The global oil market is moving on the right path towards balanced supply and demand, Kuwait’s Oil Minister Saad Al Barrak said on Wednesday.
“The world is required to increase investment in all types of energy sources, including oil, to ensure meeting the needs of growing demand, the recovery of the global economy and energy security,” the official Kuna news agency quoted Mr Al Barrak as saying.
Mr Al Barrak, who was appointed to his position in June, replacing Bader Al Mulla, made his remarks during the 50th meeting of Opec's joint ministerial monitoring committee.
He also praised the decision by Saudi Arabia and Russia to continue voluntary reduction and extending it until the end of this year, pointing to the positive impact on the balance and stability of the oil market.
Last month, Saudi Arabia and Russia announced they would extend their combined supply cuts of 1.3 million barrels per day to the end of the year.
As part of the voluntary output caps, the kingdom is maintaining its output cut of 1 million bpd until December.
Meanwhile, Russia is rolling over its export cut of 300,000 bpd until the end of 2023.
Mr Al Barrak, who is also Kuwait’s Deputy Prime Minister and Minister of State for Economic and Investment Affairs, emphasised that Kuwait is committed to the Opec+ decisions to reduce production, in addition to the voluntary reduction. He said that Kuwait would continue to invest in expanding oil production to reach 3.2 million bpd by 2024.
On Wednesday, the Opec+ group of crude oil-producing states decided to stick to its current output policy as oil prices continue to rise, driven by tighter supplies and improving demand prospects.
Oil prices have rallied this year, gaining about 22 per cent in the September quarter alone.
This trend is expected to continue in the current quarter of this year, with the International Energy Agency predicting a tighter-than-expected crude market supported by Opec+ output cuts, as well as signs of accelerating economic momentum in China, the world’s second-largest economy.
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
Drivers’ championship standings after Singapore:
1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68
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
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Results
United States beat UAE by three wickets
United States beat Scotland by 35 runs
UAE v Scotland – no result
United States beat UAE by 98 runs
Scotland beat United States by four wickets
Fixtures
Sunday, 10am, ICC Academy, Dubai - UAE v Scotland
Admission is free
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
SHADOWS%20AND%20LIGHT%3A%20THE%20EXTRAORDINARY%20LIFE%20OF%20JAMES%20MCBEY
%3Cp%3EAuthor%3A%20Alasdair%20Soussi%3C%2Fp%3E%0A%3Cp%3EPages%3A%20300%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Scotland%20Street%20Press%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20December%201%3C%2Fp%3E%0A
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
UAE currency: the story behind the money in your pockets
Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
The%20specs
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UAE currency: the story behind the money in your pockets
FULL%20RESULTS
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Global state-owned investor ranking by size
1.
|
United States
|
2.
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China
|
3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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Florence and the Machine – High as Hope
Three stars
The biog:
Languages: Arabic, Farsi, Hindi, basic Russian
Favourite food: Pizza
Best food on the road: rice
Favourite colour: silver
Favourite bike: Gold Wing, Honda
Favourite biking destination: Canada
Mohammed bin Zayed Majlis
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5