The head of the International Energy Agency (IEA) yesterday defended the group's decision last week to release 60 million barrels of oil from strategic reserves.
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The announcement of the extra supplies, due to begin arriving on the market on Friday, sent the price of oil plummeting to January levels and drew criticism from some members of Opec.
Yesterday Nobuo Tanaka, the executive director of the IEA, insisted the influx had been intended to make up for the shortfall from Libya, where civil war has erased most of its 1.6 million barrel capacity, until oil producers stepped in.
"We are simply saying we will just fill the gap before Opec or Saudi is going to produce supplies for the market," Mr Tanaka said. "We are just filling the gap - we can't continue forever."
The announcement of July's 2 million barrel per day (bpd) influx, which is to be drawn from US reserves and the IEA's 1.6 billion barrel emergency stockpile, came two weeks after an Opec meeting in which member states could not reach a consensus to raise output targets.
The IEA had been arguing that sustained high oil prices could reverse the global economic recovery.
Saudi Arabia, which holds most of Opec's 4 million bpd spare capacity and had been advocating a ceiling increase before the meeting, hinted afterwards that it would pump an extra 1 million barrels.
Abdullah El Badri, the secretary general of Opec, on Monday called for an end to the IEA release.
* with Reuters
ayee@thenational.ae
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Russia's Muslim Heartlands
Dominic Rubin, Oxford
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
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
Oscars in the UAE
The 90th Academy Awards will be aired in the UAE from 3.30am on Monday, March 5 on OSN, with the ceremony starting at 5am
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.
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