Austrian police officers stand guard outside the Opec Secretariat ahead of the group's meeting in Vienna on Thursday. Akos Stiller / Bloomberg
Austrian police officers stand guard outside the Opec Secretariat ahead of the group's meeting in Vienna on Thursday. Akos Stiller / Bloomberg
Austrian police officers stand guard outside the Opec Secretariat ahead of the group's meeting in Vienna on Thursday. Akos Stiller / Bloomberg
Austrian police officers stand guard outside the Opec Secretariat ahead of the group's meeting in Vienna on Thursday. Akos Stiller / Bloomberg

Oil edges up ahead of Opec meeting in Vienna, but uncertainty lingers


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Oil prices edged up on Thursday, ahead of an Opec meeting in Vienna at which producers are expected to extend a supply-cut deal that came into effect in January with the goal of tightening supplies and propping up prices.

The Organization of the Petroleum Exporting Countries (Opec) will be meeting at its headquarters in the Austrian capital, along with ministers from other oil producing countries, most importantly Russia.

Opec is scheduled to hold an open session, including media, at 10am (1pm UAE time) in Vienna on Thursday, before going into a closed session at noon, according to a tentative programme on Opec's website. non-Opec ministers are set to join at 3pm, followed by a joint press conference after the meeting.

Brent crude oil futures for February, the international benchmark for oil prices, were at US$62.73 a barrel at 0746 GMT, up 20 cents, or 0.3 per cent, from their last close. The front-month January contract expires today.

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Read more:

S&P raises 2018 Brent oil price forecast on ongoing cuts and strong demand

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US West Texas Intermediate (WTI) crude futures were at $57.45 a barrel, up 15 cents, or 0.3 per cent.

While there has not been an official statement, Opec and Russia seem ready to prolong their oil supply cuts until the end of 2018. The cuts were put in place last January and are set to expire next March.

However, an extension may include a review in June should healthy demand amid ongoing supply restraint overheat the market.

"Opec loves leaving an ace card up their sleeve, they will never give everything away (in advance)," said Matt Stanley, a fuel broker at Freight Investor Services in Dubai.

ANZ bank said "anything less than a nine-month extension to the current production agreement could see the recent sell-off accelerate."

One of Opec's biggest problems while cutting supplies has been rising US output, which is gaining global market share and undermining the producer club's efforts to tighten the market.

"Unless Opec don't extend the cuts as long as people think … the real winners (of Opec's cuts) will be the US producers," Stanley said.

US oil production  hit a new record of 9.68 million barrels per day (bpd) last week, according to government data released on Wednesday.

That is up from 8.5 million bpd at the end of last year, before the cuts were implemented.

Rystad Energy, a consultancy, said it expects US oil production to reach 9.9 million bpd in December, which would bring it close to top producers Russia and Saudi Arabia.

Despite this, US crude inventories  are down by 15 per cent from their March record, to 453.7 million barrels.

That is below the same time in 2015 and 2016.

Traders said the fall in inventories was largely down to a two-week interruption of the Keystone pipeline bringing Canadian crude to the United States, which has now been resolved, and as American companies increasingly export excess crude.

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Starring: Chris Evans, Chris Pratt, Tom Holland, Robert Downey Junior, Scarlett Johansson, Elizabeth Olsen
Four stars

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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

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Price: From Dh117,059

MATCH INFO

Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)

TV: BeIN Sports

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From: Ras Al Khaimah

Age: 50

Profession: Electronic engineer, worked with Etisalat for the past 20 years

Hobbies: 'Anything that involves exploration, hunting, fishing, mountaineering, the sea, hiking, scuba diving, and adventure sports'

Favourite quote: 'Life is so simple, enjoy it'

THE SPECS

Range Rover Sport Autobiography Dynamic

Engine: 5.0-litre supercharged V8

Transmission: six-speed manual

Power: 518bhp

Torque: 625Nm

Speed: 0-100kmh 5.3 seconds

Price: Dh633,435

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Farasan Boat: 128km Away from Anchorage

Director: Mowaffaq Alobaid 

Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani

Rating: 4/5

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

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Price: From Dh650,000

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
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Results

3pm: Handicap (PA) Dh40,000 (Dirt) 1,000m; Winner: Dhafra, Antonio Fresu (jockey), Eric Lemartinel (trainer)

3.30pm: Maiden (PA) Dh40,000 (D) 2,000m; Winner: Al Ajayib, Antonio Fresu, Eric Lemartinel

4pm: Handicap (PA) Dh40,000 (D) 1,700m; Winner: Ashtr, Abdul Aziz Al Balushi, Majed Al Jahouri

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5pm: Sheikh Dr Sultan bin Khalifa Al Nahyan Cup – Prestige Handicap (PA) Dh100,000 (D) 1,700m; Winner: Al Mufham SB, Al Moatasem Al Balushi, Badar Al Hajri

5.30pm: Sharjah Marathon – Handicap (PA) Dh70,000 (D) 2,700m; Winner: Asraa Min Al Talqa, Al Moatasem Al Balushi, Helal Al Alawi

The Voice of Hind Rajab

Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

Stage result

1. Jasper Philipsen (Bel) Alpecin-Fenix 4:42:34

2. Sam Bennett (Irl) Bora-Hansgrohe

3. Elia Viviani (Ita) Ineos Grenadiers

4. Dylan Groenewegen (Ned) BikeExchange-Jayco

5. Emils Liepins (Lat) Trek-Segafredo

6. Arnaud Demare (Fra) Groupama-FDJ

7. Max Kanter (Ger) Movistar Team

8. Olav Kooij (Ned) Jumbo-Visma

9. Tom Devriendt (Bel) Intermarché-Wanty-Gobert Matériaux

10. Pascal Ackermann (Ger) UAE Team Emirate

UAE currency: the story behind the money in your pockets
Match info

Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

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