Oil markets reacted positively to the news of Opec+ tapering cuts gradually. Brent rose 1.24%, trading at $48.85 per barrel at 12.04am UAE time on Friday. Reuters
Oil markets reacted positively to the news of Opec+ tapering cuts gradually. Brent rose 1.24%, trading at $48.85 per barrel at 12.04am UAE time on Friday. Reuters
Oil markets reacted positively to the news of Opec+ tapering cuts gradually. Brent rose 1.24%, trading at $48.85 per barrel at 12.04am UAE time on Friday. Reuters
Oil markets reacted positively to the news of Opec+ tapering cuts gradually. Brent rose 1.24%, trading at $48.85 per barrel at 12.04am UAE time on Friday. Reuters

Opec+ agrees to gradual increase in output from January


Jennifer Gnana
  • English
  • Arabic

Opec and non-member producers led by Russia agreed to a gradual increase in production for three months starting in January, ending a long annual meeting.

The group will bring 2 million barrels per day to the market, incrementally by 0.5 million bpd, starting in January.

The alliance, informally known as Opec+ will draw back 7.2 million bpd, reversing the 7.7 million bpd of curbs in place since August.

Opec+ also extended the period allowed for members to make compensatory cuts for earlier overproduction to the end of March.

The group, led by Saudi Arabia and Russia, will hold monthly ministerial meetings starting in January “to assess market conditions and decide on further production adjustments", Opec said in a communique.

"We actually had a very long discussion about the current state of the market and other factors, and we believe that today's market is rather stable, although there is still some uncertainty, of course,” Russian Deputy Prime Minister Alexander Novak said after the meeting.

“That is why, considering some stability, we have decided that we need to do this easing of cuts gradually, making a pause every month to review what's happening."

Mr Novak, who continues to handle Opec affairs after his promotion from energy minister to deputy premier, will visit Saudi Arabia in January to discuss issues relating to the market and bilateral relations.

Oil markets reacted positively to the news of Opec+ tapering cuts gradually.

Brent, the international benchmark, was up 1.24 per cent, trading at $48.85 per barrel at 12.04am UAE time on Friday.

West Texas Intermediate, which tracks US crude grades, was up 1.08 per cent, trading at $45.77 per barrel.

Saudi Energy Minister Prince Abdulaziz bin Salman, who this week tendered his resignation as chairman of the joint ministerial monitoring committee meeting, will now stay on, Opec said.

"I threw down the towel but the towel came back to me,” Prince Abdulaziz said.

He dismissed and criticised reports of a rift between producers.

"This is a grand commitment and this is a demonstration of responsibility by all participants,” Prince Abdulaziz said.

"This is a mature agreement and mature in the sense that the end of the day we all can agree by consensus."

Opec+ took into account the UAE’s concerns about the lack of compensation by other members of the alliance, he said.

“We’re given many assurances now," Prince Abdulaziz said.

"This is going to be a relentless quest and we’re going to make sure that everybody will discipline themselves as well as they can."

The group will continue to make exemptions for Libya, a key Opec producer, on humanitarian grounds.

The North African producer has taken 1.25 million bpd to the market since September, after it ended a 10-month force majeure.

“As an Opec member, usually when a country goes through a situation like this, we allow them to produce all the way to the last agreement that we had," Prince Abdulaziz said.

Gulf Under 19s final

Dubai College A 50-12 Dubai College B

The biog

Name: Dhabia Khalifa AlQubaisi

Age: 23

How she spends spare time: Playing with cats at the clinic and feeding them

Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need

Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman

Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs 

Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

SPEC SHEET

Display: 6.8" edge quad-HD  dynamic Amoled 2X, Infinity-O, 3088 x 1440, 500ppi, HDR10 , 120Hz

Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core

Memory: 8/12GB RAM

Storage: 128/256/512GB/1TB

Platform: Android 12

Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW

Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps

Front camera: 40MP f/2.2

Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare

Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC

I/O: USB-C

SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano

Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red

Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE

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. 

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

Tips for used car buyers
  • Choose cars with GCC specifications
  • Get a service history for cars less than five years old
  • Don’t go cheap on the inspection
  • Check for oil leaks
  • Do a Google search on the standard problems for your car model
  • Do your due diligence. Get a transfer of ownership done at an official RTA centre
  • Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
  • Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
  • If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell

Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com

Russia's Muslim Heartlands

Dominic Rubin, Oxford

How to donate

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

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What it means to be a conservationist

Who is Enric Sala?

Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.

What is biodiversity?

According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.

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
The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

PAST 10 BRITISH GRAND PRIX WINNERS

2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)

India Test squad

Virat Kohli (c), Mayank Agarwal, Rohit Sharma, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Rishabh Pant (wk), Wriddhiman Saha (wk), Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill

Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
Kandahar%20
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if you go
The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

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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While you're here