There are signs that the oil market has tightened in recent weeks and will rebalance over time, said Dr Sultan Al Jaber, UAE Minister of State and chief executive of the Adnoc Group.
The path to the next normal is not a straight line.
“The Opec+ agreement, voluntary cuts outside Opec++, and production shut-ins are working together to start to rebalance the market,” Dr Al Jaber said, speaking on Adnoc’s Virtual Majlis.
"This will take time. As economies begin to open up, demand will follow, but the path to the next normal is not a straight line."
A historic collapse in demand due to the coronavirus outbreak resulted in US oil prices falling below zero and they are still down more than 50 per cent this year.
However, there are indications the market is slowly rebalancing as major producers cut supply and consumption recovers.
Oil is headed for a third weekly gain and futures in New York are up 13 per cent this week after closing above $27 a barrel on Thursday for the first time in over a month.
After a landmark deal last month, Opec+, an alliance of top oil producers, is reducing production by almost 10 million barrels a day in May and June, and will keep drawing back supply until 2022.
Additional contributions from G20 members including the US, which joined global production caps for the first time, could amount to an overall drawback of 19 million bpd.
Opec's core Gulf Arab members said this week that they are cutting an extra two million bpd combined more than their stipulated quotas, including a million bpd from Saudi Arabia and 100,000 bpd from the UAE.
Global oil production is on track for a historic decline this month to the lowest level in nine years, according to a monthly report from the International Energy Agency on Thursday.
The agency boosted its 2020 demand estimate by 700,000 barrels per day but it still remains set for an annual plunge of 8.6 million barrels per day, or about 9 per cent.
Dr Al Jaber said the oil market outlook remains unpredictable. He is, however, optimistic that Adnoc can navigate this period of uncertainty.
He highlighted that Adnoc is well-positioned due to its transformation programme over the past four years.
"We've been laser-focused on being one of the lowest-cost producers in the world. And this has given us the flexibility and the resilience that we need [in] times like these. In this environment, we are continuing to work even harder to preserve our resources and maximise our profitability," Dr Al Jaber said.
He emphasised the importance of three crucial leadership qualities – capability, crisis management and connectivity.
"It is essential to communicate a message of unity, that we are in this together and will find our way through together," Dr Al Jaber said.
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
MATCH INFO
Manchester City 1 Chelsea 0
De Bruyne (70')
Man of the Match: Kevin de Bruyne (Manchester City)
If you go...
Etihad flies daily from Abu Dhabi to Zurich, with fares starting from Dh2,807 return. Frequent high speed trains between Zurich and Vienna make stops at St. Anton.
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
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Killing of Qassem Suleimani
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
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
Abu Dhabi Sustainability Week
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
More from Rashmee Roshan Lall
Killing of Qassem Suleimani
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014
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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
UAE currency: the story behind the money in your pockets
TALE OF THE TAPE
Manny Pacquiao
Record: 59-6-2 (38 KOs)
Age: 38
Weight: 146lbs
Height: 166cm
Reach: 170cm
Jeff Horn
Record: 16-0-1 (11 KOs)
Age: 29
Weight: 146.2lbs
Height: 175cm
Reach: 173cm
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
