Opec+, the alliance between Opec and non-member producers, vowed to take a proactive response in rebalancing oil markets as the Covid-19 pandemic continues to hit global demand, top officials from Saudi Arabia and Russia said.
Saudi Arabia’s energy minister Prince Abdulaziz bin Salman and Russia's deputy prime minister and energy minister Alexander Novak met in Riyadh on Saturday and said countries participating in the output curbs agreement will “comply, cut and compensate for overproduced volumes”.
They also pledged to continue to monitor oil markets closely and "to act proactively and adjust supplies gradually and according to market requirements to accelerate the rebalancing process", according to a statement carried by the Saudi Press Agency.
Oil producing countries are currently cutting production by 7.7 million barrels per day to stabilise oil markets amid the pandemic. The group is set to increase production by 500,000 bpd in January.
"[With Russia], we are on the same page in our bilateral relationship and making sure that the market is stable and sustainable," pan-Arab newspaper Asharq Al Awsat quoted Prince Abdulaziz as saying during a joint press conference with Mr Novak on Saturday. "Continuous sustainability and stability is the pillar," he added.
Opec+ will meet on January 3 and 4 to discuss the current levels of adherence to the output restriction pact and to decide on further production hikes.
Brent, the international marker, was up 1.48 per cent and trading at $52.26 per barrel when markets closed on Friday, while West Texas Intermediate, the US gauge, rose 1.53 per cent to $49.10 per barrel.
Last week, Opec revised down its oil demand forecast for 2021 by 350,000 barrels per day but left its assessment for the current year relatively unchanged after factoring in uncertainty over the impact of Covid-19 on transportation fuels.
Global demand for 2021 is estimated to increase by 5.9 million bpd, largely due to the possible slowdown in demand for fuel in the first half of the year in OECD economies, according to Opec’s monthly oil market report.
Saudi Arabia and Russia will also strengthen bilateral energy cooperation between relevant stakeholders in the fields of oil and gas, electricity, energy efficiency and alternative energy, the statement said.
The two countries will also work towards "facilitating mutual investments in joint projects across a wide range of industries, joint production of high-tech products and other areas of mutual interest".
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Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
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PROFILE
Name: Enhance Fitness
Year started: 2018
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Tomorrow 2021
Race card
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Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
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It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
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iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
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Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Jetour T1 specs
Engine: 2-litre turbocharged
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
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Nayanthara: Beyond The Fairy Tale
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Rating: 3.5/5
