Crude oil inventories will decline at a faster pace worldwide in the second half of the year as demand increases and Opec members comply better with a global agreement to cut output, Kuwait’s Opec governor Haitham Al Ghais said.
Opec and other major producers including Russia agreed in May to extend their supply-cuts deal through March 2018 because stockpiles had not fallen to their five-year historical average - the goal of the agreement. Yet for the past two weeks, US crude inventories have declined, exceeding analyst expectations.
“I see this trend continuing with more conformity from Opec and non-Opec producers, coupled with a further growth in demand,” said Mr Al Ghais, who was appointed Kuwait’s Opec governor last month. It would be “illogical” for Opec to change strategy now, he said in a phone interview in Istanbul. Kuwait leads the committee monitoring the output curbs.
Opec's compliance with the supply cutbacks fell in June to the lowest level since the deal started in January, the International Energy Agency (IEA) said on Thursday. Rising production from Opec is threatening a re-balancing of the market, with the group’s output last month at the highest level this year, the IEA said. Benchmark Brent crude prices have slumped this year amid concerns that increased supply from Libya, Nigeria and the United States is negating the impact of Opec's cuts.
Concerns that supplies will keep climbing in Libya and Nigeria, both exempt from the cuts deal, are “not justified” because their production is fluctuating within a range of 300,000 to 500,000 barrels a day (bpd) on average, Mr Al Ghais said. “We need to see if these increases will be sustained and stable,” he said.
Libya's production has risen to 1.05 million (bpd), a person with direct knowledge of the matter said on Wednesday. That is the highest level since June 2013, according to data compiled by Bloomberg. Nigeria is producing 1.7 million bpd, Minister of State for Petroleum Resources Emmanuel Kachikwu told reporters on Wednesday. The nation's output has climbed 17 per cent this year, data compiled by Bloomberg show.
Libya and Nigeria were invited to send representatives to the next meeting of the Opec and non-Opec Joint Technical Committee in Russia later this month to discuss their production, according to Mr Al Ghais, who chairs the committee. He is also head of research at Kuwait Petroleum Corp.
“Opec is interested in knowing more about the situation in its member countries and their attendance doesn’t mean that Opec is concerned by their recovery,” he said.
The committee reviews conditions in the market and sends findings to the Joint Ministerial Monitoring Committee led by Kuwait’s oil minister.
The supply-cuts deal is “working well,” and there is no need to take further action at this time, Mr Al Ghais said. Opec needs to “focus on its longer-term goal to lower oil stocks and balance the market,” he said.
Bloomberg
The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
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 specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
JOKE'S%20ON%20YOU
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Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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How green is the expo nursery?
Some 400,000 shrubs and 13,000 trees in the on-site nursery
An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo
Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery
Approximately 340 species of shrubs and trees selected for diverse landscape
The nursery team works exclusively with organic fertilisers and pesticides
All shrubs and trees supplied by Dubai Municipality
Most sourced from farms, nurseries across the country
Plants and trees are re-potted when they arrive at nursery to give them room to grow
Some mature trees are in open areas or planted within the expo site
Green waste is recycled as compost
Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs
Construction workforce peaked at 40,000 workers
About 65,000 people have signed up to volunteer
Main themes of expo is ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.
Expo 2020 Dubai to open in October 2020 and run for six months
Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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COMPANY PROFILE
Name: Cofe
Year started: 2018
Based: UAE
Employees: 80-100
Amount raised: $13m
Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
WRESTLING HIGHLIGHTS
COMPANY%20PROFILE
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The biog
Favourite film: The Notebook
Favourite book: What I know for sure by Oprah Winfrey
Favourite quote: “Social equality is the only basis of human happiness” Nelson Madela. Hometown: Emmen, The Netherlands
Favourite activities: Walking on the beach, eating at restaurants and spending time with friends
Job: Founder and Managing Director of Mawaheb from Beautiful Peopl