Brent crude rose to a five-month high as supply in the oil market continues to tighten, with Opec producer the UAE set to cut crude allocations by 30 per cent.
The benchmark for two-thirds of the world’s crude was up 1.16 per cent at $46.34 per barrel at 4.00pm UAE time, while West Texas Intermediate, which tracks US crude, was up 1.07 per cent at $43.43 per barrel.
Abu Dhabi National Oil Company, which produces most of the UAE's oil, told customers it was cutting crude supply for oil by 30 per cent for October, from a 5 per cent reduction in September, a spokesman confirmed to The National on Monday.
The UAE, which accounts for 4 per cent of global output, is Opec’s third-largest producer.
The Opec+ alliance is currently cutting back 7.7 million barrels per day in a bid to rebalance supply and demand.
The alliance, headed by Saudi Arabia and Russia, cut at a historic level of 9.7m bpd for three months between May and July after a drop in demand as movement restrictions were imposed due to the coronavirus pandemic. The group has since tapered restrictions but has exerted pressure on overproducing nations such as Iraq, Kazakhstan, Angola and Nigeria to make compensatory cuts by September.
The group is expected to convene its next joint ministerial monitoring committee on September 17 to review compliance among its members.
Oil’s rally follows steady highs last week when powerful hurricanes shut down around 1m bpd of oil and 1.2 billion cubic feet of gas per day from the Gulf of Mexico.
US inventories also continued to decline, further tightening supply. The industry-funded American Petroleum Institute on Tuesday reported stocks fell by 4.52 million barrels last week, while gasoline inventories declined by 6.39 million barrels, marking a fifth weekly decline.
"Hurricane Laura swept through oil markets last week but despite being one of the strongest ever storms to hit the US Gulf coast, Laura failed to shake benchmark prices out of their trading range that has been in place for the last two months,” Emirates NBD said in a note on Monday.
COMPANY%20PROFILE
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Juventus v Napoli, Sunday, 10.45pm (UAE)
Match on Bein Sports
Company profile: buybackbazaar.com
Name: buybackbazaar.com
Started: January 2018
Founder(s): Pishu Ganglani and Ricky Husaini
Based: Dubai
Sector: FinTech, micro finance
Initial investment: $1 million
Day 3 stumps
New Zealand 153 & 249
Pakistan 227 & 37-0 (target 176)
Pakistan require another 139 runs with 10 wickets remaining
DSC Eagles 23 Dubai Hurricanes 36
Eagles
Tries: Bright, O’Driscoll
Cons: Carey 2
Pens: Carey 3
Hurricanes
Tries: Knight 2, Lewis, Finck, Powell, Perry
Cons: Powell 3
RESULT
Aston Villa 1
Samatta (41')
Manchester City 2
Aguero (20')
Rodri (30')
FIXTURES
New Zealand v France, second Test
Saturday, 12.35pm (UAE)
Auckland, New Zealand
South Africa v Wales
Sunday, 12.40am (UAE), San Juan, Argentina
Fixture and table
UAE finals day: Friday, April 13 at Rugby Park, Dubai Sports City
- 3pm, UAE Conference: Dubai Tigers v Sharjah Wanderers
- 6.30pm, UAE Premiership: Dubai Exiles v Abu Dhabi Harlequins
UAE Premiership – final standings
- Dubai Exiles
- Abu Dhabi Harlequins
- Jebel Ali Dragons
- Dubai Hurricanes
- Dubai Sports City Eagles
- Abu Dhabi Saracens
In numbers
Number of Chinese tourists coming to UAE in 2017 was... 1.3m
Alibaba’s new ‘Tech Town’ in Dubai is worth... $600m
China’s investment in the MIddle East in 2016 was... $29.5bn
The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn
Boost to the UAE economy of 5G connectivity will be... $269bn
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
Uefa Nations League: How it Works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
FIXTURES
Thursday
Dibba v Al Dhafra, Fujairah Stadium (5pm)
Al Wahda v Hatta, Al Nahyan Stadium (8pm)
Friday
Al Nasr v Ajman, Zabeel Stadium (5pm)
Al Jazria v Al Wasl, Mohammed Bin Zayed Stadium (8pm)
Saturday
Emirates v Al Ain, Emirates Club Stadium (5pm)
Sharjah v Shabab Al Ahli Dubai, Sharjah Stadium (8pm)
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The 15 players selected
Muzzamil Afridi, Rahman Gul, Rizwan Haider (Dezo Devils); Shahbaz Ahmed, Suneth Sampath (Glory Gladiators); Waqas Gohar, Jamshaid Butt, Shadab Ahamed (Ganga Fighters); Ali Abid, Ayaz Butt, Ghulam Farid, JD Mahesh Kumara (Hiranni Heros); Inam Faried, Mausif Khan, Ashok Kumar (Texas Titans
