m, Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly
8pm: Handicap (TB) Dh100,000 (T) 1,400m, Winner: Nayslayer, Bernardo Pinheiro, Jaber Ramadhan
Read more about the coronavirus
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
KILLING OF QASSEM SULEIMANI
The five pillars of Islam
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
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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
UAE currency: the story behind the money in your pockets
Fire and Fury
By Michael Wolff,
Henry Holt
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Killing of Qassem Suleimani
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MATCH INFO
Day 2 at the Gabba
Australia 312-1
Warner 151 not out, Burns 97, Labuschagne 55 not out
Pakistan 240
Shafiq 76, Starc 4-52
The years Ramadan fell in May
