Russian President Vladimir Putin struck a deal with Saudi Crown Prince Mohammed Bin Salman to extend the Opec+ agreement at current production levels for the rest of this year and potentially into early 2020.
Speaking at the Group of 20 summit in Japan, the Russian president said the extension of output cuts - which expire at the end of June - could be for six or nine months. His comments came ahead of next week’s Opec+ gathering in Vienna where the group is meeting to decide on the crude production strategy in a bid to keep the market balanced.
Saudi Arabia and Russia joined forces in 2016 to manage the global oil market in an effort to prop up prices. The current version of the deal by the so-called Opec+ coalition calls for production cuts of 1.2 million barrels a day.
“We have agreed: we will continue our agreements,” Mr Putin said in Osaka. “In any event we will support the continuation of agreements, both Russia and Saudi Arabia, in the volumes previously agreed.”
The announcement marks the first time a senior leader from the group has indicated the curbs could be needed into 2020. That reflects a sombre outlook for oil supply and demand next year due to a combination of slowing global economic growth and rising US shale output.
The Russia-Saudi deal followed an agreement made earlier in Osaka between the US and Chinese presidents to restart trade talks, and comments by Donald Trump that he wouldn’t impose new duties on Beijing for now.
“The Saudi-Russia deal, combined with a positive outcome from the US-China trade talks at the G20, should allow oil prices to move higher,” said Amrita Sen, chief oil analyst at consultants Energy Aspects in London.
The alliance between Opec and its partners has had a mixed track record of supporting oil prices, in part because some members have at times overproduced. Since Russia and Saudi Arabia came together to manage the market in late 2016, benchmark Brent crude has oscillated between $45 and $85 per barrel. On Friday, Brent futures for September closed at $64.74 per barrel.
The talks between Mr Putin and Crown Prince Mohammed show the commitment of the two countries to ensuring oil-market stability, Russia’s Energy Ministry said. Their discussions also demonstrate a “high level of understanding” between the two producers amid the current oil-market uncertainties, it said.
For Moscow, there’s an extra incentive to extend the curbs by nine months, as Russian oil companies struggle to raise production over the winter. By extending the deal into 2020, Russia could be in a better position to pump more during the spring of next year.
Saturday’s verbal agreement between Mr Putin and Crown Prince Mohammed highlights the importance of the G20 as a key policy-making forum for oil and Opec watchers. Last year, Mr Putin and the crown prince used the summit in Buenos Aires to give their political backing to extend the Opec+ deal into the first half of 2019. A few days later the respective oil ministers met and agreed on the details of cuts.
The G20 in 2016 in Hangzhou, China, also proved pivotal for the oil market, with Mr Putin and the crown prince forging a rapprochement between the world’s top two oil exporters. Since that meeting, the two nations have co-operated on output policy. Opec+ includes all the members of Opec plus a handful of independent producers including Mexico, Azerbaijan and Kazakhstan, as well as Russia.
“The strategic partnership within Opec+ has led to the stabilisation of oil markets” while supporting global economic growth, Kirill Dmitriev, head of the Russian Direct Investment Fund, said on Saturday following the talks.
How to tell if your child is being bullied at school
Sudden change in behaviour or displays higher levels of stress or anxiety
Shows signs of depression or isolation
Ability to sleep well diminishes
Academic performance begins to deteriorate
Changes in eating habits
Struggles to concentrate
Refuses to go to school
Behaviour changes and is aggressive towards siblings
Begins to use language they do not normally use
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
EMIRATES'S%20REVISED%20A350%20DEPLOYMENT%20SCHEDULE
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Company%20Profile
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP
Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan
Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Specs%3A%202024%20McLaren%20Artura%20Spider
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%203.0-litre%20twin-turbo%20V6%20and%20electric%20motor%3Cbr%3E%3Cstrong%3EMax%20power%3A%3C%2Fstrong%3E%20700hp%20at%207%2C500rpm%3Cbr%3E%3Cstrong%3EMax%20torque%3A%3C%2Fstrong%3E%20720Nm%20at%202%2C250rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Eight-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3E0-100km%2Fh%3A%3C%2Fstrong%3E%203.0sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%20%3C%2Fstrong%3E330kph%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1.14%20million%20(%24311%2C000)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
DUBAI WORLD CUP CARNIVAL CARD
6.30pm Handicap US$135,000 (Turf) 2,410m
7.05pm UAE 1000 Guineas Listed $250,000 (Dirt) 1,600m
7.40pm Dubai Dash Listed $175,000 (T) 1,000m
8.15pm Al Bastakiya Trial Conditions $100,000 (D) 1.900m
8.50pm Al Fahidi Fort Group Two $250,000 (T) 1,400m
9.25pm Handicap $135,000 (D) 2,000m
The National selections
6.30pm: Gifts Of Gold
7.05pm Final Song
7.40pm Equilateral
8.15pm Dark Of Night
8.50pm Mythical Magic
9.25pm Franz Kafka
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COMPANY%20PROFILE
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Company%20Profile
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The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
The%20specs
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Jawan
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What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
What is the Supreme Petroleum Council?
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Teams
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
