Opec and its allies led by Russia are set to convene in Vienna on Thursday amid a cloud of uncertainty over a decision to trim production and the future of the organisation.
The exporters’ group and its allies, known as Opec+, see themselves at the same juncture they did in 2016. However, this time there is less certainty of a consensus to cut amid the exit of Qatar on January 1. Qatar was on board in 2016 when Opec
agreed to reduce inventories by slashing 1.2 million barrels per day out of its production. On top of that, allies cut 600,000 bpd.
"Our baseline scenario is that Opec+ is likely to favour supporting prices over market share and collectively act by cutting production between 1 to 1.4 million bpd to curb the current oversupply in the market,” said Ehsan Khoman, Mena research head at Japan’s MUFG Bank said.
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Opec, led by Saudi Arabia, and the producers outside of the group headed by Russia were widely expected to institutionalise their two-year co-operation at this meeting.
But a decision to trim output seems less definitive than last month when Saudi energy minister Khalid Al Falih said the alliance could trim up to 1 million bpd next year if needed.
In an interview with Bloomberg on Tuesday, Mr Al Falih said Moscow backs output curbs “in principle,” but it’s “premature” to say what they will agree in Vienna this week.
Opec+ had earlier in May reversed the production cuts that have been in place since January last year to steady prices, which had rallied around three-year highs of $75 per barrel for Brent for much of the summer, eventually peaking at $86 in October. However, Brent soon crashed, losing 30 per cent of its value in a month as record-high US production and limited impact of US sanctions against Iran began to materialise.
Opec+ is also grappling with pressure from the US administration under President Donald Trump, who wants to see prices go even lower, tweeting last month that he saw the slip in prices as a “tax cut” for “America and the world”.
MUFG anticipates the alliance to display “constructive ambiguity” through a “carefully drafted, worded declaration of characteristic Opec diplomacy” to manage external pressures, notably from President Trump.
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Read more:
Quick take: Why is Opec important?
Quicktake: why is Qatar leaving Opec?
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"As such, this likely thinly veiled message will quietly inform markets that Opec+ will cut to raise oil prices on the front end, without explicitly drawing attention to risk President Trump’s wrath,” said Mr Khoman.
The upcoming meeting however would certainly test the current bond between Saudi Arabia and Russia, possibly revealing a divergence of interest. Moscow is seemingly aligned with the US, in its aspiration for a lower Brent than Saudi Arabia’s preferred range of $75 per barrel, he added. Russian producers would much prefer Brent trending around $60 to $65 per barrel. However, many see Russia’s alliance and the meeting between Saudi Crown Prince Mohammed bin Salman and President Vladimir Putin at the G20 meeting as an indication that the two may come to an agreement after all.
Another cloud over the Vienna event would be Qatar’s exit after 57 years of Opec membership, a move that Olivier Jakob of Petromatrix said could allow small producing states to question the benefits of remaining within the group.
“The decision making is now concentrated in the hands of Saudi Arabia and Russia,” said Mr Jakob.
"We think that it will be important to closely follow the developments in the US of the 'No Oil Producing and Exporting Cartels Act' (NOPEC). If momentum grows in the US for such legislation, then the smaller Opec countries might decide that the risks and costs of staying formally in Opec outweigh the benefits,” he added.
The NOPEC congressional bill asks for state immunity to be removed and for Opec to be sued under US antitrust law for anti-competitive attempts at what is being perceived by some legislators to be the group’s manipulation of supply and prices.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
THE SPECS
Touareg Highline
Engine: 3.0-litre, V6
Transmission: 8-speed automatic
Power: 340hp
Torque: 450Nm
Price: Dh239,312
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Bob Honey Who Just Do Stuff
By Sean Penn
Simon & Schuster
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Company%C2%A0profile
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About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
FIGHT CARD
Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)
Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)
Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)
Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)
Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)
Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)
Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)
Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)
Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)
Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)
Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)
UAE currency: the story behind the money in your pockets
The%20specs
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RESULTS
Bantamweight:
Zia Mashwani (PAK) bt Chris Corton (PHI)
Super lightweight:
Flavio Serafin (BRA) bt Mohammad Al Khatib (JOR)
Super lightweight:
Dwight Brooks (USA) bt Alex Nacfur (BRA)
Bantamweight:
Tariq Ismail (CAN) bt Jalal Al Daaja (JOR)
Featherweight:
Abdullatip Magomedov (RUS) bt Sulaiman Al Modhyan (KUW)
Middleweight:
Mohammad Fakhreddine (LEB) bt Christofer Silva (BRA)
Middleweight:
Rustam Chsiev (RUS) bt Tarek Suleiman (SYR)
Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)
Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)
Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)
FIXTURES (all times UAE)
Sunday
Brescia v Lazio (3.30pm)
SPAL v Verona (6pm)
Genoa v Sassuolo (9pm)
AS Roma v Torino (11.45pm)
Monday
Bologna v Fiorentina (3.30pm)
AC Milan v Sampdoria (6pm)
Juventus v Cagliari (6pm)
Atalanta v Parma (6pm)
Lecce v Udinese (9pm)
Napoli v Inter Milan (11.45pm)
The specs: 2018 Mazda CX-5
Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
Fuel consumption, combined: 7.1L / 100km
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Read more from Aya Iskandarani
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5
And%20Just%20Like%20That...
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MATCH INFO
Leeds United 0
Brighton 1 (Maupay 17')
Man of the match: Ben White (Brighton)
SERIE A FIXTURES
Saturday (All UAE kick-off times)
Cagliari v AC Milan (6pm)
Lazio v Napoli (9pm)
Inter Milan v Atalanta (11.45pm)
Sunday
Udinese v Sassuolo (3.30pm)
Sampdoria v Brescia (6pm)
Fiorentina v SPAL (6pm)
Torino v Bologna (6pm)
Verona v Genoa (9pm)
Roma V Juventus (11.45pm)
Parma v Lecce (11.45pm)
