The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
asia10 hours ago
While all Opec producers bar Saudi Arabia are pumping flat out, a situation unlikely to change until runaway oil prices are brought under control, an official group free-for-all has yet to gain currency within the 11-member exporters’ group that meets on September 15.
“Unofficially the quotas effectively have been suspended, and most likely they will continue to be suspended until prices come down,” said an Opec delegate. “So why create a dispute by turning this into a formal agreement?” A call by Western-friendly Opec powers for the group to abandon output restraints during the US-led war on Iraq last year was rejected by Iran, who said the proposal implied support for a US attack on Iraq.
The political implications of a formal quota suspension could once again dissuade some in the Opec from explicit endorsement.
“There has been no such talk at all about suspending the ceiling,” said Iran’s Opec governor Hossein Kazempour Ardebili.
The idea has, however, made the rounds with oil dealers who might see a free-for-all as a tempting opportunity to sell crude.
With oil prices close to $50 a barrel, there is every incentive for Opec to produce as much as it can.
The group is churning out some 30 million bpd, putting its 10 members bound by quotas two million bpd above a formal ceiling of 26 million and leaving all but Saudi Arabia stretched to the limit. Western oil executives see Riyadh cranking up towards 10 million next month.
The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
asia10 hours ago
Dubai Police have asked drivers to be extra cautious
transport10 hours ago
The former all-rounder has returned to cricket during the past year after a horrific car crash at the end of 2022
cricket10 hours ago
Dubai Police have asked drivers to be extra cautious
emergencies11 hours ago
The country has set a new Guinness World Record by creating the largest falcon hood, beating the previous record of 1.65 metres
uae11 hours ago
Hamas' health ministry said that 94,616 people have been wounded since the conflict began on October 7
mena12 hours ago
In most Islamic countries, including the Gulf countries, the Prophet's birthday is observed on 12 Rabi’ Al-Awwal 1444
uae holidays13 hours ago
Traffic will be diverted to the opposite side during this period
transport13 hours ago