An escalation in US rhetoric in the ongoing trade war with China as well as falling Iranian exports will have an impact on supply and demand, with Opec collectively acting to balance oil markets, the group’s secretary general said yesterday. on Tuesday.
"Trade is a major quantum in the overall global economic equation and whatever affects the free flow of trade will ultimately impact growth and will have an impact on oil demand and also on the GDP," Mohammed Barkindo told a conference of energy traders in Fujairah, organised by Gulf Intelligence.
Oil prices have recovered from a three-year slump, rising to around $80 per barrel earlier this month, as exports from Iran, Opec's third-largest producer, began to fall due to the onset of US sanctions against the country. The White House has set November 14 as the deadline for countries to stop importing Iranian crude.
The exporters’ group in June began to revise an earlier pact to hold back around 1.8 million barrels per day from the market to boost prices. With Brent averaging around $72 for much of the year, Opec, led by Saudi Arabia, added 377,000 bpd back to the market since the second quarter of the year.
However, with importers cutting back supplies from Iran, oil markets remain concerned about a possible supply squeeze and higher prices that could trigger production from independent North American shale producers.
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Opec will act collectively to reinforce market balance should the Iran sanctions lead to a supply shock, Mr Barkindo said.
“We’re always acting and in the summer of 2014 we learnt our lessons,” he said.
"We have to continue to be ahead of the curve on all issues and if need be, also take collective action. It is not the responsibility of one or two producers to take decisions on behalf of all producers,” he added.
He stressed that Iran, as a founding member of Opec, would see its concerns addressed adequately by the exporters' group.
The group’s technical committee is monitoring and analysing the current dynamics of the oil market, which will be taken up at Opec’s upcoming sub-committee meeting at the Algerian capital on September 24, he said.
Opec will also press ahead during the meeting to institutionalise the working relationship with sovereign producers outside the group led by Russia.
The National reported in February that the 25 Opec and non-Opec producers undertaking supply corrections will evolve into a super-group by the end of the year.
The charter to formalise the relationship will be agreed to and signed during Opec’s annual meeting in Vienna in December, said Mr Barkindo.
COMPANY%20PROFILE
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
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Manchester City 4
Otamendi (52) Sterling (59) Stones (67) Brahim Diaz (81)
Real Madrid 1
Oscar (90)
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
Mobile phone packages comparison
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
A list of the animal rescue organisations in the UAE
Hidden killer
Sepsis arises when the body tries to fight an infection but damages its own tissue and organs in the process.
The World Health Organisation estimates it affects about 30 million people each year and that about six million die.
Of those about three million are newborns and 1.2 are young children.
Patients with septic shock must often have limbs amputated if clots in their limbs prevent blood flow, causing the limbs to die.
Campaigners say the condition is often diagnosed far too late by medical professionals and that many patients wait too long to seek treatment, confusing the symptoms with flu.
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent