Al Zour refinery in Kuwait. Oil Minister Saad Al Barrak said Kuwait is committed to the Opec+ decisions to reduce production. AFP
Al Zour refinery in Kuwait. Oil Minister Saad Al Barrak said Kuwait is committed to the Opec+ decisions to reduce production. AFP
Al Zour refinery in Kuwait. Oil Minister Saad Al Barrak said Kuwait is committed to the Opec+ decisions to reduce production. AFP
Al Zour refinery in Kuwait. Oil Minister Saad Al Barrak said Kuwait is committed to the Opec+ decisions to reduce production. AFP

Global oil market heading towards balanced supply and demand, says Kuwait Oil Minister


Alkesh Sharma
  • English
  • Arabic

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.

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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

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Director: Joseph Kosinski

Rating: 4/5

Results

United States beat UAE by three wickets

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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

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76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

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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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1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

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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.

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THE SPECS

      

 

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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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The biog:

Languages: Arabic, Farsi, Hindi, basic Russian 

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Best food on the road: rice

Favourite colour: silver 

Favourite bike: Gold Wing, Honda

Favourite biking destination: Canada 

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Director: Abdulrahman Sabbah 

Starring: Alaa Meqdad

Rating: 4/5

Updated: October 04, 2023, 7:14 PM`