Opec+ expects oil demand to remain at current levels well into the first quarter of next year but said there is “light at the end of the tunnel” after positive news on the development of a Covid-19 vaccine.
“It is clear that the global [distribution] of vaccine will take time and its effect will likely begin to be significantly apparent in the second half of 2021,” Abdelmadjid Attar, Algeria’s energy minister and chairman of the Opec conference, told delegates during an online meeting.
“That is why we must be aware today that the market condition of 2020 is likely to continue [until the] ... first quarter [of] 2021 and that we must be cautious.”
The group is holding a two-day annual meeting that will set the course of its production curbs policy until the end of the first quarter of 2021.
The 23-member alliance is widely expected to extend its current curbs of 7.7 million barrels per day for another three months.
However, the group is poised for a challenging meeting as some countries are reluctant to continue shouldering the burden of cuts at current levels.
It was initially set to ease restrictions to 5.8 million barrels per day from the start of the year.
A second wave of Covid-19 cases has concerned Opec+. The virus had infected more than 63.2 million people around the world as Monday, triggering another round of lockdowns in many countries.
The group also needs to deal with a surge in production from Libya, which brought 1.25 million bpd of output to the market since September, after the country ended a force majeure of about 10 months.
“With cases soaring in many regions around the world, it [the pandemic] continues to adversely affect the global economy, and consequently the world, [as well as] energy markets in an unprecedented manner,” Mr Attar said.
“The shock to the oil industry is massive. And its impact will likely reverberate in the years to come.”
Mr Attar acknowledged that the road to recovery would be long but was bullish about the chances of a potential rebound in global economic growth next year after positive news on the development of a vaccine.
A vaccine under trial by Moderna proved to be 100 per cent effective against severe cases of Covid-19 and the pharmaceutical company has applied for emergency authorisation in the US and Europe.
Moderna intends to make available about 20 million doses of the vaccine in the US by the end of the year, it said on Monday.
Oil continued to trade softly, with Brent, the most widely traded crude benchmark, down 1.29 per cent at $47.56 a barrel at 8.50pm UAE time. West Texas Intermediate, which tracks US crude, fell 1.08 per cent to $45.04 a barrel.
The benchmarks opened lower on Monday as initial reports suggested that Opec+ members have yet to agree on extending the current curbs for another three months.
“Oil prices are likely to be testy over the next few days and bounce off of competing headlines from the Opec+ meeting,” said Edward Bell, senior director of market economics at Emirates NBD.
Goldman Sachs said that Brent could hit $65 a barrel by the end of next year, while Standard Chartered projected a price of $44.
THE SPECS
Engine: 3.5-litre supercharged V6
Power: 416hp at 7,000rpm
Torque: 410Nm at 3,500rpm
Transmission: 6-speed manual
Fuel consumption: 10.2 l/100km
Price: Dh375,000
On sale: now
THE SPECS
Engine: 4.0L twin-turbo V8
Gearbox: eight-speed automatic
Power: 571hp at 6,000rpm
Torque: 800Nm from 2,000-4,500rpm
Fuel economy, combined: 11.4L/100km
Price, base: from Dh571,000
On sale: this week
KILLING OF QASSEM SULEIMANI
WHEN TO GO:
September to November or March to May; this is when visitors are most likely to see what they’ve come for.
WHERE TO STAY:
Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.
HOW TO GET THERE:
Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.
NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
HOW TO WATCH
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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Carzaty%2C%20now%20Kavak%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3ECarzaty%20launched%20in%202018%2C%20Kavak%20in%20the%20GCC%20launched%20in%202022%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20140%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Automotive%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3ECarzaty%20raised%20%246m%20in%20equity%20and%20%244m%20in%20debt%3B%20Kavak%20plans%20%24130m%20investment%20in%20the%20GCC%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Quick facts on cancer
- Cancer is the second-leading cause of death worldwide, after cardiovascular diseases
- About one in five men and one in six women will develop cancer in their lifetime
- By 2040, global cancer cases are on track to reach 30 million
- 70 per cent of cancer deaths occur in low and middle-income countries
- This rate is expected to increase to 75 per cent by 2030
- At least one third of common cancers are preventable
- Genetic mutations play a role in 5 per cent to 10 per cent of cancers
- Up to 3.7 million lives could be saved annually by implementing the right health
strategies
- The total annual economic cost of cancer is $1.16 trillion
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Company%20profile
%3Cp%3EDate%20started%3A%20January%202022%3Cbr%3EFounders%3A%20Omar%20Abu%20Innab%2C%20Silvia%20Eldawi%2C%20Walid%20Shihabi%3Cbr%3EBased%3A%20Dubai%3Cbr%3ESector%3A%20PropTech%20%2F%20investment%3Cbr%3EEmployees%3A%2040%3Cbr%3EStage%3A%20Seed%3Cbr%3EInvestors%3A%20Multiple%3C%2Fp%3E%0A
Joy%20Ride%20
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The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%3Cbr%3E%3C%2Fp%3E%0A
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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Neil Thomson – THE BIO
Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.
UAE currency: the story behind the money in your pockets
