The US administration’s push to reduce Iranian crude exports to zero is “practically impossible”, according to Opec’s secretary general.
"We keep hearing that the objective is to bring down Iranian exports to zero but practitioners in this industry know very well that it is practically impossible to bring down the exports of Iran to zero,” Mohammed Barkindo said in an interview with Bloomberg TV from Baku, Azerbaijan on Tuesday where the Opec+ Joint Ministerial Monitoring Committee had its meeting.
“The waivers, the extension of the waivers or the non-extension of the waivers continue to be one of these growing uncertainties in the market because of the the importance and size of Iran in the supply demand balance."
Iran, Opec's fourth-largest oil producer, has seen its production decline by 7 per cent to 2.74 million barrels per day in February from November, when the White House re-imposed sanctions against the country. Its output, which was at 3.8 million bpd in the second quarter of 2018, had plunged in the following months amid anticipation of the slapping of sanctions in November.
The Donald Trump administration, however, granted eight nations waivers to continue importing crude from Iran under the provision that they would gradually reduce imports over the coming months. The US had said its goal was to reduce Iran’s exports to zero with the waivers up for review in May.
With oil prices surging to four-month highs of $67.54 for Brent on Monday and an increasingly tightened market due to loss of production in Venezuela, the renewal or non-renewal of waivers could become a deciding factor for the markets over the coming months.
Mr Barkindo also noted in his interview that dialogue had been established with “stakeholders in Washington” to discuss a legislation that is being tabled to challenge Opec’s work in correcting supply in the oil markets. The No Oil Producing and Exporting Cartels Act (NOPEC) congressional bill asks for state immunity to be removed and for Opec to be sued under US antitrust law for anti-competitive attempts at what is being perceived by some legislators to be the group’s manipulation of supply and prices.
“Such a legislation will not serve the best interest of the United States nor will it serve the interests of the global oil industry,” said Mr Barkindo.
"Therefore we remain optimistic that reason will prevail and that the right thing will be done."
The secretary general observed that independent US shale producers who have collectively helped the country become the world’s top crude producer with 12 million bpd of output were a “natural ally to work with”.
"They are very much appreciative of the efforts of the parties [Opec+] and we both agreed that we’ll continue this dialogue with them,” he said.
Opec led by Saudi Arabia and members outside the group led by Russia convened in the Azeri capital for a joint ministerial monitoring committee meeting to discuss their ongoing pact to reduce supply.
Opec+, as the alliance is called, had pledged at the end of December to remove 1.2 million bpd from the markets for six months starting January.
At their latest meeting, the committee recommended cancellation of a planned extraordinary meeting in the Austrian capital of Vienna in April. Opec+ will meet next in June to decide on whether to extend the cuts.
The oil markets remained tight with Opec vowing to “stay the course” as it reckons with continuing decline in Venezuela and surging production from the US.
Match info
Arsenal 0
Manchester City 2
Sterling (14'), Bernardo Silva (64')
Killing of Qassem Suleimani
The Equaliser 2
Director Antoine Fuqua
Starring: Denzel Washington, Bill Pullman, Melissa Leo, Ashton Sanders
Three stars
Avengers: Endgame
Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
4/5 stars
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
UAE'S%20YOUNG%20GUNS
%3Cp%3E1%20Esha%20Oza%2C%20age%2026%2C%2079%20matches%0D%3Cbr%3E%0D%3Cbr%3E2%20Theertha%20Satish%2C%20age%2020%2C%2066%20matches%0D%3Cbr%3E%0D%3Cbr%3E3%20Khushi%20Sharma%2C%20age%2021%2C%2065%20matches%0D%3Cbr%3E%0D%3Cbr%3E4%20Kavisha%20Kumari%2C%20age%2021%2C%2079%20matches%0D%3Cbr%3E%0D%3Cbr%3E5%20Heena%20Hotchandani%2C%20age%2023%2C%2016%20matches%0D%3Cbr%3E%0D%3Cbr%3E6%20Rinitha%20Rajith%2C%20age%2018%2C%2034%20matches%0D%3Cbr%3E%0D%3Cbr%3E7%20Samaira%20Dharnidharka%2C%20age%2017%2C%2053%20matches%0D%3Cbr%3E%0D%3Cbr%3E8%20Vaishnave%20Mahesh%2C%20age%2017%2C%2068%20matches%0D%3Cbr%3E%0D%3Cbr%3E9%20Lavanya%20Keny%2C%20age%2017%2C%2033%20matches%0D%3Cbr%3E%0D%3Cbr%3E10%20Siya%20Gokhale%2C%20age%2018%2C%2033%20matches%0D%3Cbr%3E%0D%3Cbr%3E11%20Indhuja%20Nandakumar%2C%20age%2018%2C%2046%20matches%3C%2Fp%3E%0A
Zayed Sustainability Prize
Race card:
6.30pm: Baniyas (PA) Group 2 Dh195,000 1,400m.
