Opec+ agreed to keep oil production levels unchanged and approved a mechanism to determine members' maximum oil production capacity during a series of meetings of the exporters' group on Sunday.
This month, the group, which pumps about half the world's oil, paused output increases for the first quarter of 2026 due to seasonal weak demand. It has brought 2.9 million barrels per day into the market since April this year.
Opec+, made up of the Organisation of Petroleum Exporting Countries and its allies such as Russia, said in a statement on Sunday it was reaffirming the level of overall crude oil production for Opec and non-Opec countries as agreed to earlier until December 31, 2026.
It also said it had approved "a mechanism to assess participating countries’ maximum sustainable production capacity to be used as reference for the 2027 production baselines".
The group, which also includes Saudi Arabia, Iraq, the UAE, Kazakhstan, Algeria and Oman, has been phasing out voluntary production cuts.
The group is unwinding 1.65 million bpd of voluntary cuts announced in April 2023. Opec+ approved adding about 137,000 bpd for each of October, November and December.
There are also cuts of 2 million bpd announced by most of the 22 members of the group until December 2026.
In its statement following the meeting, Opec urged all the countries in its alliance to adhere to conformity in production quotas.
The group will hold its next meeting on January 4, 2026.
Oil markets have remained volatile this year due to geopolitical tension, US President Donald Trump's tariffs and production cuts by Opec+.
The US Federal Reserve's decision to cut interest rates, as well as American sanctions on Russian oil companies such as Lukoil and Rosneft, have also affected oil prices.
This week, oil prices traded lower as the US increased efforts to end the Ukraine war and to reintegrate Russia into the global economy by lifting sanctions.
Brent retreated 0.78 per cent to settle at $62.38 per barrel. West Texas Intermediate shed 0.17 per cent to $58.55 a barrel.
The Ukraine war, which began more than three years ago, has been bullish for oil prices due to concern over lower supplies of Russian crude as western sanctions curtail Moscow's oil revenue.
If sanctions on Russia end, Russian oil is expected to flow into global markets, which is expected to bring down prices. However, a continuing war would support prices.
Markets are also grappling with oversupply concerns as Opec+ boosts output.
There is expected to be a potential oversupply of up to 2 million bpd next year, traders told the recent Adipec energy conference in Abu Dhabi.
Sanctions on Russian oil by the US and the EU are preventing a glut from forming in global markets, Torbjorn Tornqvist, chief executive of commodities trader Gunvor Group, said this month.
However, UAE Minister of Energy and Infrastructure Suhail Al Mazrouei does not expect oversupply in the market.
There is a strong demand for oil due to the data centre boom spurred by AI use, Mr Al Mazrouei said at Adipec.
“I am not going to talk about an oversupply scenario, I can't see that ... what we're seeing is more demand,” Mr Al Mazrouei said.
“Countries like the UAE and others are investing enough, because we know the demand is there.”
The UAE's production capacity of 4.85 million bpd is close to its target of 5 million bpd, which it hopes to reach by 2027.
Producers such as the UAE want to add more supply to the market, given recent investments in capacity, which have idled due to Opec+ production curbs since 2023.
The biog
Occupation: Key marker and auto electrician
Hometown: Ghazala, Syria
Date of arrival in Abu Dhabi: May 15, 1978
Family: 11 siblings, a wife, three sons and one daughter
Favourite place in UAE: Abu Dhabi
Favourite hobby: I like to do a mix of things, like listening to poetry for example.
Favourite Syrian artist: Sabah Fakhri, a tenor from Aleppo
Favourite food: fresh fish
match info
Maratha Arabians 138-2
C Lynn 91*, A Lyth 20, B Laughlin 1-15
Team Abu Dhabi 114-3
L Wright 40*, L Malinga 0-13, M McClenaghan 1-17
Maratha Arabians won by 24 runs
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Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
