DOHA // OPEC needs total compliance to existing supply curbs before talking about a further reduction, Qatar's oil minister said. Ministers are due to hold a policy meeting on Sunday and some members have already called for deeper reductions to revive prices.
"We cannot discuss another cut until we see the compliance at 100 per cent," said Abdullah al Attiyah, the Qatari oil minister, at an industry conference in Doha. "The first step is to make sure we see full compliance." The comments echo signals from OPEC's most influential member, Saudi Arabia, that stricter compliance was needed and no new quota reductions were on the agenda yet. The Saudi-owned newspaper al-Hayat quoted a senior source as saying: "Saudi has informed the presidency of the organisation, which is Angola, that there must be... serious compliance with the latest reduction decision taken in December, which has prevented oil prices from falling further."
Saudi Arabia has already cut its output to below its quota to try to stem a slide in oil prices that has already knocked 70 per cent off the price of a barrel in eight months. Crude oil for April delivery rose US$1.19, or 2.5 per cent, to $48.26 a barrel in early trade on the New York Mercantile Exchange yesterday. Prices are up 8.2 per cent so far this year. Saudi Arabia's King Abdullah said last year that $75 a barrel was a "fair" price for oil.
Oil markets remain weak because of the worsening global economy and OPEC is concerned about the implications for future investment, said Jose Maria Botelho de Vasconcelos, the OPEC president. "The deep impact of the economic turmoil on the world oil market is evident with its continuing contraction, and it pressures the market with high oil stocks despite OPEC measures," he said. Even without a new round of cuts, OPEC has room to reduce output by another 800,000 barrels per day (bpd) to fully comply with its December pledge to remove 4.2 million bpd from world markets, said Abdullah el Badri, the OPEC secretary general.
The group had met 80 to 85 per cent of its pledged cut so far, but Mr el Badri warned that the economic crisis threatened to outpace those efforts and reduce prices further as world demand decreased. OPEC's latest forecasts say the world will use a million fewer barrels of oil a day this year as the economy slows. "We expect to see continuing downward pressure on prices," Mr el Badri said. "This highlights the importance of OPEC action."
The new demand forecast represents a downwards revision of more than 400,000 bpd, compared with last month. OPEC members are publicly divided over what course the group should take at Sunday's meeting. Iraq and Venezuela have indicated support for a new cut, while Gholamhossein Nozari, the Iranian oil minister, said last week no new cuts were likely. Iran has said exporters outside OPEC should be required to join any further efforts to stabilise world markets.
Qatar's emir, Sheikh Hamad bin Khalifa, told the Doha conference that prices must rise from current levels for producers to be able to afford investments in production capacity. Mohammed al Hamli, the UAE Minister for Energy, said last month prices must double from current levels of between $40 and $50 a barrel to support energy investments.
* with agencies and additional reporting by Chris Stanton and Tamsin Carlisle
The%20specs
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Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
COMPANY%20PROFILE
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Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
SPECS%3A%20Polestar%203
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The Transfiguration
Director: Michael O’Shea
Starring: Eric Ruffin, Chloe Levine
Three stars
Company%20profile
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The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
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)
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
Engine: 3.5-litre V6
Transmission: eight-speed automatic
Power: 290hp
Torque: 340Nm
Price: Dh155,800
On sale: now
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Specs%3A%202024%20McLaren%20Artura%20Spider
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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
Chris%20Jordan%20on%20Sanchit
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RESULTS
5pm: Wathba Stallions Cup Maiden (PA) Dh 70,000 (Dirt) 1,600m
Winner: Samau Xmnsor, Abdul Aziz Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Maiden (PA) Dh 70,000 (D) 1,600m
Winner: Ottoman, Szczepan Mazur, Abdallah Al Hammadi
6pm: Maiden (PA) Dh 70,000 (D) 1,800m
Winner: Sharkh, Patrick Cosgrave, Helal Al Alawi
6.30pm: Handicap (PA) Dh 85,000 (D) 1,800m
Winner: Yaraa, Fernando Jara, Majed Al Jahouri
7pm: Handicap (PA) Dh 70,000 (D) 2,000m
Winner: Maaly Al Reef, Bernardo Pinheiro, Abdallah Al Hammadi
7.30pm: Maiden (PA) Dh 70,000 (D) 1,000m
Winner: Jinjal, Fabrice Veron, Ahmed Al Shemaili
8pm: Handicap (PA) Dh 70,000 (D) 1,000m
Winner: Al Sail, Tadhg O’Shea, Ernst Oertel
Freezer tips
- Always make sure food is completely cool before freezing.
- If you’re cooking in large batches, divide into either family-sized or individual portions to freeze.
- Ensure the food is well wrapped in foil or cling film. Even better, store in fully sealable, labelled containers or zip-lock freezer bags.
- The easiest and safest way to defrost items such as the stews and sauces mentioned is to do so in the fridge for several hours or overnight.
THE SPECS – Honda CR-V Touring AWD
Engine: 2.4-litre 4-cylinder
Power: 184hp at 6,400rpm
Torque: 244Nm at 3,900rpm
Transmission: Continuously Variable Transmission (CVT)
0-100kmh in 9.4 seconds
Top speed: 202kmh
Fuel consumption: 6.8L/100km
Price: From Dh122,900
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY%20PROFILE
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