The Opec+ group of crude oil-producing states has decided to stick to its current output policy as oil prices continue to rise driven by tighter supplies and improving demand prospects.
“The committee will continue to closely assess market conditions, noting the willingness of the DoC [declaration of co-operation] countries to address market developments and stand ready to take additional measures at any time,” the group said after a ministerial monitoring committee meeting on Wednesday.
Oil prices have rallied this year, gaining about 22 per cent in the third quarter of this year alone.
This trend is expected to continue in the last quarter of this year, with the International Energy Agency predicting a tighter-than-expected crude market supported by Opec+ output cuts, as well as signs of accelerating economic momentum in China, the world’s second largest economy.
Last month, Opec+ members Saudi Arabia and Russia announced they would extend their combined supply cuts of 1.3 million barrels per day to the end of the year.
As part of the voluntary output caps, the kingdom is maintaining its output cut of a million bpd until December.
Meanwhile, Russia is rolling over its export cut of 300,000 bpd until the end of 2023.
Goldman Sachs expects Saudi Arabia to unwind its voluntary production cut from the second quarter of 2024.
Meanwhile, Swiss lender UBS does not rule out of a “modest” output increase at the group’s November meeting in Vienna if oil prices keep rising.
“Also, lower domestic demand allows Middle Eastern producers to increase their exports to cover stronger demand, if needed,” UBS said in a research note.
The Opec+ alliance of oil-producing countries does not aim to control prices through output cuts as its objective is less volatility in the market, Saudi Arabia’s Energy Minister said at the World Petroleum Congress in Canada last month.
Prince Abdulaziz bin Salman said that the group wanted to be “proactive” and “pre-emptive” and also added that the group’s conduct was “benign” and no different from actions taken by global central banks to control inflation.
In its latest monthly oil market report, Opec stuck to its oil demand outlook for this year and the next, and said it expects China’s stimulus measures to revive growth in the world's second-largest economy.
The oil producers expect demand to rise by 2.4 million bpd to 102.1 million bpd this year. Next year, world oil demand is forecast to expand by 2.2 million bpd to 104.3 million bpd.
The 23 Opec+ member states have enforced total production curbs of 3.66 million bpd, or about 3.7 per cent of global demand.
This includes a reduction of 2 million bpd agreed on last year, and voluntary cuts of 1.66 million bpd, announced in April and extended to December 2024.
The IEA expects a “substantial” crude market deficit in the fourth quarter of this year due to Opec+ output cuts.
The Paris-based agency expects global oil demand to rise by 1.5 million bpd in the second half of this year, compared with the first half, exceeding supply by 1.24 million bpd during that period.
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
If you go
The flights
Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes.
The car
Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals. A week's car hire costs from Dh1,500 including taxes.
The hotels
Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes.
More info
To keep up with constant developments in Portland, visit www.travelportland.com. Good guidebooks include the Lonely Planet guides to Northern California and Washington, Oregon & the Pacific Northwest.
Star%20Wars%3A%20Episode%20I%20%E2%80%93%20The%20Phantom%20Menace
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Big%20Ape%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20LucasArts%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20PlayStation%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
More on Quran memorisation:
FOOTBALL TEST
Team X 1 Team Y 0
Scorers
Red card
Man of the Match
Turning%20waste%20into%20fuel
%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A
HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
- It can be as long as you link
- But I recommend you use the bullet point function (see red square)
- Or try to keep the word count down
- Be wary of other embeds lengthy fact boxes could crash into
- That's about it
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
UAE currency: the story behind the money in your pockets
AUSTRALIA%20SQUAD
%3Cp%3EPat%20Cummins%20(capt)%2C%20Scott%20Boland%2C%20Alex%20Carey%2C%20Cameron%20Green%2C%20Marcus%20Harris%2C%20Josh%20Hazlewood%2C%20Travis%20Head%2C%20Josh%20Inglis%2C%20Usman%20Khawaja%2C%20Marnus%20Labuschagne%2C%20Nathan%20Lyon%2C%20Mitchell%20Marsh%2C%20Todd%20Murphy%2C%20Matthew%20Renshaw%2C%20Steve%20Smith%2C%20Mitchell%20Starc%2C%20David%20Warner%3C%2Fp%3E%0A
Women’s World T20, Asia Qualifier, in Bangkok
UAE fixtures Mon Nov 20, v China; Tue Nov 21, v Thailand; Thu Nov 23, v Nepal; Fri Nov 24, v Hong Kong; Sun Nov 26, v Malaysia; Mon Nov 27, Final
(The winners will progress to the Global Qualifier)
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20PlanRadar%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2013%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EIbrahim%20Imam%2C%20Sander%20van%20de%20Rijdt%2C%20Constantin%20K%C3%B6ck%2C%20Clemens%20Hammerl%2C%20Domagoj%20Dolinsek%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EVienna%2C%20Austria%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EConstruction%20and%20real%20estate%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E400%2B%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20B%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Headline%2C%20Berliner%20Volksbank%20Ventures%2C%20aws%20Gr%C3%BCnderfonds%2C%20Cavalry%20Ventures%2C%20Proptech1%2C%20Russmedia%2C%20GR%20Capital%3C%2Fp%3E%0A
What is an FTO Designation?
FTO designations impose immigration restrictions on members of the organisation simply by virtue of their membership and triggers a criminal prohibition on knowingly providing material support or resources to the designated organisation as well as asset freezes.
It is a crime for a person in the United States or subject to the jurisdiction of the United States to knowingly provide “material support or resources” to or receive military-type training from or on behalf of a designated FTO.
Representatives and members of a designated FTO, if they are aliens, are inadmissible to and, in certain circumstances removable from, the United States.
Except as authorised by the Secretary of the Treasury, any US financial institution that becomes aware that it has possession of or control over funds in which an FTO or its agent has an interest must retain possession of or control over the funds and report the funds to the Treasury Department.
Source: US Department of State
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
BUNDESLIGA FIXTURES
Friday (all kick-offs UAE time)
Hertha Berlin v Union Berlin (10.30pm)
Saturday
Freiburg v Werder Bremen (5.30pm)
Paderborn v Hoffenheim (5.30pm)
Wolfsburg v Borussia Dortmund (5.30pm)
Borussia Monchengladbach v Bayer Leverkusen (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Sunday
Schalke v Augsburg (3.30pm)
Mainz v RB Leipzig (5.30pm)
Cologne v Fortuna Dusseldorf (8pm)
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
MATCH INFO
UAE Division 1
Abu Dhabi Harlequins 12-24 Abu Dhabi Saracens
UAE currency: the story behind the money in your pockets
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Fixtures:
Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
In The Heights
Directed by: Jon M. Chu
Stars: Anthony Ramos, Lin-Manual Miranda
Rating: ****
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
The Freedom Artist
By Ben Okri (Head of Zeus)
Killing of Qassem Suleimani
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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.
MATCH INFO
Manchester City 2 (Mahrez 04', Ake 84')
Leicester City 5 (Vardy 37' pen, 54', 58' pen, Maddison 77', Tielemans 88' pen)
Man of the match: Jamie Vardy (Leicester City)
