Brent is teetering close to $28.94 level seen in January 2016, which prompted Saudi Arabia and Russia to form an alliance. Reuters
Brent is teetering close to $28.94 level seen in January 2016, which prompted Saudi Arabia and Russia to form an alliance. Reuters

Oil rises above $70 on Opec calls to keep cuts in place



Oil reached new highs in London as Opec members called for output curbs to continue, allaying concerns that the recent rally could weaken their commitment.

Brent crude closed above US$70 a barrel for the first time in three years after Iraqi Oil Minister Jabbar Al Luaibi said on Saturday that production curbs have contributed to stability in the market and should remain, echoing comments from Qatar and the UAE. The global benchmark had only briefly breached the key level last week.

The comments came as Citigroup, Societe Generale, and JPMorgan Chase. predict the coalition of oil producers could begin winding down their intervention from the middle of the year, before its scheduled conclusion in December.

The call to maintain cuts by Iraq "is another sign that the market is going to go up", Phil Flynn, senior market analyst at Price Futures Group in Chicago, said by telephone. "We are seeing supply, globally, really start to tighten".

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Oil is extending a two-year rebound as Opec and its allies reduce supply to drain a global glut. Though they’ve said their historic deal will run until the end of this year, Opec is “very likely to cut short” the pact if markets become balanced, JP Morgan Securities said in a report.

Brent for March settlement rose 39 cents to $70.26 a barrel on the London-based ICE Futures Europe exchange, the highest close since December 2014. Prices climbed 3.3 per cent last week. The global benchmark crude traded at a premium of $5.40 to March WTI.

West Texas Intermediate for February delivery rose 51 cents to $64.81 a barrel on the New York Mercantile Exchange. Total volume traded was about 51 per cent below the 100-day average. There was no settlement on Monday because of the Martin Luther King holiday in the United States, and all transactions will be booked on Tuesday.

The UAE sees no big changes in Opec policy as a result of short-term price fluctuations, Energy Minister Suhail Al Mazrouei said in Abu Dhabi. Qatari energy minister Mohammed bin Saleh Al Sada told the official Qatar News Agency that the group should only review its supply accord once crude stockpiles return to their five-year historical average.

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
The specs

Engine: 4-litre twin-turbo V8

Transmission: nine-speed

Power: 542bhp

Torque: 700Nm

Price: Dh848,000

On sale: now

Dengue fever symptoms
  • High fever
  • Intense pain behind your eyes
  • Severe headache
  • Muscle and joint pains
  • Nausea
  • Vomiting
  • Swollen glands
  • Rash

If symptoms occur, they usually last for two-seven days

LIVING IN...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

The Bio

Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Bundesliga fixtures

Saturday, May 16 (kick-offs UAE time)

Borussia Dortmund v Schalke (4.30pm) 

RB Leipzig v Freiburg (4.30pm) 

Hoffenheim v Hertha Berlin (4.30pm) 

Fortuna Dusseldorf v Paderborn  (4.30pm) 

Augsburg v Wolfsburg (4.30pm) 

Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)

Sunday, May 17

Cologne v Mainz (4.30pm),

Union Berlin v Bayern Munich (7pm)

Monday, May 18

Werder Bremen v Bayer Leverkusen (9.30pm)

CABINET OF CURIOSITIES EPISODE 1: LOT 36

Director: Guillermo del Toro
Stars: Tim Blake Nelson, Sebastian Roche, Elpidia Carrillo
Rating: 4/5

The specs

Engine: Dual synchronous electric motors
Power: 646hp
Torque: 830Nm
Transmission: Two-speed auto (rear axle); single-speed auto (front)
Price: From Dh552,311; Dh660,408 (as tested)
On sale: now

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

SPEC SHEET

Display: 10.4-inch IPS LCD, 400 nits, toughened glass

CPU: Unisoc T610; Mali G52 GPU

Memory: 4GB

Storage: 64GB, up to 512GB microSD

Camera: 8MP rear, 5MP front

Connectivity: Wi-Fi, Bluetooth 5.0, USB-C, 3.5mm audio

Battery: 8200mAh, up to 10 hours video

Platform: Android 11

Audio: Stereo speakers, 2 mics

Durability: IP52

Biometrics: Face unlock

Price: Dh849

Teenage Mutant Ninja Turtles: Shredder's Revenge

Developer: Tribute Games
Publisher: Dotemu
Consoles: Nintendo Switch, PlayStation 4&5, PC and Xbox One
Rating: 4/5

SPEC SHEET: NOTHING PHONE (2a)

Display: 6.7” flexible Amoled, 2412 x 1080, 394ppi, 120Hz, Corning Gorilla Glass 5

Processor: MediaTek Dimensity 7200 Pro, 4nm, octa-core

Memory: 8/12GB

Capacity: 128/256GB

Platform: Android 14, Nothing OS 2.5

Main camera: Dual 50MP main, f/1.88 + 50MP ultra-wide, f/2.2; OIS, EIS, auto-focus, ultra XDR, night mode

Main camera video: 4K @ 30fps, full-HD @ 60fps; slo-mo full-HD at 120fps

Front camera: 32MP wide, f/2.2

Battery: 5000mAh; 50% in 30 mins w/ 45w charger

Connectivity: Wi-Fi, Bluetooth 5.3, NFC (Google Pay)

Biometrics: Fingerprint, face unlock

I/O: USB-C

Durability: IP54, limited protection from water/dust

Cards: Dual-nano SIM

Colours: Black, milk, white

In the box: Nothing Phone (2a), USB-C-to-USB-C cable, pre-applied screen protector, SIM tray ejector tool

Price (UAE): Dh1,199 (8GB/128GB) / Dh1,399 (12GB/256GB)

West Asia Premiership

Dubai Hurricanes 58-10 Dubai Knights Eagles

Dubai Tigers 5-39 Bahrain

Jebel Ali Dragons 16-56 Abu Dhabi Harlequins

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

MATCH INFO

Wales 1 (Bale 45+3')

Croatia 1 (Vlasic 09')

The end of Summer

Author: Salha Al Busaidy

Pages: 316

Publisher: The Dreamwork Collective 

UAE currency: the story behind the money in your pockets

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