7.05pm: Maiden (TB) Dh165,000 1,400m.
7.40pm: Handicap (TB) Dh190,000 1,200m.
8.15pm: Maiden (TB) Dh165,000 1,200m.
8.50pm: Rated Conditions (TB) Dh240,000 1,600m.
9.20pm: Handicap (TB) Dh165,000 1,400m.
10pm: Handicap (TB) Dh175,000 2,000m.
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
Day 3 stumps
New Zealand 153 & 249
Pakistan 227 & 37-0 (target 176)
Pakistan require another 139 runs with 10 wickets remaining
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Match info
Uefa Champions League Group C
Liverpool v Napoli, midnight
The biog
Favourite book: Homegoing by Yaa Gyasi
Favourite holiday destination: Spain
Favourite film: Bohemian Rhapsody
Favourite place to visit in the UAE: The beach or Satwa
Children: Stepdaughter Tyler 27, daughter Quito 22 and son Dali 19
The specs: Audi e-tron
Price, base: From Dh325,000 (estimate)
Engine: Twin electric motors and 95kWh battery pack
Transmission: Single-speed auto
Power: 408hp
Torque: 664Nm
Range: 400 kilometres
It’ll be summer in the city as car show tries to move with the times
If 2008 was the year that rocked Detroit, 2019 will be when Motor City gives its annual car extravaganza a revamp that aims to move with the times.
A major change is that this week's North American International Auto Show will be the last to be held in January, after which the event will switch to June.
The new date, organisers said, will allow exhibitors to move vehicles and activities outside the Cobo Center's halls and into other city venues, unencumbered by cold January weather, exemplified this week by snow and ice.
In a market in which trends can easily be outpaced beyond one event, the need to do so was probably exacerbated by the decision of Germany's big three carmakers – BMW, Mercedes-Benz and Audi – to skip the auto show this year.
The show has long allowed car enthusiasts to sit behind the wheel of the latest models at the start of the calendar year but a more fluid car market in an online world has made sales less seasonal.
Similarly, everyday technology seems to be catching up on those whose job it is to get behind microphones and try and tempt the visiting public into making a purchase.
Although sparkly announcers clasp iPads and outline the technical gadgetry hidden beneath bonnets, people's obsession with their own smartphones often appeared to offer a more tempting distraction.
“It's maddening,” said one such worker at Nissan's stand.
The absence of some pizzazz, as well as top marques, was also noted by patrons.
“It looks like there are a few less cars this year,” one annual attendee said of this year's exhibitors.
“I can't help but think it's easier to stay at home than to brave the snow and come here.”
Super Bowl LIII schedule
What Super Bowl LIII
Who is playing New England Patriots v Los Angeles Rams
Where Mercedes-Benz Stadium in Atlanta, United States
When Sunday (start time is 3.30am on Monday UAE time)
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
MATCH INFO
Uefa Champions League, last 16, first leg
Tottenham Hotspur v Borussia Dortmund, midnight (Thursday), BeIN Sports
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
RESULTS
5pm: Maiden | Dh80,000 | 1,600m
Winner: AF Al Moreeb, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap | Dh80,000 | 1,600m
Winner: AF Makerah, Adrie de Vries, Ernst Oertel
6pm: Handicap | Dh80,000 | 2,200m
Winner: Hazeme, Richard Mullen, Jean de Roualle
6.30pm: Handicap | Dh85,000 | 2,200m
Winner: AF Yatroq, Brett Doyle, Ernst Oertel
7pm: Shadwell Farm for Private Owners Handicap | Dh70,000 | 2,200m
Winner: Nawwaf KB, Patrick Cosgrave, Helal Al Alawi
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Treasured Times, Bernardo Pinheiro, Rashed Bouresly
UAE squad v Australia
Rohan Mustafa (C), Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Fahad Nawaz, Amjed Gul, Shaiman Anwar, Ahmed Raza, Imran Haider, Muhammad Naveed, Amir Hayat, Ghulam Shabir (WK), Qadeer Ahmed, Tahir Latif, Zahoor Khan