Russia has the capacity to set a new oil-production record, but won’t decide whether the market needs those additional supplies before a meeting later this month with its Opec allies.
The country could boost output by as much as 300,000 barrels a day in the medium-term, which would beat the post-Soviet record set in October 2016, Russian Energy Minister Alexander Novak said on Wednesday. It’s in everyone’s interest to keep the oil market balanced, so Russia will discuss supplies with the Organization of Petroleum Exporting Countries in Algiers on September 23, he said.
“We have not yet taken any decisions on production growth, we’ve just spoken about the potential we have and the spare capacity,” Mr Novak said. “We will be discussing these decisions and steps we plan to take in Algeria.”
Russia is officially disclosing its spare crude-production capacity for the first time, before crucial talks about how the group known as Opec+ will respond to a series of oil-supply disruptions from Venezuela to Iran. While the producers are in the process of increasing output before the expiry of their supply-cuts deal at the end of the year, Mr Novak said the effectiveness of the joint effort underscores the need for it to carry on next year.
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Read more:
Opec and non-Opec panel to discuss sharing oil-output increase
'Opec is doing its part,' says UAE's Mazrouei
How Saudi Arabia plans to price its oil
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“Regardless of whether we coordinate production volumes and whether we once again install these voluntary limitations upon ourselves or not, the mechanism has shown its efficiency,” Mr Novak said. “That is why we believe that we would need to continue cooperation in any case.”
Speculation is swirling over whether a potential supply gap can be filled as US sanctions curb Iran’s petroleum exports. Some of its customers are already halting purchases before the restrictions formally take effect in November. Still, there are also doubts about the strength of global oil demand due to the burgeoning US-China trade war and a slump in emerging markets.
“Our decisions and our actions are based on the assumption that we need to maintain market stability,” said Mr Novak. “Currently, the market is in a position where we can say that it’s close to a balance point. That’s why we need to very carefully study the consequences of any decision”, considering seasonal trends in demand and supply growth in countries including the US, he said.
Mr Novak will meet US Energy Secretary Rick Perry in Moscow on Thursday and discuss the state of oil and gas markets and companies in both countries. The American official, who met with his Saudi Arabian counterpart in Texas earlier this month, is visiting just weeks before sanctions hit Iranian oil, while some policymakers are also pushing a potential ban on US imports of Russian crude and fuels.
In late 2016, Russia joined Opec and several other major producers in cutting production to end a supply glut that was depressing prices. They agreed in June to start rolling back those reductions, adding about 1 million barrels a day to the market partly in response to calls from US President Donald Trump to ease pressure on consumers.
That decision was for a collective output increase and there’s no need to allocate new individual quotas to each group member, Mr Novak said. Even though some countries are unable to boost production, it’s in everyone’s interest to ensure the market remains balanced, he said.
Russia has been one of the key beneficiaries of the June deal. It has restored output close to post-Soviet records, while crude prices in roubles have reached historic highs amid the currency’s weakness. The country currently plans to maintain its output at about 11.2 million barrels per day through to the end of the year, a government official said in August.
