Opec said on Wednesday that total output for the group fell by about 220,000 barrels per day (bpd) last month to 33 million bpd.
In its monthly report, the Vienna-based oil producers’ group said Saudi Arabia led the declines with a drop of about 150,000 bpd, while Nigeria’s output also fell by 113,000 bpd.
The group agreed at the end of November to cut output by a total of 1.2 million bpd starting this month, although Nigeria and Libya are exempted because their production had already suffered deep cuts because of internal conflict.
Saudi Arabia agreed to lead the group with a quota of just over 10 million bpd, which would be a cut of 486,000 bpd from its October level and more than 600,000 bpd from its record November level, according to “secondary sources”, which will be used as a reference by Opec.
Last week in Abu Dhabi, Saudi Arabia’s energy minister, Khalid Al Falih, said his country’s output had already been cut to below 10 million bpd, although there has been no independent confirmation.
The UAE and Kuwait have said they have already reduced output by at least 139,000 bpd and 131,000 bpd, respectively, although their output last month was up by 25,000 bpd at 3.2 million bpd (a record) and 2.8 million bpd, according to their own reports to Opec.
Oil traders are looking forward, however, to how Opec and the 11 countries outside Opec, which agreed to cut about 600,000 bpd, will try to maintain the credibility of their deal.
A monitoring committee for the deal will hold its first meeting next Monday in Vienna, jointly chaired by Kuwait and Russia, the leading producer in the non-Opec group, with Oman, Venezuela and Algeria, to agree terms of how to keep tabs on parties to the agreement to ensure they meet their commitments.
Oil prices have been volatile since the deal was agreed a month ago, with benchmark North Sea Brent crude futures trading up from the mid-US$40s per barrel in mid-November to a high above $58 earlier this month, before plunging back towards $53.
They were down $1.12 at $54.43 in late trading on Wednesday.
amcauley@thenational.ae
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
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