Oil prices rose on Wednesday after Opec stuck to its oil demand projections and raised its forecast for economic growth this year.
Brent, the benchmark for two thirds of the world’s oil, was trading 0.45 per cent higher at $82.29 a barrel at 11.21am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.49 per cent at $77.94 a barrel.
On Tuesday, Opec raised its estimate for global economic growth this year by 0.1 per cent to 2.8 per cent, citing “robust” economic expansion in the second half of 2023.
The group expects oil demand growth of 2.2 million barrels per day for this year, much higher than the International Energy Agency’s estimate of an increase of 1.2 million bpd.
The IEA, which is due to release its monthly oil market report later this week, has previously said that oil demand would come under pressure this year from a consumption slowdown in China, the world’s largest energy importer.
Opec also said that the extension of voluntary cuts by the Opec alliance, which includes Russia, would lead to non-Opec crude production growing by 1.1 million bpd this year, down 120,000 bpd from the group’s previous projection.
This month, several members of the Opec group of oil producers, including Saudi Arabia, the UAE and Kuwait, announced they were extending voluntary supply curbs of 2.2 million bpd into the second quarter to support market balance and stability.
“We think the oil market will tighten already next quarter, driven by voluntary production cuts of Opec member states and lower Russian production, while oil demand remains healthy,” said Giovanni Staunovo, strategist at UBS.
Opec may reintroduce some additional barrels into the market by mid-2024 to meet the seasonal growth in demand, Mr Staunovo told The National.
On Tuesday, Russian President Vladimir Putin said that Opec cuts helped in maintaining oil prices and increasing Moscow’s revenue, but warned that it could result in the country losing market share.
“Since oil production declines and it grows in other countries like the US, then Russia may lose markets,” Mr Putin told the state-owned Tass news agency.
In the second quarter, Russia, in co-ordination with some Opec countries, will further reduce its oil production and exports by 471,000 bpd. It has been reducing crude oil and fuel exports by a combined 500,000 bpd in the current quarter.
The US and the EU have imposed dozens of sanctions on Russia, particularly targeting its oil and gas exports, to limit Moscow’s ability to finance its war in Ukraine.
Meanwhile, the US Energy Information Administration has lowered its forecast for global crude production growth this year, citing Opec output cuts.
“Because some Opec members are extending these voluntary production cuts and because Russia added new voluntary production cuts, we now expect oil markets to be much tighter in the [second quarter] than we previously expected,” the EIA said.
The US Department of Energy’s statistical arms expects global oil stocks to decrease by 900,000 bpd in the upcoming quarter of 2024.
It had previously forecast that inventories would likely remain stable during the same period.
The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
Sholto Byrnes on Myanmar politics
UAE currency: the story behind the money in your pockets
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
Zidane's managerial achievements
La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017
Overall standings
1. Christopher Froome (GBR/Sky) 68hr 18min 36sec,
2. Fabio Aru (ITA/AST) at 0:18.
3. Romain Bardet (FRA/ALM) 0:23.
4. Rigoberto Uran (COL/CAN) 0:29.
5. Mikel Landa (ESP/SKY) 1:17.
More from our neighbourhood series:
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
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The bio
Job: Coder, website designer and chief executive, Trinet solutions
School: Year 8 pupil at Elite English School in Abu Hail, Deira
Role Models: Mark Zuckerberg and Elon Musk
Dream City: San Francisco
Hometown: Dubai
City of birth: Thiruvilla, Kerala
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
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- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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'Nope'
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Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
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Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
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Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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Price: From Dh590,000
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Power: 420hp
Torque: 623Nm
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- 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
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- 600-seat auditorium
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