Opec+ has introduced total production cuts of 3.66 million bpd, or about 3.7 per cent of global demand. Reuters
Opec+ has introduced total production cuts of 3.66 million bpd, or about 3.7 per cent of global demand. Reuters
Opec+ has introduced total production cuts of 3.66 million bpd, or about 3.7 per cent of global demand. Reuters
Opec+ has introduced total production cuts of 3.66 million bpd, or about 3.7 per cent of global demand. Reuters

Opec+ sticks to current output policy after oil price rally


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The Opec+ group of crude oil-producing states has decided to stick to its current output policy as oil prices continue to rise driven by tighter supplies and improving demand prospects.

“The committee will continue to closely assess market conditions, noting the willingness of the DoC [declaration of co-operation] countries to address market developments and stand ready to take additional measures at any time,” the group said after a ministerial monitoring committee meeting on Wednesday.

Oil prices have rallied this year, gaining about 22 per cent in the third quarter of this year alone.

This trend is expected to continue in the last 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.

Last month, Opec+ members 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 a million bpd until December.

Meanwhile, Russia is rolling over its export cut of 300,000 bpd until the end of 2023.

Goldman Sachs expects Saudi Arabia to unwind its voluntary production cut from the second quarter of 2024.

Meanwhile, Swiss lender UBS does not rule out of a “modest” output increase at the group’s November meeting in Vienna if oil prices keep rising.

“Also, lower domestic demand allows Middle Eastern producers to increase their exports to cover stronger demand, if needed,” UBS said in a research note.

The Opec+ alliance of oil-producing countries does not aim to control prices through output cuts as its objective is less volatility in the market, Saudi Arabia’s Energy Minister said at the World Petroleum Congress in Canada last month.

Prince Abdulaziz bin Salman said that the group wanted to be “proactive” and “pre-emptive” and also added that the group’s conduct was “benign” and no different from actions taken by global central banks to control inflation.

In its latest monthly oil market report, Opec stuck to its oil demand outlook for this year and the next, and said it expects China’s stimulus measures to revive growth in the world's second-largest economy.

The oil producers expect demand to rise by 2.4 million bpd to 102.1 million bpd this year. Next year, world oil demand is forecast to expand by 2.2 million bpd to 104.3 million bpd.

The 23 Opec+ member states have enforced total production curbs of 3.66 million bpd, or about 3.7 per cent of global demand.

This includes a reduction of 2 million bpd agreed on last year, and voluntary cuts of 1.66 million bpd, announced in April and extended to December 2024.

The supply dynamic of the market has been further tightened by Russia’s move to temporarily ban petrol and diesel exports in response to domestic shortages.

The IEA expects a “substantial” crude market deficit in the fourth quarter of this year due to Opec+ output cuts.

The Paris-based agency expects global oil demand to rise by 1.5 million bpd in the second half of this year, compared with the first half, exceeding supply by 1.24 million bpd during that period.

THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

On sale: now  

 
McLaren GT specs

Engine: 4-litre twin-turbo V8

Transmission: seven-speed

Power: 620bhp

Torque: 630Nm

Price: Dh875,000

On sale: now

SUCCESSION%20SEASON%204%20EPISODE%201
%3Cp%3E%3Cstrong%3ECreated%20by%3A%20%3C%2Fstrong%3EJesse%20Armstrong%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Brian%20Cox%2C%20Jeremy%20Strong%2C%20Kieran%20Culkin%2C%20Sarah%20Snook%2C%20Nicholas%20Braun%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart

if you go

The flights

Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes. 

The car

Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals (more at www.hertz.com/etihad). A week's car hire costs from Dh1,500 including taxes.

The hotels

Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes. 

