World ‘will be in chaos’ without Opec+ balancing oil market, UAE minister says

The Opec+ alliance is doing a “noble job” of balancing the oil market even though the group does not produce most of the world’s crude, the UAE’s Minister of Energy and Infrastructure said on Wednesday, ahead of a meeting of the oil producers' group.

“I would like you to imagine the world without this group, we will be in chaos,” Suhail Al Mazrouei told attendees at an energy event in Fujairah on Wednesday.

“We are a group of 20 diverse partners but our aim and goal is one … the critical element is [that] this group is staying together,” he said.

Opec+, which includes Saudi Arabia and Russia, is responsible for roughly 40 per cent of the world's crude production, according to data from the International Energy Agency.

Opec+ members held a panel meeting on Wednesday where the group did not make any changes to its production policy.

Last month, the producer alliance extended voluntary oil output cuts of 2.2 million barrels per day until the end of November amid a drop in crude prices on concerns of slumping demand. Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman will pause scheduled increases of 180,000 bpd in October and November.

Oil prices have fallen this year on a weakening global demand outlook and rising supply from non-Opec+ countries. Concerns about fuel demand are primarily focused on China, the world’s second-largest economy and leading crude importer.

“It's very difficult to predict where China would be in 10 to 20 years. There are other countries that we're not thinking of that are catching up as well. India is one and [there are] many others,” Mr Al Mazrouei said.

China recently announced stimulus measures to combat a slowdown in its economy, which is facing deflation, weak consumer spending, a slumping property market and a manufacturing downturn.

However, oil executives and experts have suggested that lower crude demand from China might be here to stay amid growing electrification and electric vehicle adoption in the country.

Petroleum demand has “plateaued” not just because of temporary economic factors but also due to more permanent, structural changes in China's car market, Frederic Lasserre, global head of research and analysis at commodities trading firm Gunvor, said.

Almost 50 per cent of new car sales in China are EVs, which is directly impacting petroleum consumption. However, this shift is mainly happening in wealthier, urban areas where EVs are more affordable, accessible and supported by charging infrastructure, Mr Lasserre told The National on the sidelines of the event in Fujairah. “China's economy is turning less and less oil-intensive, for sure.”

Meanwhile, oil producers are increasingly viewing India as the new engine for global demand growth. India, which overtook China to become the world’s most populous country last year, will be the largest source of global oil demand growth until 2030, the IEA said in a report earlier this year.

India's oil demand is rising by 5 to 6 per cent annually, which is “fairly strong,” but since its market is four times smaller, it can't offset the decline in growth seen in China, Mr Lasserre said.

“We don't think that over the next 20 years, India can have the same kind of path that China had in terms of oil demand, precisely because technology [and] electrification will also penetrate India, maybe at a slower pace,” he added.

Iran escalation

Oil prices briefly surged by more than 4 per cent on Tuesday after Iran launched a barrage of more than 100 missiles against Israel in what the Islamic Revolutionary Guard Corps said was a response to the killings of Hezbollah chief Hassan Nasrallah and other militant leaders.

Israel has vowed to retaliate against Iran. Some media reports have said Israel may target Iran's oil infrastructure, posing a real threat of crude supply disruptions for the first time in the war.

However, the prevailing belief in the market is that Israel will not target Iranian oil facilities unless a significant event occurs in Israel itself, Mr Lasserre said. “Looks like so far, Iran is trying to prevent any escalation by telegraphing a bit to the US, at least when and how they would retaliate against Israel,” he added.

Iran was the second-largest source of crude supply growth last year after the US, with production reaching about 3.4 million bpd and exports at about 1.5 million bpd.

The specs: 2019 Lincoln MKC

Price, base / as tested: Dh169,995 / Dh192,045

Engine: Turbocharged, 2.0-litre, in-line four-cylinder

Transmission: Six-speed automatic

Power: 253hp @ 5,500rpm

Torque: 389Nm @ 2,500rpm

Fuel economy, combined: 10.7L / 100km

On Women's Day

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Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'

How Apple's credit card works

The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.

What does it cost?

Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.

What will the interest rate be?

The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts

What about security?

The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.

Is it easy to use?

Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.

* Associated Press

The specs

Price, base / as tested Dh135,000

Engine 1.6L turbo

Gearbox Six speed automatic with manual and sports mode

Power 165hp @ 6,000rpm

Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds

Top speed 420 kph (governed)

Fuel economy, combined 35.2L / 100km (est)

88 Video's most popular rentals

Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.

Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.

Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.

Volunteers offer workers a lifeline

Community volunteers have swung into action delivering food packages and toiletries to the men.

When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.

Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.

Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.

“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.

Workers spoke of their helplessness, seeing children’s marriages cancelled because of lack of money going home. Others told of their misery of being unable to return home when a parent died.

“More than daily food, they are worried about not sending money home for their family,” said Kusum Dutta, a volunteer who works with the Indian consulate.

Five ways to get fit like Craig David (we tried for seven but ran out of time)

Start the week as you mean to go on. So get your training on strong on a Monday.

Train hard, but don’t take it all so seriously that it gets to the point where you’re not having fun and enjoying your friends and your family and going out for nice meals and doing that stuff.

Think about what you’re training or eating a certain way for — don’t, for example, get a six-pack to impress somebody else or lose weight to conform to society’s norms. It’s all nonsense.

Get your priorities right.

And last but not least, you should always, always chill on Sundays.

Neil Thomson – THE BIO

Family: I am happily married to my wife Liz and we have two children together.

Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.

Favourite book: I constantly find myself reading The Bible.

Favourite film: The Greatest Showman.

Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.

Favourite food: I went to boarding school so I like any cuisine really.

Januzaj's club record

Manchester United 50 appearances, 5 goals

Borussia Dortmund (loan) 6 appearances, 0 goals

Sunderland (loan) 25 appearances, 0 goals

Dunki

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UAE currency: the story behind the money in your pockets

Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)

While you're here

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The National Editorial: Territorial disputes require a mediator

Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.

A semen analysis of the father showed abnormal sperm so the couple required IVF.

Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.

A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.

On day three of the process, 14 embryos were biopsied for gender selection.

The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.

Day five of the treatment saw two male embryos transferred to the patient.

The woman recorded a positive pregnancy test two weeks later.

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

WITHIN%20SAND

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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances