Opec and non-member producers led by Russia agreed to a gradual increase in production for three months starting in January, ending a long annual meeting.
The group will bring 2 million barrels per day to the market, incrementally by 0.5 million bpd, starting in January.
The alliance, informally known as Opec+ will draw back 7.2 million bpd, reversing the 7.7 million bpd of curbs in place since August.
Opec+ also extended the period allowed for members to make compensatory cuts for earlier overproduction to the end of March.
The group, led by Saudi Arabia and Russia, will hold monthly ministerial meetings starting in January “to assess market conditions and decide on further production adjustments", Opec said in a communique.
"We actually had a very long discussion about the current state of the market and other factors, and we believe that today's market is rather stable, although there is still some uncertainty, of course,” Russian Deputy Prime Minister Alexander Novak said after the meeting.
“That is why, considering some stability, we have decided that we need to do this easing of cuts gradually, making a pause every month to review what's happening."
Mr Novak, who continues to handle Opec affairs after his promotion from energy minister to deputy premier, will visit Saudi Arabia in January to discuss issues relating to the market and bilateral relations.
Oil markets reacted positively to the news of Opec+ tapering cuts gradually.
Brent, the international benchmark, was up 1.24 per cent, trading at $48.85 per barrel at 12.04am UAE time on Friday.
West Texas Intermediate, which tracks US crude grades, was up 1.08 per cent, trading at $45.77 per barrel.
Saudi Energy Minister Prince Abdulaziz bin Salman, who this week tendered his resignation as chairman of the joint ministerial monitoring committee meeting, will now stay on, Opec said.
"I threw down the towel but the towel came back to me,” Prince Abdulaziz said.
He dismissed and criticised reports of a rift between producers.
"This is a grand commitment and this is a demonstration of responsibility by all participants,” Prince Abdulaziz said.
"This is a mature agreement and mature in the sense that the end of the day we all can agree by consensus."
Opec+ took into account the UAE’s concerns about the lack of compensation by other members of the alliance, he said.
“We’re given many assurances now," Prince Abdulaziz said.
"This is going to be a relentless quest and we’re going to make sure that everybody will discipline themselves as well as they can."
The group will continue to make exemptions for Libya, a key Opec producer, on humanitarian grounds.
The North African producer has taken 1.25 million bpd to the market since September, after it ended a 10-month force majeure.
“As an Opec member, usually when a country goes through a situation like this, we allow them to produce all the way to the last agreement that we had," Prince Abdulaziz said.
UAE currency: the story behind the money in your pockets
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
Killing of Qassem Suleimani
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The specs
Engine: 2.9-litre twin-turbo V6
Power: 540hp at 6,500rpm
Torque: 600Nm at 2,500rpm
Transmission: Eight-speed auto
Kerb weight: 1580kg
Price: From Dh750k
On sale: via special order
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
More on Quran memorisation:
Mohammed bin Zayed Majlis
More on Quran memorisation:
The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
The%20specs
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
The biog
Age: 19
Profession: medical student at UAE university
Favourite book: The Ocean at The End of The Lane by Neil Gaiman
Role model: Parents, followed by Fazza (Shiekh Hamdan bin Mohammed)
Favourite poet: Edger Allen Poe