More info

To keep up with constant developments in Portland, visit www.travelportland.com

 

What went into the film

25 visual effects (VFX) studios

2,150 VFX shots in a film with 2,500 shots

1,000 VFX artists

3,000 technicians

10 Concept artists, 25 3D designers

New sound technology, named 4D SRL

 

Allardyce's management career

Clubs (10) - Limerick (1991-1992), Perston North End (1992), Blackpool (1994-1996), Notts County (1997-1999), Bolton Wanderers (1999-2007), Newcastle United (2007-2008), Blackburn Rovers (2008-2010), West Ham United (2011-2015), Sunderland (2016), Crystal Palace (2016-2017)

Countries (1) - England (2016)

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

Mica

Director: Ismael Ferroukhi

Stars: Zakaria Inan, Sabrina Ouazani

3 stars

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
Dengue%20fever%20symptoms
%3Cul%3E%0A%3Cli%3EHigh%20fever%3C%2Fli%3E%0A%3Cli%3EIntense%20pain%20behind%20your%20eyes%3C%2Fli%3E%0A%3Cli%3ESevere%20headache%3C%2Fli%3E%0A%3Cli%3EMuscle%20and%20joint%20pains%3C%2Fli%3E%0A%3Cli%3ENausea%3C%2Fli%3E%0A%3Cli%3EVomiting%3C%2Fli%3E%0A%3Cli%3ESwollen%20glands%3C%2Fli%3E%0A%3Cli%3ERash%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3EIf%20symptoms%20occur%2C%20they%20usually%20last%20for%20two-seven%20days%3C%2Fp%3E%0A

Who is Ramon Tribulietx?

Born in Spain, Tribulietx took sole charge of Auckland in 2010 and has gone on to lead the club to 14 trophies, including seven successive Oceania Champions League crowns. Has been tipped for the vacant New Zealand national team job following Anthony Hudson's resignation last month. Had previously been considered for the role. 

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

War

Director: Siddharth Anand

Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor

Rating: Two out of five stars 

CONFIRMED%20LINE-UP
%3Cp%3EElena%20Rybakina%20(Kazakhstan)%3Cbr%3EOns%20Jabeur%20(Tunisia)%3Cbr%3EMaria%20Sakkari%20(Greece)%3Cbr%3EBarbora%20Krej%C4%8D%C3%ADkov%C3%A1%20(Czech%20Republic)%3Cbr%3EBeatriz%20Haddad%20Maia%20(Brazil)%3Cbr%3EJe%C4%BCena%20Ostapenko%20(Latvia)%3Cbr%3ELiudmila%20Samsonova%3Cbr%3EDaria%20Kasatkina%3Cbr%3EVeronika%20Kudermetova%3Cbr%3ECaroline%20Garcia%20(France)%3Cbr%3EMagda%20Linette%20(Poland)%3Cbr%3ESorana%20C%C3%AErstea%20(Romania)%3Cbr%3EAnastasia%20Potapova%3Cbr%3EAnhelina%20Kalinina%20(Ukraine)%3Cbr%3EJasmine%20Paolini%20(Italy)%3Cbr%3EEmma%20Navarro%20(USA)%3Cbr%3ELesia%20Tsurenko%20(Ukraine)%3Cbr%3EEmma%20Raducanu%20(Great%20Britain)%20%E2%80%93%20wildcard%3C%2Fp%3E%0A
THE DEALS

Hamilton $60m x 2 = $120m

Vettel $45m x 2 = $90m

Ricciardo $35m x 2 = $70m

Verstappen $55m x 3 = $165m

Leclerc $20m x 2 = $40m

TOTAL $485m

Neymar's bio

Total club appearances 411

Total goals scored 241

Appearances for Barca 186

Goals scored for Barca 105

RESULTS

6.30pm: Longines Conquest Classic Dh150,000 Maiden 1,200m.
Winner: Halima Hatun, Antonio Fresu (jockey), Ismail Mohammed (trainer).

7.05pm: Longines Gents La Grande Classique Dh155,000 Handicap 1,200m.
Winner: Moosir, Dane O’Neill, Doug Watson.

7.40pm: Longines Equestrian Collection Dh150,000 Maiden 1,600m.
Winner: Mazeed, Richard Mullen, Satish Seemar.

8.15pm: Longines Gents Master Collection Dh175,000 Handicap.
Winner: Thegreatcollection, Pat Dobbs, Doug Watson.

8.50pm: Longines Ladies Master Collection Dh225,000 Conditions 1,600m.
Winner: Cosmo Charlie, Pat Dobbs, Doug Watson.

9.25pm: Longines Ladies La Grande Classique Dh155,000 Handicap 1,600m.
Winner: Secret Trade, Tadhg O’Shea, Ali Rashid Al Raihe.

10pm: Longines Moon Phase Master Collection Dh170,000 Handicap 2,000m.
Winner:

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Updated: October 04, 2023, 1:53 PM`