Saudi Arabia’s King Salman said the Opec+ production agreement was “essential” for oil market stability and urged all participating countries to comply with the pact.
Oil market stability and balance are pillars of Saudi energy policy as crude supports the growth of the global economy, King Salman said in an annual speech to Saudi Arabia’s advisory Shura Council on Wednesday.
The kingdom is “keen to continue working with the Opec+ agreement, for its essential role in stabilising the oil markets”, he said in a speech published by state news agency SPA.
He also said efforts to maintain spare capacity had proven important to safeguard energy supply security.
Opec+ group, led by Saudi Arabia and Russia, has been instrumental in helping to balance the crude market, which had to deal with record low prices last year after demand for oil dropped amid Covid-19 pandemic-induced movement restrictions.
The group executed a historic reduction of 9.7 million barrels per day between May last year and July, but has tapered the supply cuts as demand improved.
Opec+ continues its monthly meetings, which are being convened to assess the state of the market and adjust supply accordingly.
Earlier this month, the 23-member group agreed to increase output by 400,000 barrels per day in January despite demand concerns due to the rising number of coronavirus infections globally.
The member countries will meet on January 4 to decide about future production cuts.
Last month, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said Opec+ brought stability to oil markets through its policies, which are announced in advance through monthly meetings.
The group “delivered more sustainability, more stability, more predictability and more transparency to oil markets”, Prince Abdulaziz told the Abu Dhabi International Petroleum Exhibition and Conference.
Brent, the global benchmark for more than half of the world’s crude, was trading close to $80 per barrel at 11.18am UAE time on Thursday as concerns about the Omicron coronavirus variant hitting demand eased and US inventories fell. US crude, West Texas Intermediate, was up 0.13 per cent at $76.66 per barrel.
Both benchmarks have rallied more than 50 per cent this year on the back of higher demand as global economies recover from the coronavirus pandemic.
Earlier this month, Opec raised its global oil demand forecast for the first quarter of 2022 but left its full-year growth projection unchanged as it said Omicron would only have a mild impact on demand. The group of crude exporters kept the world oil demand growth unchanged at 4.2 million bpd for 2022.
Your Guide to the Home
- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
Plan to boost public schools
A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.
It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.
Aspects of the school model will be extended to international private schools, the education minister has previously suggested.
Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.
TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos
Rating: 2.5/5
Recipe
Garlicky shrimp in olive oil
Gambas Al Ajillo
Preparation time: 5 to 10 minutes
Cooking time: 5 minutes
Serves 4
Ingredients
180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped
Method
▶ Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.
▶ Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.
▶ Once the prawns turn pink, after 1 or 2 minutes of cooking, remove from the heat and season with sea salt flakes.
▶ Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
At Eternity’s Gate
Director: Julian Schnabel
Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen
Three stars
Film: Raid
Dir: Rajkumar Gupta
Starring: Ajay Devgn, Ileana D'cruz and Saurabh Shukla
Verdict: Three stars
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
