The UAE is in full compliance with a global oil output cut and expects further improvements in the oil market this year and in 2018 as Opec mulls extending its deal beyond March next year, the energy minister said on Monday.
The UAE is adhering to the oil deal, announcing export cuts every month, said Suhail Al Mazrouei in Abu Dhabi.
“The past two months, we’ve cut up to 10 per cent of our exports. I don’t think anyone else is that transparent and the UAE will remain committed to what we say,” the minister said.
Opec and a group of producers led by Russia agreed this year to extend a six month agreement to collectively cut production by 1.8 million barrels of oil per day (bpd) into the end of the first quarter of next year to help prop up oil prices. Opec members Libya and Nigeria were excluded from the deal due to conflicts and events that have disrupted their production.
The average price of Brent crude, the international benchmark, for the year has increased around 15 per cent to US$52.3 a barrel compared to last year’s average as world demand picks up and the oil output deal helps curtail the oil glut.
“We’re expecting the second half (of the year) to see improvements (in the oil price), and we’re witnessing those improvements as we speak,” said the minister.
By next year crude inventories should decline to below their five-year average, he said, Bloomberg reported.
Opec will meet in Vienna at the end of November to discuss the possibility of extending production cuts beyond March next year as well as inviting other non-Opec members.
“Once we meet, we’ll hopefully decide what we need to do post-first quarter [of next year],” Mr Al Mazrouei said.
Compliance from member countries has been seen as murky with a lack of transparency.
Iraq maintained that despite its extenuating circumstances, such as fighting the ISIL, that it is not only in full compliance, but has exceeded its share of 210,000 bpd oil output cut. "Eighty-seven per cent of our exports are being monitored. As the oil ministry, we have clear instructions from the prime minister that we should follow Opec," Mr Jabar AlLuaibi said last week in Fujairah.
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Read more:
[ KRG independence referendum won't impact Iraqi oil production, says minister ]
[ Oil demand rising as output cuts reduce supply glut, says IEA ]
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Opec is aiming to get prices back to $60 a barrel. However, the United States and Canada are sitting in a position to increase output in the wake of declining production costs.
The Institute of International Finance (IIF), a Washington DC-based association of the financial industry, said that futures market suggest an average price of $55 per barrel next year. “These forecasts reflect expectations of continued production increase in US shale oil and from Canadian tar sand, following productivity gains, and further recovery in production in Libya and Nigeria,” IIF said.
Opec's production is expected to increase by an average of 700,000 bpd compared to last year, while non-Opec members led by the US, Canada and Brazil look to bring an additional 800,000 bpd of production to a market that is already over-supplied.
“We expect non-Opec main oil producers to continue to play important roles in keeping the market well supplied, leaving Opec production in the range of 33 to 34 million bpd and prices only gradually rising, but remaining below $60 a barrel by 2020," said the IIF.
MATCH INFO
Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')
Fulham 0
Red cards: Tim Ream (Fulham)
Man of the Match: Gabriel Jesus (Manchester City)
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
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)
The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
Tomb Raider I–III Remastered
Developer: Aspyr
Publisher: Aspyr
Console: Nintendo Switch, PlayStation 4&5, PC and Xbox series X/S
Rating: 3/5
Islamic Architecture: A World History
Author: Eric Broug
Publisher: Thames & Hudson
Pages: 336
Available: September
WWE Evolution results
- Trish Stratus and Lita beat Alicia Fox and Mickie James in a tag match
- Nia Jax won a battle royal, eliminating Ember Moon last to win
- Toni Storm beat Io Shirai to win the Mae Young Classic
- Natalya, Sasha Banks and Bayley beat The Riott Squad in a six-woman tag match
- Shayna Baszler won the NXT Women’s title by defeating Kairi Sane
- Becky Lynch retained the SmackDown Women’s Championship against Charlotte Flair in a Last Woman Standing match
- Ronda Rousey retained the Raw Women’s title by beating Nikki Bella
The specs
Engine: 6-cylinder, 4.8-litre
Transmission: 5-speed automatic and manual
Power: 280 brake horsepower
Torque: 451Nm
Price: from Dh153,00
On sale: now
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.
Fixtures
Opening day Premier League fixtures for August 9-11
August 9
Liverpool v Norwich 11pm
August 10
West Ham v Man City 3.30pm
Bournemouth v Sheffield Utd 6pm
Burnley v Southampton 6pm
C Palace v Everton 6pm
Leicester v Wolves 6pm
Watford v Brighton 6pm
Tottenham v Aston Villa 8.30pm
August 11
Newcastle v Arsenal 5pm
Man United v Chelsea 7.30pm
Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
Frida
Director: Carla Gutierrez
Starring: Frida Kahlo
Rating: 4/5
The five pillars of Islam
Getting there and where to stay
Fly with Etihad Airways from Abu Dhabi to New York’s JFK. There's 11 flights a week and economy fares start at around Dh5,000.
Stay at The Mark Hotel on the city’s Upper East Side. Overnight stays start from $1395 per night.
Visit NYC Go, the official destination resource for New York City for all the latest events, activites and openings.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Fixtures
Wednesday, April 3
Arsenal v Luton Town, 10.30pm (UAE)
Manchester City v Aston Villa, 11.15pm (UAE)
Thursday, April 4
Liverpool v Sheffield United, 10.30pm (UAE)