Japan, the world's fourth biggest importer of crude, and Opec have agreed to establish dialogue between senior officials to address Tokyo's energy security concerns.
Kei Takagi, Japan's Parliamentary Vice Minister for Foreign Affairs, met Opec secretary general Haitham Al Ghais in Vienna on Tuesday.
They discussed global energy supplies and the outlook for demand, the Nikkei reported on Wednesday.
In future talks, senior officials from both sides will meet several times a year in alternating visits, the business daily said.
Japan is looking to bolster its energy security by entering into long-term liquefied natural gas agreements and adding more renewable resources to its overall energy mix.
Global competition for LNG cargo is set to intensify this year as China’s economy recovers and Europe stockpiles more natural gas before the next winter.
In December, Inpex, Japan’s largest oil and gas exploration company, signed an agreement with US-based Venture Global LNG for the supply of a million tonnes annually for the next 20 years.
Last year, Saudi Arabia and Japan signed new agreements focused on the circular carbon economy and carbon recycling fields and covering other areas such as green hydrogen, fuel ammonia and derivatives.
The talks between Japan and the oil producer's group come at a time when crude prices are trading below $80 a barrel amid growing concerns over the fuel demand outlook.
Brent, the benchmark for two thirds of the world’s oil, has lost about 13 per cent of its value since the beginning of the year.
On June 4, top crude exporter Saudi Arabia announced a unilateral production cut of a million barrels per day for July and said that an extension could be possible.
The Opec+ group of 23 oil-producing countries has extended its current production cuts until the end of 2024.
The alliance has total production curbs of 3.66 million bpd, or about 3.7 per cent of global demand, in place, including a 2 million bpd reduction agreed on last year and voluntary cuts of 1.66 million bpd announced in April.
On Tuesday, Opec again raised its 2023 oil demand growth forecast for top crude importer China and said the recent economic slowdown in the country could persist until the middle of the year.
The group also maintained its global oil demand growth forecast of 2.3 million bpd for this year.
The Group of Seven most developed nations met in Japan last month and affirmed their goal of a highly decarbonised road sector by 2030 and net zero emissions on roads by 2050.
The group said it was aiming for 100 per cent or a vast majority sales of zero emission vehicles in the light duty class by 2035.
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
%E2%80%98White%20Elephant%E2%80%99
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Jesse%20V%20Johnson%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Michael%20Rooker%2C%20Bruce%20Willis%2C%20John%20Malkovich%2C%20Olga%20Kurylenko%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
The specs
Price: From Dh529,000
Engine: 5-litre V8
Transmission: Eight-speed auto
Power: 520hp
Torque: 625Nm
Fuel economy, combined: 12.8L/100km
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
Aston martin DBX specs
Engine: 4.0-litre twin-turbo V8
Transmission: nine-speed automatic
Power: 542bhp
Torque: 700Nm
Top speed: 291kph
Price: Dh848,000
On sale: Q2, 2020
