Abu Dhabi, United Arab Emirates. May 2, 2017///

Suhail Al Mazroui, minister of energy. Federal National council session. Abu Dhabi, United Arab Emirates. Mona Al Marzooqi/ The National 

ID: 16864
Reporter: Haneen Dajani  
Section: National  *** Local Caption ***  170502-MM-FNC-008.JPG
Surging output of US shale oil won’t be a “huge distorter” of efforts by global crude producers to clear a glut, UAE Energy Minister Suhail Al Mazrouei, currently the president of Opec, said Monday. MShow more

Rise in US shale output will not hamper Opec efforts to clear supply glut



Surging output of US shale oil will not be a "huge distorter" of efforts by global crude producers to clear a glut, according to Opec's president.

The market should re-balance this year, given robust demand and producers' compliance with their pledges to curtail supply, The UAE Energy Minister Suhail Al Mazrouei, currently the president of Opec, said on Monday. The market is "on course to restoring balance" for the first time since 2014, Opec's secretary general Mohammad Barkindo said at a conference in Cairo.

Oil demand is set to grow by 1.6 million barrels per day in 2018, the same level as last year, and crude inventories are continuing to dwindle as Opec and other producers pursue their output cuts until the end of the year, Mr Barkindo said on Monday. Venezuela is proposing that Opec seek a five-year deal for co-operation on output with allied producers beyond 2018, he said.

“Venezuelans see that the co-operation with non-Opec producers shouldn’t end,” Mr Barkindo told reporters in Cairo. “They have put forward a proposal for the time frame of the cooperation, and that was five years. But this proposal isn’t final, and it’s a work in progress.”

Oil was rebounding from its biggest weekly decline in two years, though gains were limited due to concerns over a resurgence in US shale. The US oil rig count rose last week by 26, the most in a year, to 791, Baker Hughes data showed on Friday. American weekly crude output topped 10 million bpd for the first time on record, and the US government forecasts it will balloon to 11 million later this year.

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Such an increase would complicate efforts by Opec, Russia and other producers to prop up crude prices by curtailing supply. The producers agreed in November to extend self-imposed limits on output until the end of this year, seeking to counter a glut fed partly by US shale drillers.

“Shale is coming and the expectation is that it will come stronger than in 2017, and this is something that we have to watch,” Mr Al Mazrouei said. “But considering all factors, I don’t think it will be a huge distorter of the market.”

“What concerns us today is the level of inventories that we need to achieve the five-year average, and I see the market going in that direction and achieving balance,” he said. “How long it will take depends on how long the increase in shale production will take.” Participants in the oil-cuts accord aim for global crude inventories to fall to the average level of the past five years.

“Demand for this year is expected to be good, if not better than 2017,” Mr Al Mazrouei said. This, together with “good” economic indicators and compliance with output cuts, indicate that the crude market will balance within the year, he said.

Mr Barkindo said producers’ “unprecedented conformity” with their targets for reducing output is driving progress toward a balance market. Compliance reached a record level of 129 per cent in December, for a monthly average of 107 per cent last year, and preliminary estimates show that compliance in January will surpass December’s level, he said.

Oil prices are currently at less than half their 2014 peak, with benchmark Brent crude futures up 1.2 per cent at $63.53 a barrel in London at 4.06pm local time. Brent tumbled 8.4 per cent last week, in the second consecutive weekly loss.

"It's a correction only. It will come back," Kuwait's oil minister Bakheet Al-Rashidi told reporters in Kuwait City. Kuwait expects cooperation on oil policy to continue beyond 2018, he said. "We will look for criteria to make sure the market is stable at all times."

The specs

Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)

COMPANY PROFILE

Name: PlanRadar
Started: 2013
Co-founders: Ibrahim Imam, Sander van de Rijdt, Constantin Köck, Clemens Hammerl, Domagoj Dolinsek
Based: Vienna, Austria
Sector: Construction and real estate
Current number of staff: 400+
Investment stage: Series B
Investors: Headline, Berliner Volksbank Ventures, aws Gründerfonds, Cavalry Ventures, Proptech1, Russmedia, GR Capital

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Bharat

Director: Ali Abbas Zafar

Starring: Salman Khan, Katrina Kaif, Sunil Grover

Rating: 2.5 out of 5 stars

BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES

SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities

Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails

Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies

Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

German plea

Ukrainian President Volodymyr Zelenskyy told the German parliament that. Russia had erected a new wall across Europe.

"It's not a Berlin Wall -- it is a Wall in central Europe between freedom and bondage and this Wall is growing bigger with every bomb" dropped on Ukraine, Zelenskyy told MPs.

Mr Zelenskyy was applauded by MPs in the Bundestag as he addressed Chancellor Olaf Scholz directly.

"Dear Mr Scholz, tear down this Wall," he said, evoking US President Ronald Reagan's 1987 appeal to Soviet leader Mikhail Gorbachev at Berlin's Brandenburg Gate.

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

Zombieland: Double Tap

Director: Ruben Fleischer

Stars: Woody Harrelson, Jesse Eisenberg, Emma Stone

Four out of five stars 

Expert input

If you had all the money in the world, what’s the one sneaker you would buy or create?

“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett

“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche

“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox

“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite

 “I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy

“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra

MATCH INFO

Uefa Champions League quarter-final, second leg (first-leg score):

Manchester City (0) v Tottenham Hotspur (1), Wednesday, 11pm UAE

Match is on BeIN Sports

BACK TO ALEXANDRIA

Director: Tamer Ruggli

Starring: Nadine Labaki, Fanny Ardant

Rating: 3.5/5

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

Where to donate in the UAE

The Emirates Charity Portal

You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.

The General Authority of Islamic Affairs & Endowments

The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.

Al Noor Special Needs Centre

You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.

Beit Al Khair Society

Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.

Dar Al Ber Society

Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.

Dubai Cares

Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.

Emirates Airline Foundation

Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.

Emirates Red Crescent

On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.

Gulf for Good

Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.

Noor Dubai Foundation

Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).

Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent  

TOURNAMENT INFO

Women’s World Twenty20 Qualifier

Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November

UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi

The specs

Engine: 5.2-litre twin-turbo V12

Transmission: eight-speed automatic

Power: 715bhp

Torque: 900Nm

Price: Dh1,289,376

On sale: now

The winners

Fiction

  • ‘Amreekiya’  by Lena Mahmoud
  •  ‘As Good As True’ by Cheryl Reid

The Evelyn Shakir Non-Fiction Award

  • ‘Syrian and Lebanese Patricios in Sao Paulo’ by Oswaldo Truzzi;  translated by Ramon J Stern
  • ‘The Sound of Listening’ by Philip Metres

The George Ellenbogen Poetry Award

  • ‘Footnotes in the Order  of Disappearance’ by Fady Joudah

Children/Young Adult

  •  ‘I’ve Loved You Since Forever’ by Hoda Kotb 

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