Iraq and Saudi Arabia – Opec’s largest crude producers – need to align their views to maintain stability in the oil market, Iraq’s Prime Minister said on Wednesday.
Mohammed Shia Al Sudani, who met Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman in Baghdad, said he welcomed the entry of the kingdom’s companies into Iraq and discussed expanding economic co-operation, according to a report by the Iraqi News Agency.
“Iraq welcomes the entry of Saudi companies into the Iraqi market, in which there are many great investment opportunities today," Mr Al Sudani said.
He highlighted the “the advanced level” of relations between the two countries, especially in the investment and energy sectors.
Mr Al Sudani stressed the importance of stability in the oil market “under Opec’s umbrella”, in the interests of both producers and consumers.
In December, the Opec+ group of producers agreed to voluntary output cuts of about 2.2 million barrels per day for the first quarter of this year, on top of 3.66 million bpd agreed earlier.
Iraq announced that it would voluntarily cut oil output by 220,000 bpd between January and March.
On Monday, Iraq’s Oil Minister Hayan Abdel Ghani said the country was committed to Opec+ and was currently producing no more than 4 million bpd.
Iraq's current crude oil exports fluctuate between 3.35 million bpd and 3.4 million bpd, he was quoted as saying by Reuters.
Last year, Iraq signed a $27 billion energy agreement with France’s TotalEnergies to develop oil and gas resources and to improve the country’s electricity supply in the biggest single foreign investment in the country at the time.
TotalEnergies will develop a one gigawatt solar power plant to supply electricity to the Basra regional grid. Saudi Arabia's Acwa Power is also set to join the project.
Iraq has also been looking to boost its natural gas production as it heavily relies on imports to feed its power grid.
Meanwhile, Saudi Arabia, the world’s largest oil exporter, is expected to continue playing an active role in balancing the oil market despite its recent decision to lower its production capacity target.
The kingdom “has taken the extra step of announcing additional cuts on multiple occasions, essentially acting as a glue between supporting prices amid a weak consumption outlook”, Rystad Energy said in a research note last week.
Given the current backdrop, the role of core Opec+ members, including Saudi Arabia, is set to evolve from fulfilling demand during a supply crunch to sustained cut management, starting “as soon as next year”, the consultancy said.
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Where to buy art books in the UAE
There are a number of speciality art bookshops in the UAE.
In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.
In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.
In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.
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
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
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