Fluctuations in oil prices do not serve producers and consumers alike, stated Suhail Al Mazrouei, UAE Minister of Energy and Industry and President of the Opec Conference, while addressing the 9th meeting of the Joint Ministerial Monitoring Committee (JMMC) in Vienna on Saturday.
"Our goal is to rebalance the world oil market by striking a balance between demand and supply," he said, UAE state news agency WAM reported.
He further added the UAE has been committed to production cut under the "Declaration of Cooperation" with a conformity of 109 per cent in May, while compliance of Opec and non-Opec participants collectively reached nearly 147 per cent for the same month.
Major producers outside the Opec - including Russia, Mexico and Kazakhstan - are meeting ministers from the cartel on Saturday to endorse a nominal output increase of 1 million barrels a day, which in real terms would add about 700,000 barrels a day of crude to the market starting next month, according to Bloomberg
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Read more:
UAE minister of state and Austrian chancellor discuss deepening ties in Vienna meeting
Opec ministers agree in principle for one million barrels a day output increase
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The non-members have already agreed to ratify the output increase, which was sealed on Friday.
“I think 1 million at this point is pretty reasonable,” Russian Energy Minister Alexander Novak told reporters in Vienna. “This is in line with current view on what should be done for the market.”
The JMMC discussed an array of proposed scenarios for an output increase to fill any potential shortage in supplies as a result of a surge in demand. This step, the committee asserted, will ease concerns of major consumers in this respect, WAM said.
The JMMC was established following Opec’s 171st Ministerial Conference Decision of 30th November, 2016, and the subsequent "Declaration of Cooperation" made at the joint Opec/non-Opec Producing Countries’ Ministerial Meeting held on 10th December, 2016.
Through the declaration, 11 (now 10) non-Opec oil-producing countries and Opec’s 13 (now 14) member countries decided on voluntary production adjustments of around 1.8 million barrels per day as part of efforts to accelerate the stabilisation of the global oil market.
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Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.
She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.
She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.
The couple were married in August 2009 in Winchester and their daughter was born in June 2014.
She was held in her native country a year later.
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Fiction
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- ‘As Good As True’ by Cheryl Reid
The Evelyn Shakir Non-Fiction Award
- ‘Syrian and Lebanese Patricios in Sao Paulo’ by Oswaldo Truzzi; translated by Ramon J Stern
- ‘The Sound of Listening’ by Philip Metres
The George Ellenbogen Poetry Award
- ‘Footnotes in the Order of Disappearance’ by Fady Joudah
Children/Young Adult
- ‘I’ve Loved You Since Forever’ by Hoda Kotb
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Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
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Top 5 concerns globally:
1. Unemployment
2. Spread of infectious diseases
3. Fiscal crises
4. Cyber attacks
5. Profound social instability
Top 5 concerns in the Mena region
1. Energy price shock
2. Fiscal crises
3. Spread of infectious diseases
4. Unmanageable inflation
5. Cyber attacks
Source: World Economic Foundation
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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
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