Opec+, the group of oil-exporting countries behind recent historic production cuts, will bring 400,000 barrels per day back to the markets in August and will revise baselines used to calculate quotas from May 2022, following requests by countries including the UAE.
Under the latest agreement, the UAE's new production baseline will increase to 3.5 million barrels per day, from 3.168 million bpd previously. Other producers including Iraq, Kuwait, Saudi Arabia, and Russia will also see their baselines rise.
The UAE "is committed to this group and will always work within this group to do our best to achieve the market balance and help everyone", Minister of Energy and Infrastructure, Suhail Al Mazrouei, said at a ministerial meeting held online on Sunday. "The UAE will remain a committed member in the Opec alliance."
Opec+, which is headed by Saudi Arabia and Russia, extended its agreement until the end of December 2022. The group reached a consensus over the phasing out of 5.8 million bpd of withheld supply following weeks of deadlock and will review the pact at the end of the year.
"We're dealing with uncertainty. And if you are dealing with uncertainty, the first thing you need to do is to acquiesce to the concept that you cannot predict uncertainty," Prince Abdulaziz bin Salman, Saudi Arabia's energy minister told reporters after the meeting.
"So yes, we will keep the 400,000 bpd on a monthly basis. We will review in December. We kept our window open for review. If things go as well hopefully by September 2022, we will return to the market the 5.8 million bpd but the spirit that you see today will enable us to even go beyond 2022," he said.
The UAE and Saudi Arabia "will always work together as two countries and also with all of the countries in the group", Mr Al Mazrouei said.
The Emirates, which is Opec's third-largest producer, is investing heavily in raising its production capacity to 5 million bpd by 2030 and had earlier called on fellow producers to use a more current baseline to allocate its quota.
The UAE had argued earlier that the previous baseline was not reflective of changes in its capacity to produce oil.
Under the old baseline, the discrepancy between the UAE's current production capacity and that of October 2018 was nearly 18 per cent – the highest proportion among producers within the bloc.
Oil prices ended last week down nearly 4 per cent in one of the steepest weekly declines since March.
Following the Opec+ decision to boost supply, Brent, the international benchmark, is still headed towards $80 per barrel as demand is set to outpace supply, said Giovanni Staunovo, commodity analyst at Swiss bank UBS.
"With some further production increases over the coming months from Opec+, we also see the market becoming less tight as we move towards the end of the year and so expect a modest price setback towards $75 per barrel," he added.
Opec+ still "want to keep their hands on the steering wheel" with the group's monthly meetings so as to remain flexible and adjust amid unforeseen events, said Mr Staunovo.
The group's latest show of consensus will provide a signal to non-Opec players regarding future investment plans and keep oil prices in backwardation [a trend where future prices are lower than they are currently], he added.
Opec+ will host its next ministerial meeting on September 1.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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The biog
Family: Parents and four sisters
Education: Bachelor’s degree in business management and marketing at American University of Sharjah
A self-confessed foodie, she enjoys trying out new cuisines, her current favourite is the poke superfood bowls
Likes reading: autobiographies and fiction
Favourite holiday destination: Italy
Posts information about challenges, events, runs in other emirates on the group's Instagram account @Anagowrunning
Has created a database of Emirati and GCC sportspeople on Instagram @abeermk, highlight: Athletes
Apart from training, also talks to women about nutrition, healthy lifestyle, diabetes, cholesterol, blood pressure
More on Quran memorisation:
UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
MATCH INFO
Manchester United 1 (Rashford 36')
Liverpool 1 (Lallana 84')
Man of the match: Marcus Rashford (Manchester United)
Second Test
In Dubai
Pakistan 418-5 (declared)
New Zealand 90 and 131-2 (follow on)
Day 3: New Zealand trail by 197 runs with 8 wickets remaining
Brief scores:
Barcelona 3
Pique 38', Messi 51 (pen), Suarez 82'
Rayo Vallecano 1
De Tomas Gomez 24'
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