Crude oil inventories will decline at a faster pace worldwide in the second half of the year as demand increases and Opec members comply better with a global agreement to cut output, Kuwait’s Opec governor Haitham Al Ghais said.
Opec and other major producers including Russia agreed in May to extend their supply-cuts deal through March 2018 because stockpiles had not fallen to their five-year historical average - the goal of the agreement. Yet for the past two weeks, US crude inventories have declined, exceeding analyst expectations.
“I see this trend continuing with more conformity from Opec and non-Opec producers, coupled with a further growth in demand,” said Mr Al Ghais, who was appointed Kuwait’s Opec governor last month. It would be “illogical” for Opec to change strategy now, he said in a phone interview in Istanbul. Kuwait leads the committee monitoring the output curbs.
Opec's compliance with the supply cutbacks fell in June to the lowest level since the deal started in January, the International Energy Agency (IEA) said on Thursday. Rising production from Opec is threatening a re-balancing of the market, with the group’s output last month at the highest level this year, the IEA said. Benchmark Brent crude prices have slumped this year amid concerns that increased supply from Libya, Nigeria and the United States is negating the impact of Opec's cuts.
Concerns that supplies will keep climbing in Libya and Nigeria, both exempt from the cuts deal, are “not justified” because their production is fluctuating within a range of 300,000 to 500,000 barrels a day (bpd) on average, Mr Al Ghais said. “We need to see if these increases will be sustained and stable,” he said.
Libya's production has risen to 1.05 million (bpd), a person with direct knowledge of the matter said on Wednesday. That is the highest level since June 2013, according to data compiled by Bloomberg. Nigeria is producing 1.7 million bpd, Minister of State for Petroleum Resources Emmanuel Kachikwu told reporters on Wednesday. The nation's output has climbed 17 per cent this year, data compiled by Bloomberg show.
Libya and Nigeria were invited to send representatives to the next meeting of the Opec and non-Opec Joint Technical Committee in Russia later this month to discuss their production, according to Mr Al Ghais, who chairs the committee. He is also head of research at Kuwait Petroleum Corp.
“Opec is interested in knowing more about the situation in its member countries and their attendance doesn’t mean that Opec is concerned by their recovery,” he said.
The committee reviews conditions in the market and sends findings to the Joint Ministerial Monitoring Committee led by Kuwait’s oil minister.
The supply-cuts deal is “working well,” and there is no need to take further action at this time, Mr Al Ghais said. Opec needs to “focus on its longer-term goal to lower oil stocks and balance the market,” he said.
Bloomberg
The specs
Engine: 6.2-litre V8
Transmission: seven-speed auto
Power: 420 bhp
Torque: 624Nm
Price: from Dh293,200
On sale: now
Company%20Profile
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Scoreline
Abu Dhabi Harlequins 17
Jebel Ali Dragons 20
Harlequins Tries: Kinivilliame, Stevenson; Cons: Stevenson 2; Pen: Stevenson
Dragons Tries: Naisau, Fourie; Cons: Love 2; Pens: Love 2
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Opening weekend Premier League fixtures
Weekend of August 10-13
Arsenal v Manchester City
Bournemouth v Cardiff City
Fulham v Crystal Palace
Huddersfield Town v Chelsea
Liverpool v West Ham United
Manchester United v Leicester City
Newcastle United v Tottenham Hotspur
Southampton v Burnley
Watford v Brighton & Hove Albion
Wolverhampton Wanderers v Everton
Rocketman
Director: Dexter Fletcher
Starring: Taron Egerton, Richard Madden, Jamie Bell
Rating: 3 out of 5 stars
The%20specs
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COMPANY%20PROFILE
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Killing of Qassem Suleimani
TOP%2010%20MOST%20POLLUTED%20CITIES
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Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
Company%20Profile
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COMPANY%20PROFILE%20
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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
The%20Boy%20and%20the%20Heron
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EHayao%20Miyazaki%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%C2%A0Soma%20Santoki%2C%20Masaki%20Suda%2C%20Ko%20Shibasaki%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E5%2F5%3C%2Fp%3E%0A
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.