Opec has agreed to its first official cut in oil production since 2008. This agreement was forged despite significant political obstacles among several members including Iran, Saudi Arabia and Russia. Crucial compromises had to be made.
But it is questionable whether the agreement will address low prices in the long-term. The deal is meant to cut production, not oil exports. Furthermore, implementing the deal and monitoring the parties involved is going to be a challenging task.
The accord is also a significant political victory for Iran, particularly the moderates, when it comes to foreign policy.
The domestic hardliners’ criticisms of Hassan Rouhani and Mohammad Javad Zarif’s foreign policy, their concessions to the West and their soft stance towards other nations have been mounting.
As the Iranian presidential election approaches, the moderates can claim this deal is a political and economic victory.
The moderates can also make the case to Ali Khamenei, the supreme leader, that they stood their ground and paved the way for more revenues to pour into the Islamic republic.
Increasing revenues assists Tehran in achieving its regional ambitions. Iran has risen to become the third largest producer of oil in Opec.
Iran also needs the additional dollars to continue supporting its staunchest ally in the region, Bashar Al Assad, and the Shiite militias in Syria. Tehran is spending billions of dollars every year in military, advisory, intelligence, financial and credit lines to Mr Al Assad. In addition, Iran is involved in the Iraqi conflict, assists the Houthis, and other Shia proxies across the region.
In comparison with prior Opec gatherings, Iranian officials kept a low profile at this meeting. Iran’s oil minister, Bijan Zanganeh, toned down his rhetoric and did not boast about scoring political points against regional rivals.
This can be seen as an effort to prevent the escalation of tensions and political posturing between Saudi Arabia and Iran.
From the moderates’ perspective, heightened tensions between Iran and Saudi Arabia empowers the hardliners. Increasing tensions buttresses the arguments offered by the Revolutionary Guard generals that they need an increased budget to safeguard Iran’s national interests and provide security against regional rivals. In addition, the moderates were aware that the media would hail any deal.
Press TV – Tehran’s English-language news network – focused mostly on the fact that the deal allowed Iran to increase production.
Arman-e Emrooz newspaper called the deal a “triumph of Iran’s oil diplomacy” and critical to reviving Tehran’s position in the global oil market. “This was the biggest achievement of the 171st ministerial meeting of Opec for Iran and a result of the powerful diplomacy,” it added.
“Throughout the years that Iran was under the sanctions, most of Iran’s share of oil markets was seized by Saudi Arabia ... If any attempt should be taken to remove the oil market glut, it is Riyadh that needs to reduce its production instead of raising the oil freeze plan to portray Iran as responsible for the falling oil prices.”
Another newspaper, Hamshahri, called the deal historic: “Only two days before the meeting, the Saudi energy minister had warned that he would leave the negotiations and said he would not see Iran exempted from the output freeze plan.
“But he said just before the meeting that he has no objections to Iran’s plans to increase its production ... This showed that the only opponent to exempting Iran from the oil freeze plan had accepted Iran’s conditions, which eventually paved the way for the big oil agreement.”
The politicisation of oil exports is deeply rooted in Iran’s foreign policy. Tehran was cognisant of the fact that reducing its oil output could be a political victory for Riyadh. Iranian officials also felt that Saudi Arabia needed a deal more than Iran. Tehran also believes in its right to increase its oil production after the nuclear deal.
While Iran is celebrating its “historic” deal, Opec may still need to cut oil production further to adequately tackle low oil prices.
Dr Majid Rafizadeh is an Iranian-American political scientist, Harvard University scholar and president of the International American Council
Find the right policy for you
Don’t wait until the week you fly to sign up for insurance – get it when you book your trip. Insurance covers you for cancellation and anything else that can go wrong before you leave.
Some insurers, such as World Nomads, allow you to book once you are travelling – but, as Mr Mohammed found out, pre-existing medical conditions are not covered.
Check your credit card before booking insurance to see if you have any travel insurance as a benefit – most UAE banks, such as Emirates NBD, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, have cards that throw in insurance as part of their package. But read the fine print – they may only cover emergencies while you’re travelling, not cancellation before a trip.
Pre-existing medical conditions such as a heart condition, diabetes, epilepsy and even asthma may not be included as standard. Again, check the terms, exclusions and limitations of any insurance carefully.
If you want trip cancellation or curtailment, baggage loss or delay covered, you may need a higher-grade plan, says Ambareen Musa of Souqalmal.com. Decide how much coverage you need for emergency medical expenses or personal liability. Premium insurance packages give up to $1 million (Dh3.7m) in each category, Ms Musa adds.
Don’t wait for days to call your insurer if you need to make a claim. You may be required to notify them within 72 hours. Gather together all receipts, emails and reports to prove that you paid for something, that you didn’t use it and that you did not get reimbursed.
Finally, consider optional extras you may need, says Sarah Pickford of Travel Counsellors, such as a winter sports holiday. Also ensure all individuals can travel independently on that cover, she adds. And remember: “Cheap isn’t necessarily best.”
The%20specs
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TYPES%20OF%20ONLINE%20GIG%20WORK
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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
West Asia rugby, season 2017/18 - Roll of Honour
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
UAE Premiership - Winners: Dubai Exiles; Runners up: Abu Dhabi Harlequins
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
You might also like to read
SPEC%20SHEET
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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Book%20Details
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Islamic%20Architecture%3A%20A%20World%20History
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INDIA'S%20TOP%20INFLUENCERS
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England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
Abu Dhabi racecard
5pm: Maiden (Purebred Arabians); Dh80,000; 1,400m.
5.30pm: Maiden (PA); Dh80,00; 1,400m.
6pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (PA); Group 3; Dh500,000; 1,600m.
6.30pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (Thoroughbred); Listed; Dh380,000; 1,600m
7pm: Wathba Stallions Cup for Private Owners Handicap (PA); Dh70,000; 1,400m.
7.30pm: Handicap (PA); Dh80,000; 1,600m