Saudi Arabia urged members of the Opec+ producer alliance not to slow down in their determination to correct market imbalances.
"As we see light at the end of the tunnel, we must – at all costs – avoid the temptation to slacken off our resolve," Prince Abdulaziz bin Salman, Saudi Arabia's energy minister told an extraordinary meeting of Opec+ ministers.
He said the introduction of Covid-19 vaccination programmes was "the single most important factor in bringing about economic recovery", with implications for a sustained improvement in the demand for oil.
The minister, who alongside Russia heads a 23-member group of producers, said the optimism seen in markets following news of the efficacy of several vaccines should be balanced with vigilance.
"At the risk of being seen as a killjoy in the proceedings, I want to urge caution, even in this generally optimistic environment. The level of uncertainty in the world remains high," he said.
Oil prices dropped as the meeting began. Markets remained uncertain as to whether the producer group was likely to add more supply or roll over the current levels of curbs.
Brent, the international crude marker, was down 1.47 per cent, trading at $51.04 per barrel at 8.41pm UAE time. West Texas Intermediate, the key US gauge, was down 2.12 per cent at $47.49 per barrel.
Opec+ agreed last month to cut 7.2 million barrels per day of production for three months until March, subject to monthly reviews.
Earlier in 2020, the alliance had looked to bring back 2m bpd to the markets by the beginning of this year. However, the group reconsidered its position following the reimposition of lockdowns in several developed economies such as the UK and Germany as a new strain of the virus began to spread at the end of the year.
Zayed Sustainability Prize
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
TYPES%20OF%20ONLINE%20GIG%20WORK
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THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE currency: the story behind the money in your pockets
The Written World: How Literature Shaped History
Martin Puchner
Granta
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
