Opec+ members extended their voluntary oil output reductions until the end of the first quarter of 2024 amid concerns over future fuel demand.
Saudi Arabia, the world's largest oil exporter, will keep its voluntary output cut of one million barrels per day until the end of March.
“The kingdom’s production will be approximately 9 million bpd … and to support market stability, these additional reduction quantities will be restored gradually, according to market conditions,” the Saudi Press Agency reported on Thursday, citing an energy ministry source.
The UAE will voluntarily cut its oil output by an additional 163,000 barrels a day starting January until the end of March next year, state news agency Wam reported on Thursday. The UAE's oil production will be 2.91 million bpd from January 1 till end of March, it added.
Russia said it would deepen its voluntary oil production cut to 500,000 bpd and extend it until the end of the first quarter of 2024.
Algeria plans to voluntarily reduce its oil production by 51,000 bpd in the upcoming quarter, while Oman will voluntarily cut oil output by 42,000 bpd during the same period.
Kuwait plans to voluntarily cut oil output by 135,000 bpd from January to March.
Brazil will join the Opec+ group of crude oil-producing states starting from January 2024, the group said, following the conclusion of its ministerial meeting on Thursday.
“The meeting welcomed Alexandre Silveira de Oliveira, Minister of Mines and Energy of the Federative Republic of Brazil, which will join the Opec+ Charter of Cooperation starting January 2024,” it said.
Opec+ has total production cuts in place of 3.66 million barrels per day, which includes a two million bpd reduction agreed last year as well as voluntary cuts of 1.66 million bpd announced in April.
Brent, the global benchmark for two thirds of the world's oil, was trading 0.40 per cent lower at $82.77 a barrel at 8.55pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was down nearly 3 per cent at $75.54 a barrel.
The meeting, originally scheduled for November 26, was postponed by four days, which media reports and analysts said was due to disagreement over output levels for African producers.
Brent fell as much as 5 per cent in a single session last week as oil traders were surprised by the move.
The 2024 production quotas decided in June included a lower target for nine of the 23 member countries: Russia, Nigeria, Angola, Malaysia, Azerbaijan, Equatorial Guinea, Congo, Brunei, and Sudan.
Oil prices, which briefly touched $98 in September, have since fallen by nearly 16 per cent, despite predictions of a tight crude market in the fourth quarter by the International Energy Agency and Opec.
Crude jumped at the onset of the Israel-Gaza war last month on concerns that it would escalate into a broader conflict in the region, responsible for roughly a third of the world's oil production.
However, supply concerns have been eased, in part due to higher oil production in Iran and the easing of sanctions on Venezuela.
Despite US sanctions, Iran’s oil production is expected to reach 3.6 million bpd by March 2024, the country’s oil minister Javad Owji was quoted as saying earlier this month.
“We aim to reach four million bpd of oil production for next year,” he said.
Analysts do not expect softer sanctions on Caracas to translate to significantly higher production next year.
In October, the US Treasury Department issued a six-month general licence temporarily authorising transactions involving Venezuela's oil and gas sector.
In an earlier research note, Rystad Energy said the country would only be able to ramp up output by a maximum of 200,000 bpd over the next six months and added that any expansion in production would be hindered by the prolonged lack of investment in Venezuela's oil industry.
On the demand side, oil consumption in China, the world’s second-largest economy and top crude importer, is likely to ease in 2024 after surging to record levels this year despite sluggish growth in some sectors.
The International Energy Agency, which has raised its oil demand growth forecast for this year and the next, expects the Asian country to account for 1.8 million bpd of the total increase in demand in 2023 after consumption reached a record high of 17.1 million bpd in September.
In its latest monthly oil market report, Opec raised its forecast for oil demand growth for the current year on expectations of record demand from China and India in the fourth quarter.
Last month, the International Monetary Fund kept its global economic growth projection for this year at 3 per cent, slower than the 3.5 per cent expansion recorded in 2022, remaining below the historical growth average.
For 2024, the fund expects the global gross domestic product to expand by 2.9 per cent, a 0.1 percentage point downgrade from the fund’s forecast in July for next year.
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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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.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
The Written World: How Literature Shaped History
Martin Puchner
Granta
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
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
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
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
Scores
Rajasthan Royals 160-8 (20 ov)
Kolkata Knight Riders 163-3 (18.5 ov)
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
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%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Amit%20Joshi%20and%20Aradhana%20Sah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECast%3A%3C%2Fstrong%3E%20Shahid%20Kapoor%2C%20Kriti%20Sanon%2C%20Dharmendra%2C%20Dimple%20Kapadia%2C%20Rakesh%20Bedi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Scoreline
Al Wasl 1 (Caio Canedo 90 1')
Al Ain 2 (Ismail Ahmed 3', Marcus Berg 50')
Red cards: Ismail Ahmed (Al Ain) 77'
