Opec+ has announced that it will extend its voluntary output cuts of 2.2 million barrels per day until the end of March next year, in an effort to rein in a possible supply glut.
Eight oil-producing nations, including Saudi Arabia and Russia, have agreed to prolong their voluntary oil production cuts, announced in November 2023, until the end of March 2025. After that, the 2.2 million bpd supply curbs will be gradually phased out on a monthly basis until the end of September 2026 to "support market stability", the group said in a statement after a ministerial meeting on Thursday.
"This monthly increase can be paused or reversed subject to market conditions," Opec+ said.
The producer alliance, which has implemented total supply cuts of 5.86 million bpd, had twice postponed the easing of voluntary production cuts before Thursday’s announcement.
These supply curbs were originally scheduled to be gradually phased out starting in October this year, but have been maintained amid a slump in oil prices, with Brent, the international benchmark, dropping nearly 19 per cent since reaching $91 a barrel in April. Brent was steady at $72.31 a barrel at 5.42pm UAE time on Thursday.
Opec+ also extended its oil production cuts of 2 million bpd and 1.65 million bpd by a year to the end of 2026.
The International Energy Agency said in November that current balances suggest global supply will exceed demand by more than 1 million bpd next year, even if the Opec+ cuts were to remain in place.
Oil markets anticipate a surplus in the first half of 2025 as substantial new production comes online from the US, Brazil, Canada, and Guyana, which are collectively expected to add more than one million barrels per day.
Driven by higher production from the oil-rich Permian Basin in Texas and New Mexico, along with operational efficiencies, US oil and gas output is projected to reach 13.5 million bpd next year – an increase of 300,000 bpd compared to the estimate for 2024, according to the US Energy Information Administration.
“The Permian is a prolific shale play that can ramp up and ramp down investment and consequently production quickly in response to oil prices, curbing risks,” BMI, a Fitch Solutions company, said in a research note.
“Other non-Opec growth leaders have longer investment cycles and would be unable to lower or raise output in response to prices. For the most part, they will be committed to bringing on new capacity regardless of oil prices,” BMI said.
However, analysts say that US president-elect Donald Trump’s plan to boost domestic oil output contrasts with cautious growth signals from the shale industry.
American crude production surged by roughly 21 per cent during his first term, growing from 9.36 million bpd in 2017 to 11.32 million bpd in 2020.
Matching the growth achieved under Mr Trump’s first term now appears “unlikely”, and even a 10 per cent increase could be considered “ambitious”, Rystad Energy said in a research note last week.
The expected growth rate is less than five per cent currently, the Norway-based consultancy said.
The US rig count, an indicator of future output, fell to its lowest level since early September in the week that ended on November 27, data from oilfield services company Baker Hughes showed.
The country's rig count stood at 582 in the latest reported week, a decrease of 43 compared to the same period last year.
Fuel demand
Mr Trump’s policies may hamper economic growth next year, hurting demand for refined products such as petroleum and diesel, analysts said.
BMI expects global demand for refined fuels to increase by 1.4 per cent in 2025, slightly higher than the estimated 1.3 per cent growth for this year.
The forecast is supported by global economic growth, which is projected to be 2.6 per cent in 2025, according to BMI.
It is below the International Monetary Fund's estimated growth rate of 3.2 per cent for next year.
“A key determinant of 2025’s fuel outlook is the trade policies adopted by the incoming Trump administration, with significant import tariffs expected on major trade partners,” BMI said.
“These tariffs could see higher costs passed on to consumers, adding to inflation and raising the risk of tighter financial conditions than currently forecast.”
Last week, Mr Trump threatened to impose tariffs on Canada and Mexico, two of the US's largest energy suppliers – a move that could severely disrupt trade flows.
The president-elect also plans to increase tariffs on all Chinese imports to the US by an additional 10 per cent.
The global markets are closely watching China's economic situation, as it will significantly impact the country's energy demand.
China’s total refined fuel consumption growth is projected to slow down to 2 per cent in 2025, mainly on sustained weakness in diesel consumption, BMI said.
“Petrochemical feedstocks, liquefied petroleum gas, and naphtha will remain key drivers behind overall fuel demand growth as China’s focus on the domestic growth fuels greater demand from consumers,” it added.
China’s gasoline consumption could reach a peak of 3.66 million bpd this year and start to fall by 2.3 per cent in 2025 amid growing electric vehicle penetration, according to the IEA.
LA LIGA FIXTURES
Friday Celta Vigo v Villarreal (midnight kick-off UAE)
Saturday Sevilla v Real Sociedad (4pm), Atletico Madrid v Athletic Bilbao (7.15pm), Granada v Barcelona (9.30pm), Osasuna v Real Madrid (midnight)
Sunday Levante v Eibar (4pm), Cadiz v Alaves (7.15pm), Elche v Getafe (9.30pm), Real Valladolid v Valencia (midnight)
Monday Huesca v Real Betis (midnight)
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
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
SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net
UAE currency: the story behind the money in your pockets
TOP%2010%20MOST%20POLLUTED%20CITIES
%3Cp%3E1.%20Bhiwadi%2C%20India%0D%3Cbr%3E2.%20Ghaziabad%2C%20India%0D%3Cbr%3E3.%20Hotan%2C%20China%0D%3Cbr%3E4.%20Delhi%2C%20India%0D%3Cbr%3E5.%20Jaunpur%2C%20India%0D%3Cbr%3E6.%20Faisalabad%2C%20Pakistan%0D%3Cbr%3E7.%20Noida%2C%20India%0D%3Cbr%3E8.%20Bahawalpur%2C%20Pakistan%0D%3Cbr%3E9.%20Peshawar%2C%20Pakistan%0D%3Cbr%3E10.%20Bagpat%2C%20India%3C%2Fp%3E%0A%3Cp%3E%3Cem%3ESource%3A%20IQAir%3C%2Fem%3E%3C%2Fp%3E%0A
Anna and the Apocalypse
Director: John McPhail
Starring: Ella Hunt, Malcolm Cumming, Mark Benton
Three stars
Suggested picnic spots
Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
SQUADS
Pakistan: Sarfraz Ahmed (capt), Azhar Ali, Shan Masood, Sami Aslam, Babar Azam, Asad Shafiq, Haris Sohail, Usman Salahuddin, Yasir Shah, Mohammad Asghar, Bilal Asif, Mir Hamza, Mohammad Amir, Hasan Ali, Mohammad Abbas, Wahab Riaz
Sri Lanka: Dinesh Chandimal (capt), Lahiru Thirimanne (vice-capt), Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Sadeera Samarawickrama, Roshen Silva, Niroshan Dickwella, Rangana Herath, Lakshan Sandakan, Dilruwan Perera, Suranga Lakmal, Nuwan Pradeep, Vishwa Fernando, Lahiru Gamage
Umpires: Ian Gould (ENG) and Nigel Llong (ENG)
TV umpire: Richard Kettleborough (ENG)
ICC match referee: Andy Pycroft (ZIM)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
Red Sparrow
Dir: Francis Lawrence
Starring: Jennifer Lawrence, Joel Egerton, Charlotte Rampling, Jeremy Irons
Three stars
The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
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
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
