Russia has the capacity to set a new oil-production record, but won’t decide whether the market needs those additional supplies before a meeting later this month with its Opec allies.
The country could boost output by as much as 300,000 barrels a day in the medium-term, which would beat the post-Soviet record set in October 2016, Russian Energy Minister Alexander Novak said on Wednesday. It’s in everyone’s interest to keep the oil market balanced, so Russia will discuss supplies with the Organization of Petroleum Exporting Countries in Algiers on September 23, he said.
“We have not yet taken any decisions on production growth, we’ve just spoken about the potential we have and the spare capacity,” Mr Novak said. “We will be discussing these decisions and steps we plan to take in Algeria.”
Russia is officially disclosing its spare crude-production capacity for the first time, before crucial talks about how the group known as Opec+ will respond to a series of oil-supply disruptions from Venezuela to Iran. While the producers are in the process of increasing output before the expiry of their supply-cuts deal at the end of the year, Mr Novak said the effectiveness of the joint effort underscores the need for it to carry on next year.
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Read more:
Opec and non-Opec panel to discuss sharing oil-output increase
'Opec is doing its part,' says UAE's Mazrouei
How Saudi Arabia plans to price its oil
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“Regardless of whether we coordinate production volumes and whether we once again install these voluntary limitations upon ourselves or not, the mechanism has shown its efficiency,” Mr Novak said. “That is why we believe that we would need to continue cooperation in any case.”
Speculation is swirling over whether a potential supply gap can be filled as US sanctions curb Iran’s petroleum exports. Some of its customers are already halting purchases before the restrictions formally take effect in November. Still, there are also doubts about the strength of global oil demand due to the burgeoning US-China trade war and a slump in emerging markets.
“Our decisions and our actions are based on the assumption that we need to maintain market stability,” said Mr Novak. “Currently, the market is in a position where we can say that it’s close to a balance point. That’s why we need to very carefully study the consequences of any decision”, considering seasonal trends in demand and supply growth in countries including the US, he said.
Mr Novak will meet US Energy Secretary Rick Perry in Moscow on Thursday and discuss the state of oil and gas markets and companies in both countries. The American official, who met with his Saudi Arabian counterpart in Texas earlier this month, is visiting just weeks before sanctions hit Iranian oil, while some policymakers are also pushing a potential ban on US imports of Russian crude and fuels.
In late 2016, Russia joined Opec and several other major producers in cutting production to end a supply glut that was depressing prices. They agreed in June to start rolling back those reductions, adding about 1 million barrels a day to the market partly in response to calls from US President Donald Trump to ease pressure on consumers.
That decision was for a collective output increase and there’s no need to allocate new individual quotas to each group member, Mr Novak said. Even though some countries are unable to boost production, it’s in everyone’s interest to ensure the market remains balanced, he said.
Russia has been one of the key beneficiaries of the June deal. It has restored output close to post-Soviet records, while crude prices in roubles have reached historic highs amid the currency’s weakness. The country currently plans to maintain its output at about 11.2 million barrels per day through to the end of the year, a government official said in August.
UAE currency: the story behind the money in your pockets
Top 5 concerns globally:
1. Unemployment
2. Spread of infectious diseases
3. Fiscal crises
4. Cyber attacks
5. Profound social instability
Top 5 concerns in the Mena region
1. Energy price shock
2. Fiscal crises
3. Spread of infectious diseases
4. Unmanageable inflation
5. Cyber attacks
Source: World Economic Foundation
'Cheb%20Khaled'
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About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Day 1, Dubai Test: At a glance
Moment of the day Sadeera Samarawickrama set pulses racing with his strokeplay on his introduction to Test cricket. It reached a feverish peak when he stepped down the wicket and launched Yasir Shah, who many regard as the world’s leading spinner, back over his head for six. No matter that he was out soon after: it felt as though the future had arrived.
Stat of the day - 5 The last time Sri Lanka played a Test in Dubai – they won here in 2013 – they had four players in their XI who were known as wicketkeepers. This time they have gone one better. Each of Dinesh Chandimal, Kaushal Silva, Samarawickrama, Kusal Mendis, and Niroshan Dickwella – the nominated gloveman here – can keep wicket.
The verdict Sri Lanka want to make history by becoming the first team to beat Pakistan in a full Test series in the UAE. They could not have made a better start, first by winning the toss, then by scoring freely on an easy-paced pitch. The fact Yasir Shah found some turn on Day 1, too, will have interested their own spin bowlers.
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PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)
MATCH INFO
Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1)
Where: Wanda Metropolitano
When: Thursday, May 3
Live: On BeIN Sports HD
The Freedom Artist
By Ben Okri (Head of Zeus)
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Dubai Rugby Sevens, December 5 -7
World Sevens Series Pools
A – Fiji, France, Argentina, Japan
B – United States, Australia, Scotland, Ireland
C – New Zealand, Samoa, Canada, Wales
D – South Africa, England, Spain, Kenya
Youth YouTuber Programme
The programme will be presented over two weeks and will cover the following topics:
- Learning, scripting, storytelling and basic shots
- Master on-camera presence and advanced script writing
- Beating the algorithm and reaching your core audience
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
