Opec+ should remain flexible and be ready to "tweak" the current pact in response to market needs, Saudi Arabia’s energy minister told the alliance’s joint ministerial monitoring committee on Tuesday.
“We must be ready to tweak the terms of our agreements. Flexibility and proactiveness must continue to be the guiding principles of our deliberations today and in the future in order for us to attend to what is necessary,” Prince Abdulaziz bin Salman told delegates in a virtual briefing.
The alliance, headed by Saudi Arabia and Russia, is considering extending the current level of curbs set at 7 million barrels per day for another three months. The group was earlier set to incrementally increase production but is likely to change course due to slowing demand as various countries around the world battle a second wave of the coronavirus.
"There is still a way to go before we reach the other side of the long awaited pandemic,” Prince Abdulaziz told the JMMC.
A wide spread access to vaccines to counter the Covid-19 pandemic would be an “effective mitigator” of the current situation, he said.
Oil rallied briefly, even touching $45 per barrel, after pharma giant Pfizer and subsequently Moderna said the vaccines being trialled were more than 90 per cent effective. It has since pared back gains with Brent, the international crude benchmark, down 0.73 per cent to touch $43.50 per barrel at 7.50pm UAE time. West Texas Intermediate, which tracks US crude grades, was down 0.53 per cent at $41.12 per barrel.
Prince Abdulaziz also remained optimistic about the rebound in oil demand in key centres in Asia, particularly in China and India.
He urged all producers to redouble their efforts to fully comply with the terms of the deal.
"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,” the minister said.
Opec will convene its annual meeting alongside non-member producers on December 1.
ORDER OF PLAY ON SHOW COURTS
Centre Court - 4pm (UAE)
Gael Monfils (15) v Kyle Edmund
Karolina Pliskova (3) v Magdalena Rybarikova
Dusan Lajovic v Roger Federer (3)
Court 1 - 4pm
Adam Pavlasek v Novak Djokovic (2)
Dominic Thiem (8) v Gilles Simon
Angelique Kerber (1) v Kirsten Flipkens
Court 2 - 2.30pm
Grigor Dimitrov (13) v Marcos Baghdatis
Agnieszka Radwanska (9) v Christina McHale
Milos Raonic (6) v Mikhail Youzhny
Tsvetana Pironkova v Caroline Wozniacki (5)
Ovo's tips to find extra heat
- Open your curtains when it’s sunny
- Keep your oven open after cooking
- Have a cuddle with pets and loved ones to help stay cosy
- Eat ginger but avoid chilli as it makes you sweat
- Put on extra layers
- Do a few star jumps
- Avoid alcohol
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
OIL PLEDGE
At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.
Results
5pm: Maiden (PA) Dh 80,000 (Turf) 1,400m. Winner: Al Ajeeb W’Rsan, Pat Dobbs (jockey), Jaci Wickham (trainer).
5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m racing. Winner: Mujeeb, Fabrice Veron, Eric Lemartinel.
6pm: Handicap (PA) Dh 90,000 (T) 2,200m. Winner: Onward, Connor Beasley, Abdallah Al Hammadi.
6.30pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown Prep Rated Conditions (PA) Dh 125,000 (T) 2,200m. Winner: Somoud, Richard Mullen, Jean de Roualle.
7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 (T) 1,600m. Winner: AF Arrab, Tadhg O’Shea, Ernst Oertel.
7.30pm: Handicap (TB) Dh 90,000 (T) 1,400m. Winner: Irish Freedom, Richard Mullen, Satish Seemar.