THE SPECS
Engine: 4.4-litre twin-turbo V8 hybrid
Power: 653hp at 5,400rpm
Torque: 800Nm at 1,600-5,000rpm
Transmission: 8-speed auto
0-100kph in 4.3sec
Top speed 250kph
Fuel consumption: NA
On sale: Q2 2023
Price: From Dh750,000
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Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
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Turning waste into fuel
Average amount of biofuel produced at DIC factory every month: Approximately 106,000 litres
Amount of biofuel produced from 1 litre of used cooking oil: 920ml (92%)
Time required for one full cycle of production from used cooking oil to biofuel: One day
Energy requirements for one cycle of production from 1,000 litres of used cooking oil:
▪ Electricity - 1.1904 units
▪ Water- 31 litres
▪ Diesel – 26.275 litres
SPEC SHEET: SAMSUNG GALAXY S24 ULTRA
Display: 6.8" quad-HD+ dynamic Amoled 2X, 3120 x 1440, 505ppi, HDR10+, 120Hz
Processor: 4nm Qualcomm Snapdragon 8 Gen 3, 64-bit octa-core
Memory: 12GB RAM
Storage: 256/512GB / 1TB
Platform: Android 14, One UI 6.1
Main camera: quad 200MP wide f/1.7 + 50MP periscope telephoto f/3.4 with 5x optical/10x optical quality zoom + 10MP telephoto 2.4 with 3x optical zoom + 12MP ultra-wide f/2.2; 100x Space Zoom; auto HDR, expert RAW
Video: 8K@24/30fps, 4K@30/60/120fps, full-HD@30/60/240fps, full-HD super slo-mo@960fps
Front camera: 12MP f/2.2
Battery: 5000mAh, fast wireless charging 2.0, Wireless PowerShare
Connectivity: 5G, Wi-Fi, Bluetooth 5.3, NFC
I/O: USB-C; built-in Galaxy S Pen
Durability: IP68, up to 1.5m of freshwater up to 30 minutes; dust-resistant
SIM: Nano + nano / nano + eSIM / dual eSIM (varies in different markets)
Colours: Titanium black, titanium grey, titanium violet, titanium yellow
In the box: Galaxy S24 Ultra, USB-C-to-C cable
Price: Dh5,099 for 256GB, Dh5,599 for 512GB, Dh6,599 for 1TB
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The specs: 2018 Mitsubishi Eclipse Cross
Price, base / as tested: Dh101,140 / Dh113,800
Engine: Turbocharged 1.5-litre four-cylinder
Power: 148hp @ 5,500rpm
Torque: 250Nm @ 2,000rpm
Transmission: Eight-speed CVT
Fuel consumption, combined: 7.0L / 100km
Under-21 European Championship Final
Germany 1 Spain 0
Weiser (40')
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450+ employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
Company profile
Company name: Hayvn
Started: 2018
Founders: Christopher Flinos, Ahmed Ismail
Based: Abu Dhabi, UAE
Sector: financial
Initial investment: undisclosed
Size: 44 employees
Investment stage: series B in the second half of 2023
Investors: Hilbert Capital, Red Acre Ventures
COMPANY PROFILE
Company name: Mozn
Started: 2017
Founders: Mohammed Alhussein, Khaled Al Ghoneim, Abdullah Alsaeed and Malik Alyousef
Based: Riyadh, Saudi Arabia
Industry: FinTech
Funding: $10 million
Investors: Raed Ventures, Shorooq Partners, VentureSouq, Sukna Ventures and others
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
SPECS
Engine: 2-litre direct injection turbo
Transmission: 7-speed automatic
Power: 261hp
Torque: 400Nm
Price: From Dh134,999
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November 30-December 2, at The Sevens, Dubai
Gulf Under 19
Pool A – Abu Dhabi Harlequins, Jumeirah College Tigers, Dubai English Speaking School 1, Gems World Academy
Pool B – British School Al Khubairat, Bahrain Colts, Jumeirah College Lions, Dubai English Speaking School 2
Pool C - Dubai College A, Dubai Sharks, Jumeirah English Speaking School, Al Yasmina
Pool D – Dubai Exiles, Dubai Hurricanes, Al Ain Amblers, Deira International School
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Manchester City 6
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Watford 0
Man of the match: Bernardo Silva (Manchester City)
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)
COMPANY PROFILE
Company name: Znap
Started: 2017
Founder: Uday Rathod
Based: Dubai, UAE
Industry: FinTech
Funding size: $1m+
Investors: Family, friends
Profile of RentSher
Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
Investment: $2 million
UAE athletes heading to Paris 2024
Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).
Cycling
Safia Al Sayegh (women's road race).
Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).
Athletics
Maryam Mohammed Al Farsi (women's 100 metres).
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
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
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Director: Christopher McQuarrie
Stars: Tom Cruise, Hayley Atwell, Pom Klementieff, Simon Pegg
Rating: 4/5
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
Kill Bill Volume 1
Director: Quentin Tarantino
Stars: Uma Thurman, David Carradine and Michael Madsen
Rating: 4.5/5
BACK TO ALEXANDRIA
Director: Tamer Ruggli
Starring: Nadine Labaki, Fanny Ardant
Rating: 3.5/5
Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now