Iran, whose economy is increasingly being squeezed by the United States, has threatened to veto any decisions by Opec that will hurt its national interests at the organisation’s coming sub-committee meeting in Algiers.
Opec is set to convene in the Algerian capital on September 24 to discuss the dynamics of the oil markets. Oil prices have risen close to $80 per barrel this year, supported by earlier production cuts as well as in anticipation of US sanctions against Iran.
Tehran is opposed to Opec and sovereign producers outside the group led by Russia deciding to increase production – which could lower oil prices – and possibly allocate output quotas at a time when its own capacity to export is restricted by sanctions.
"Iran will veto any decision that threatens our national interests. Without a moment of doubt. Veto means that the decision is not legal. If vetoed, that decision is illegal," Iranian Petroleum Minister Bijan Zanganeh told state petroleum news agency Shana.
Mr Zanganeh, who will not be attending the meeting in Algiers, where Iran will be represented by its Opec governor, called out the group and its allies for allowing political interference from the Americans.
US President Donald Trump has repeatedly accused Opec of manipulating prices to remain high this year. On Thursday, he accused the group again of nudging prices ahead of its meeting in Algeria.
After a three-year slump, the price of Brent has averaged a comfortable $72/b for much of the year, after Opec and allies managed to successfully draw down five-year high inventory levels that had led to a glut in the oil markets.
Following increased US pressure, the group reversed an earlier pact to slash approximately 1.8 million barrels per day and had begun to substantially add supply back to the market.
Saudi Arabia and allies have ramped production by almost 350,000 bpd since January.
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Read more:
Sri Lanka stops import of Iranian oil ahead of sanctions
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On Tuesday, Opec secretary general Mohammed Barkindo told an audience of energy traders in the UAE's northern emirate of Fujairah that Iran, a founding member of Opec, was an important part of the organisation.
“When you have major producers facing supply challenges it’s a concern not only for Opec but also for the consuming countries,” he told the audience. “We will continue to work with all parties, Iran is a very important player and exporter and so are other countries,” he added.
Iran has seen buyers slash imports in anticipation of US snapback sanctions targeting its energy industry, which will come into force on November 4. Analysts are predicting Iranian exports may fall by as much as 1.5 million bpd.
Countries that had depended on Iranian imports for refining such as Japan have loaded their last cargoes, while South Korean and Indian refiners have already cut back. On Tuesday, Sri Lanka's Petroleum Resources Development minister Arjuna Ranatunga said the country had completely halted its oil imports from Iran. The Islamic Republic had been almost the sole supplier for crude to the South Asian state, which was planning to upgrade its sole refinery with Iranian help.
The retrenchment of Iranian oil buyers further threatens the country's ability to collect foreign exchange which in turn impacts its purchasing power and trading position. The Iranian rial has lost more than 80 per cent of its value against US dollar since the start of the year due to mounting US pressure and re-imposition of American sanctions.
Mr Zanganeh declined to comment on how Iran, which continues to ship crude to select buyers using its own tanker facilities was getting its oil to market.
“I [will] not reveal the client, the destination, the countries, how [we] transfer the oil to the tanker, how to solve the insurance problem. I do not know anything,” he said.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
The specs
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'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
The five pillars of Islam
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
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Engine: 1.5-litre turbo
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Manchester United v Liverpool
Premier League, kick off 7.30pm (UAE)
The years Ramadan fell in May
Killing of Qassem Suleimani
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
'Laal Kaptaan'
Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
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More on animal trafficking
HOW DO SIM CARD SCAMS WORK?
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They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
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Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
UAE currency: the story behind the money in your pockets
The specs
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Don't get fined
The UAE FTA requires following to be kept:
- Records of all supplies and imports of goods and services
- All tax invoices and tax credit notes
- Alternative documents related to receiving goods or services
- All tax invoices and tax credit notes
- Alternative documents issued
- Records of goods and services that have been disposed of or used for matters not related to business
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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The Specs:
The Specs:
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
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Torque: 1600Nm
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On sale: now
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Programmes: Judo, wrestling, kick-boxing, muay thai, taekwondo and various summer camps
Location: Inside Abu Dhabi City Golf Club, Al Mushrif, Abu Dhabi, UAE
Telephone: 971 50 220 0326
