The UAE energy minister said a global oil pact that is trimming 1.2 million barrels per day is enough to balance the market but the US-China trade war, rising US shale production and geopolitics are concerns.
Opec+, the alliance that includes members of the exporters group and countries led by Russia, are cutting output at a time when two Opec members, Venezuela and sanctions-hit Iran, are seeing a decline in production, Suhail Al Mazrouei said on Wednesday at the UAE Energy Forum taking place in Abu Dhabi.
“1.2 [million bpd] is enough,” Mr Al Mazrouei said. “Even if we reduce by 1.2 [million bpd]- two major countries in decline are not included.”
Opec+ decided in December to start trimming output from January for a period of six months with a view to review the agreement in an April meeting. Opec wants to lower oil inventories to their five-year average, a level that helps to rebalance the market.
The minister is concerned about rising shale oil production in the US, which has helped it outpace Russia and Saudi Arabia as the world’s biggest oil producer, with overall crude production reaching 11.7 million bpd.
“The largest unknown is geopolitics to me and the trade war,” he said.
"[I'm] not pessimistic about 2019. One factor that is affecting shale production is infrastructure."
The US Energy Information Administration estimates domestic crude output to increase by 1.2 million bpd to reach 12.1 million bpd in 2019 with growth tilted towards the second half of 2019.
The minister also dismissed tweets by US President Donald Trump against the alliance saying Opec+ were not in "the business of trusting or not trusting presidents. [We're] In the business of watching the markets," he said.
__________
Read more:
Trump credits his ‘talent’ for oil price drop
Oil Watchers See $70 a Barrel in 2019 as Recession Fears Fade
__________
President Trump on Saturday credited his own "talent" for bringing prices down even as he dismissed Opec as "essentially a monopoly".
Mr Trump in November called oil's 30 per cent slump as a "tax cut to America and the world" and thanked Saudi Arabia for the low prices.
The minister dismissed Mr Trump's assertions from last week and said that it wasn't "logical" for Opec to manipulate oil prices.
"At Opec we don’t chase the price. We don’t want a higher price that threatens economic growth because that impacts our consumers," he said.
Mr Al Mazrouei also played down concerns about Qatar's January 1 exit from Opec, which it had joined in 1961. The largely gas-producing nation announced its intention to leave the group ahead of Opec's annual meeting in Vienna in December, citing increased priority towards developing its domestic gas resources.
"Not worried about Qatar, not a country with significant capacity that could risk the market. I wouldn’t even put any emphasis on them leaving. We didn’t understand their decision. It’s their sovereign right, we respect it," he said.
The minister added that nuclear energy was still very much part of the UAE's energy mix but noted that there would be "a bit of a delay". Abu Dhabi is building the $24.2 billion Barakah nuclear plant, which will have total power generation capacity of 5,600 Megawatts when completed.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
CHINESE GRAND PRIX STARTING GRID
1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)
2nd row
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)
3rd row
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)
4th row
Nico Hulkenberg (Renault)
Sergio Perez (Force India)
5th row
Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)
6th row
Kevin Magnussen (Haas)
Esteban Ocon (Force India)
7th row
Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)
8th row
Brendon Hartley (Toro Rosso)
Sergey Sirotkin (Williams)
9th row
Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)
10th row
Charles Leclerc (Sauber)
arcus Ericsson (Sauber)
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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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Killing of Qassem Suleimani
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
Juventus v Napoli, Sunday, 10.45pm (UAE)
Match on Bein Sports
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20profile
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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Company%20Profile
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COMPANY%20PROFILE%20
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
Company%20Profile
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Profile Periscope Media
Founder: Smeetha Ghosh, one co-founder (anonymous)
Launch year: 2020
Employees: four – plans to add another 10 by July 2021
Financing stage: $250,000 bootstrap funding, approaching VC firms this year
Investors: Co-founders
First Person
Richard Flanagan
Chatto & Windus
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
COMPANY%20PROFILE
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RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
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.
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
