It’s “inevitable” that Opec and its allies will agree to boost oil output gradually at their meeting in Vienna next week, said Saudi Arabia’s Energy Minister.
“As usual we will do the right thing,” Khalid Al Falih told reporters in Moscow on Thursday.
“I think we’ll come to an agreement that satisfies most importantly the market.”
Russia and Saudi Arabia, leaders of the deal between Opec and other major oil producers to curb output and boost prices, will discuss their next move in Moscow on Thursday on the same day as the two nations face off at the football World Cup.
Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman, along with Mr Al Falih and his Russian counterpart, will discuss how to boost oil production while maintaining their petro-alliance and overcoming opposition to an increase from other Opec members.
Both nations have proposed plans for the so-called Opec+ group that would add as much as 1 million barrels per day, about 1 per cent of global output, although Riyadh prefers a smaller increase, according to people familiar with the matter.
“I think it will be a reasonable and moderate agreement,” Mr Al Falih said. “It’s not going to be anything outlandish.”
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Read more:
Russia a growing force in region but careful approach needed
Two dominant factors to influence oil markets this year
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Brent futures for August settlement traded at $76.49 a barrel on the London-based ICE Futures Europe exchange on Thursday, down 25 cents. The contract advanced 86 cents on Wednesday. The global benchmark crude traded at a $9.88 premium to WTI for the same month.
West Texas Intermediate crude for July delivery traded at $66.77 a barrel on the New York Mercantile Exchange, up 13 cents, at 10.58am London time. The contract climbed 28 cents to $66.64 on Wednesday. Total volume traded Thursday was about 24 per cent below the 100-day average.
Futures rose 0.8 per cent to 468.1 yuan a barrel in afternoon trading on the Shanghai International Energy Exchange. The contract slipped 1.6 per cent on Wednesday.
Saudi Arabia is mulling various different scenarios to raise supplies. One proposal envisages a single hike of just 500,000bpd. Another would see an immediate increase of 500,000bpd followed by a similar addition in the fourth quarter. The kingdom has also shared ideas that float an increase of about 600,000 to 700,000bpd.
In the US, the crude stockpile decline was steeper than estimated by analysts in a Bloomberg survey, and also ran counter to an industry report a day earlier showing an increase. Petrol and distillates also slid last week, the Energy Information Administration said. Meanwhile, US crude production rose to 10.9m bpd, topping 10 million per day every week since early February.
Crude loadings at Libya’s biggest oil port of Es Sider and nearby terminal of Ras Lanuf halted after workers were evacuated following clashes, people familiar with the matter said.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
At Eternity’s Gate
Director: Julian Schnabel
Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen
Three stars
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
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Plan to boost public schools
A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.
It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.
Aspects of the school model will be extended to international private schools, the education minister has previously suggested.
Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
