OPEC can handle extra oil from Iran, Libya, Iraq

Updated 27 January 2014

OPEC can handle extra oil from Iran, Libya, Iraq

LONDON: OPEC will be able to handle the extra oil expected to come from Iran, Iraq and Libya, OPEC’s secretary general said, insisting the group would collectively head off any oversupply.
Saudi Arabia along with core Gulf producers the UAE and Kuwait have increased supplies to fill the gap left from outages in Libya and Iraq and Western sanctions on Iran.
A resolution of these issues could add at least 2 million barrels per day (bpd) to OPEC oil production, analysts say, potentially driving down oil prices unless the other countries cut back on production.
“When they come, we will accommodate them, and OPEC will be as before,” Abdullah Al-Badri said at a briefing with reporters at a London conference.
“We’ve faced a lot of difficulties in the past, and we were able to overcome them, and this we will overcome.”
The Organization of Petroleum Exporting Countries, which pumps more than a third of the world’s oil, has set a collective target for its 12 members to pump 30 million bpd but has not specified each country’s individual share. That could make it harder for the group to enforce cutbacks.
But Al-Badri, who has frequently indicated that a set of individual output limits exists within the 30 million bpd target, said members knew what their shares of overall production should be.
“When we agreed this 30 million bpd, everybody knows his share,” he said. “So when Libya, Iran will come back, everybody will know his share.”
UAE Oil Minister Suhail bin Mohammed Al-Mazroui, who was also attending the conference at London’s Chatham House, said the eventual full resumption of Iranian production and exports was not unduly worrying.
“That’s a discussion that’s going to happen under OPEC ... I’m not concerned, to tell you the truth. You need to look at the bigger picture,” he said.
“OPEC’s concern is to keep the market well supplied.”
Strikes and protests in Libya, violence and bad weather in Iraq as well as sanctions against Iran have helped reduce OPEC production over the past year.
A Reuters survey this month showed OPEC’s oil output fell in December to the lowest since May 2011 at around 29.53 million bpd, from 29.64 million bpd in November.
Al-Badri declined to predict the outcome of OPEC’s next meeting to be held in June, although he said prices were “comfortable” for producers and consumers at the current levels — around $107 a barrel for Brent crude.
The prospect of rising Iraqi production and whether Iraq would agree to an OPEC output cap has long been a issue for OPEC. Al-Badri did not expect Iraq to be a topic in 2014.
“I don’t think there will be a discussion of Iraqi production this year,” he said.


First Abu Dhabi Bank and Egypt Post launch services drive

Updated 30 September 2020

First Abu Dhabi Bank and Egypt Post launch services drive

  • The First Abu Dhabi Bank is the largest bank in the United Arab Emirates

CAIRO: First Abu Dhabi Bank in Egypt has signed a memorandum of understanding with Egypt Post to boost financial inclusion in society and improve customer services.

The strategy is in line with the country’s plan to improve and develop communication channels with citizens and improve access to basic services.

The agreement was signed by Mohamed Abbas Fayed, CEO of First Abu Dhabi Bank, and Sherif Farouk, Chairman of the National Postal Authority, Egypt Post.

A statement issued by First Abu Dhabi Bank said the memorandum of understanding will improve access to post offices, through which foreign remittances, salaries and pensions can be received and disbursed by Egyptians at home and abroad.

The partnership will also help the bank provide notification and collection services to customers, payments through its mobile smart wallet, services for collecting and paying customer dues, exchange and collection services for small and medium enterprises, credit services and contractual postal services.

The statement added that the agreement will build a culture of financial inclusion and awareness, while also reducing the cost of banking operations.

Farouk said that the memorandum will allow the authority to handle remittances of overseas Egyptians through its 4,000 Egypt Post branches across the country.

Fayed said the partnership is part of the bank’s strategy to boost access to customer services, whether individuals or companies.

He added that money transfers from outside Egypt are one of the most important sources of foreign currency for the country. Easing money transfers for Egyptians working abroad with First Abu Dhabi Bank via the National Postal Authority will increase the amount of remittance exchange outlets and transfers.

The First Abu Dhabi Bank is the largest bank in the United Arab Emirates and one of the biggest financial institutions in the world. Its network of branches are in 19 countries around the world, including Egypt.