Opec member states should cut crude output to boost prices to a range of $70 to $80 a barrel, Iran’s oil minister Bijan Namdar Zanganeh said, even as his country prepares to ramp up production in the aftermath of economic sanctions.
“No one is happy” with prices at current levels, Mr Zanganeh told reporters in Tehran. “Opec should decide to manage the market by reducing the level of production.” Mr Zanganeh said he doesn’t expect the producer group to decide to scale back output when its ministers meet next in December.
Opec has exceeded its official production target for 16 consecutive months as the group seeks to defend sales amid a global supply glut. Brent crude, a global benchmark, has slumped 42 per cent in the past 12 months and was at $49.73 a barrel in London at 10.34am local time. Opec, supplier of about 40 per cent of the world’s oil, plans to assess output when ministers from its 12 members meet on December 4 in Vienna.
Iran is pushing to regain the global oil sales it lost after the US and other world powers imposed sanctions over its nuclear programme. The country agreed in July to accept limits on its nuclear work in return for access to oil and financial markets.
It is seeking $100 billion in investment by March 2021 to increase output of oil and natural gas, Mr Zanganeh said. Iran has the world’s fourth-largest reserves of oil and second-largest deposits of gas, according to the US Energy Information Administration.
“We won’t seek permission from anyone for our production,” Mr Zanganeh said. “We will bring our production back to the market, and the market will absorb it. All of those Opec members whom I speak with welcome this.”
Iran can boost oil exports by 500,000 barrels a day within a week after the removal of sanctions, Roknoddin Javadi, managing director of state-run National Iranian Oil Co, told reporters in Tehran. The nation can raise exports by 1 million barrels a day within six months once the curbs are lifted, he said.
Iran targets crude production of 4.7 million barrels a day by March 2021 and plans to produce 1 million barrels a day of crude condensates by the same date, Mr Javadi said. It pumped 2.8 million barrels a day of oil in September, according to data compiled by Bloomberg.
The nation expects to complete its first terminal for exporting liquefied natural gas, known as LNG, within three years of the lifting of sanctions, Mr Javadi said. Gas producers can supply LNG by ship to customers beyond the reach of pipelines.
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DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
Company%20Profile
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20Profile
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COMPANY%20PROFILE
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company profile
Company name: Nestrom
Started: 2017
Co-founders: Yousef Wadi, Kanaan Manasrah and Shadi Shalabi
Based: Jordan
Sector: Technology
Initial investment: Close to $100,000
Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Company%20Profile
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INDIA'S%20TOP%20INFLUENCERS
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COMPANY%20PROFILE%20
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The biog
Name: Capt Shadia Khasif
Position: Head of the Criminal Registration Department at Hatta police
Family: Five sons and three daughters
The first female investigator in Hatta.
Role Model: Father
She believes that there is a solution to every problem
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
RoboCop%3A%20Rogue%20City
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Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
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