Saudi Arabia, the world’s biggest oil exporter, urged major global oil producers to extend their cooperation that has helped prop up the crude prices to highest level in three years in recent weeks beyond 2018, and indicated that a deal next year may take a new shape.
“We shouldn’t limit our efforts to 2018 - we need to be talking about a longer framework of cooperation. I am talking about extending the framework that we started, which is the declaration of cooperation, beyond 2018,” Reuters cited Saudi Arabia’s energy minister Khalid Al Falih as telling reporters on Sunday in Oman.
“This doesn’t necessarily mean sticking barrel by barrel to the same limits or cuts, or production targets country by country that we signed up to in 2016, but assuring stakeholders, investors, consumers and the global community that this is something that is here to stay. And we are going to work together,” he said ahead of the joint ministerial committee which oversees implementation of the production cuts.
The comments are the first public mention of a potential new form of coordination between Opec and non-Opec producers including Russia into 2019. Oman’s oil minister Mohammed bin Hamad Al Rumhi said that producers were due to discuss in November this year whether to renew their cooperation agreement on supply cuts or enter a new type of agreement. Oman is in favour of reaching a new type of deal, he told reporters.
Both ministers however, did not elaborate as to what form the new deal may take or if the proposed idea has the backing of other major global producers. The current agreement on supply cuts is due to expire in December 2018.
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Read more:
Oil prices fall on US output concerns
OPEC paints a rosy picture, but challenges lie ahead
Saudi Arabia in pole position as OPEC cuts extension looms
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“The [production] cut in 2019 should be seen positively in the market. Go to the end of 2016 and everybody was saying the compliance is not good and Opec would never do this [oil output cuts]. They managed to do that in 2017 and prices are up to where they are now,” said Sanyalaksna Manibhandu, the head of research at FAB Securities in Abu Dhabi.
Mr Al Falih said the global economy's recovery and supply cuts have helped shrink global oil inventories and the oil market will return to balance in 2018. However, it remains to be seen if the market will reach balance by the first half of 2018.
The decline in Opec production and resultant price recovery is a boon for the shale oil producers. In its monthly report the International Energy Agency (IEA) warned that rapidly increasing production in the US could threaten the market's balancing. The energy watchdog forecast US supply growth will push its output past 10 million barrels per day (bpd), overtaking Saudi Arabia and rivalling Russia. US crude oil production rose nearly 300,000 bpd to 9.75 million bpd, Bloomberg reported earlier this month citing the government data.
Separately on Sunday, the UAE’s Oil Minister Suhail Al Mazroui said he expected a rebound of shale oil supply and that Opec producers were not underestimating its impact on the market, according to Reuters.
“If prices remain high, it is US shale producers who are benefiting more than the Opec producers but if Opec doesn’t do anything, they will also lose out, so they are basically treading a thin line between helping themselves and helping everybody else including shale producers,” Mr Manibhandu noted.
But both Mr Al Falih and Mr Al Mazroui said they did not think the rise in prices would hurt global demand for oil, according to Reuters.
“At some point, the market will have to look at an exit strategy, which they [ energy ministers] have not spoken about today. It’s good that they are setting up their stall so early in 2018 and looking ahead at 2019,” Mr Manibhandu said.
COMPANY%20PROFILE
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
UAE currency: the story behind the money in your pockets
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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.
Book%20Details
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Aquaman%20and%20the%20Lost%20Kingdom
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
If you go
The flights
Etihad and Emirates fly direct from the UAE to Chicago from Dh5,215 return including taxes.
The hotels
Recommended hotels include the Intercontinental Chicago Magnificent Mile, located in an iconic skyscraper complete with a 1929 Olympic-size swimming pool from US$299 (Dh1,100) per night including taxes, and the Omni Chicago Hotel, an excellent value downtown address with elegant art deco furnishings and an excellent in-house restaurant. Rooms from US$239 (Dh877) per night including taxes.
COMPANY%20PROFILE
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Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
The%20specs
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MEDIEVIL%20(1998)
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England v South Africa schedule
- First Test: Starts Thursday, Lord's, 2pm (UAE)
- Second Test: July 14-18, Trent Bridge, Nottingham, 2pm
- Third Test: The Oval, London, July 27-31, 2pm
- Fourth Test: Old Trafford, Manchester, August 4-8
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
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
UAE currency: the story behind the money in your pockets
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
MATCH INFO
Jersey 147 (20 overs)
UAE 112 (19.2 overs)
Jersey win by 35 runs
COMPANY%20PROFILE
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Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
A Prayer Before Dawn
Director: Jean-Stephane Sauvaire
Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai
Three stars
UAE currency: the story behind the money in your pockets
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.
Company%20Profile
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Company%20Profile
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SQUADS
UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
THREE
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Company%20Profile
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
On racial profiling at airports
UAE currency: the story behind the money in your pockets
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Brief scores:
Toss: Sindhis, elected to field first
Kerala Knights 103-7 (10 ov)
Parnell 59 not out; Tambe 5-15
Sindhis 104-1 (7.4 ov)
Watson 50 not out, Devcich 49
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
