Oil prices rose on Monday after Saudi Arabia and Russia said they would stick to voluntary supply cuts of 1.3 million barrels per day until the end of the year.
Brent, the benchmark for two thirds of the world’s oil, was trading 1.40 per cent higher at $86.08 a barrel at 12.46pm UAE time while West Texas Intermediate, the gauge that tracks US crude, was up 1.50 per cent at $81.72 a barrel.
Saudi Arabia, the world’s largest oil exporter, will continue with its voluntary cut of one million bpd, which went into effect in July 2023 and was later extended until the end of December, the state-run Saudi Press Agency said on Sunday, citing an official source from the kingdom’s Energy Ministry.
“Thus, the kingdom’s production in the month of December 2023 will be approximately nine million bpd,” the source said.
“This voluntary cut decision will be reviewed next month to consider extending the cut, deepening the cut or increasing production.”
Meanwhile, Russia will keep in place export cuts of 300,000 bpd, which came into effect in September and October, until the end of the year.
Russian Deputy Prime Minister Alexander Novak said a market analysis would be done next month to decide whether to continue with the production cuts or raise output, state-run Tass news agency said.
The Opec+ alliance has total production cuts in place of 3.66 million bpd, including a two million bpd reduction agreed upon last year and voluntary cuts of 1.66 million bpd announced in April.
Brent has given up most of its gains since October 7 when Palestinian militant group Hamas, which rules the Gaza Strip, launched a surprise attack on southern Israel, killing about 1,400 people and taking about 240 hostages.
Israel has since responded with a heavy bombardment of the Palestinian enclave, with the death toll at about 9,500.
"Oil prices came off last week as fears around the conflict in Gaza turning into a wider regional confrontation eased, meaning that prices lost the risk premium that had driven them higher over recent weeks, while concerns around demand came to the fore once again," said Daniel Richards, senior economist at Emirates NBD.
On Friday, the US passed a bill to bolster sanctions on Iranian oil in response to the country's alleged involvement in the Hamas attack.
Tehran, a main backer of Hamas and Lebanon's Hezbollah, has denied any involvement.
The bill is expected to impose measures on foreign ports and refineries that process petroleum exported from Iran in breach of American sanctions.
Tehran has been ramping up production in recent months despite US sanctions.
Last week, Iran's Oil Minister Javad Owji said the country's production had reached 3.4 million bpd, up from 2.55 million bpd in 2022, the semi-official Fars news agency reported.
Iran’s oil exports have faced restrictions since 2018 after the US withdrew from a nuclear agreement reached in 2015. The subsequent reinstatement of sanctions on the country has rattled its economy.
"Normally, you would’ve expected the dovish Fed expectations, the lower dollar and a global risk rally to boost sentiment in oil," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
"The morose economic outlook and weak manufacturing data across the globe will likely limit gains before we get close to that well-wished $100 per barrel level," she said.
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Results
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
SPECS
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Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
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UAE currency: the story behind the money in your pockets
Brief scoreline:
Liverpool 2
Mane 51', Salah 53'
Chelsea 0
Man of the Match: Mohamed Salah (Liverpool)
Brief scores:
Arsenal 4
Xhaka 25', Lacazette 55', Ramsey 79', Aubameyang 83'
Fulham 1
Kamara 69'
The distance learning plan
Spring break will be from March 8 - 19
Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm
Staff will be trained in distance learning programmes from March 15 - 19
Teaching hours will be 8am to 2pm during distance learning
Pupils will return to school for normal lessons from April 5
