Opec+ is still weighing its options to extend current production curbs until the first quarter of next year as the group awaits key producers' backing.
Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said the group is prepared to be flexible but noted following the joint ministerial monitoring committee meeting that the market was “too fluid” to take an immediate action to extend supply cuts.
Overall compliance among the group in October was 101 per cent, lower than the previous month’s 102 per cent.
However, producers such as the UAE, which made compensatory cuts last month, reported 126 per cent compliance with the agreement.
The UAE lowered its crude output by 153,000 barrels per day in October in line with the restrictions, state-run Wam news agency reported on Tuesday.
Opec+, the alliance led by Saudi Arabia and Russia, is drawing back 7 million bpd since August and was set to taper the cuts from the beginning of next year, as part of the agreement reached earlier this year.
However, a rising number of Covid-19 cases and subsequent reimposition of lockdowns in several parts of the world have raised concerns about the demand for crude.
"All participating countries need to be vigilant, proactive and be prepared to act, when necessary, to the requirements of the market,” the JMMC said in its joint communique on Tuesday.
The core group cautioned about demand being affected by "stringent Covid-19 containment measures” that continue to elevate risks and uncertainties.
Prince Abdulaziz called the recent developments in the efficacy of vaccines "as some glimmer of light at the end of the tunnel” but noted that the news was counterbalanced by the recent surge in cases.
He also urged the laggards in the group to comply with supply cuts.
"We as a group, do not want to give the market, any excuse to react negatively. The market will not be kind to those who do not stick to agreements,” he told the delegates.
However, prices remained deflated due to lack of clear guidance over whether Opec+ has the full backing to rollover the current level of cuts for the next three months.
Brent, the international benchmark, was up 1.03 per cent, trading at $44.2 per barrel at 2.06pm. West Texas Intermediate was up 0.82 per cent at $41.77 per barrel.
"Oil markets failed to take much heart from the Opec+ JMMC overnight as ministers from some of the most important producers didn’t fully back a deal to extend production cuts in to 2021,” Emirates NBD said in a note on Wednesday.
Crude stocks in the US also increased, with the industry-funded American Petroleum Institute reporting a buildup of around 4.2 million barrels last week, along with higher stocks of gasoline.
Swiss bank UBS expects JMMC to delay the production increase of 2m bpd scheduled for the beginning of next year to be delayed by a few months.
“As we expect the oil market to stay undersupplied in 2021, we continue to recommend investors with a high risk tolerance to sell Brent's downside price risks,” said Giovanni Staunovo, commodity analyst at UBS.
Youth YouTuber Programme
The programme will be presented over two weeks and will cover the following topics:
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UAE currency: the story behind the money in your pockets
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
The Outsider
Stephen King, Penguin
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
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
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- 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
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
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The%20specs
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Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20myZoi%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Syed%20Ali%2C%20Christian%20Buchholz%2C%20Shanawaz%20Rouf%2C%20Arsalan%20Siddiqui%2C%20Nabid%20Hassan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2037%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20Initial%20undisclosed%20funding%20from%20SC%20Ventures%3B%20second%20round%20of%20funding%20totalling%20%2414%20million%20from%20a%20consortium%20of%20SBI%2C%20a%20Japanese%20VC%20firm%2C%20and%20SC%20Venture%3C%2Fp%3E%0A
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
It
Director: Andres Muschietti
Starring: Bill Skarsgard, Jaeden Lieberher, Sophia Lillis, Chosen Jacobs, Jeremy Ray Taylor
Three stars
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Race card
6.30pm: Handicap (TB) $68,000 (Dirt) 1,200m
7.05pm: Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m
7.40pm: UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m
8.15pm: Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m
9.50pm: Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m
9.25pm: Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
