OPEC says quick Saudi response was key to curbing volatility

OPEC Secretary General Mohammed Barkindo said an extraordinary meeting of OPEC members and fellow oil exporters was not on the cards. (Reuters)
Updated 26 September 2019

OPEC says quick Saudi response was key to curbing volatility

  • Oil markets remain focused on outcome of US-China talks

NUR-SULTAN: Saudi Arabia’s quick moves to restore output have been crucial in curbing oil price volatility after the global market had been shaken up following the attacks on some of its facilities, OPEC Secretary General Mohammed Barkindo said on Thursday.

Barkindo told an energy conference in Kazakhstan that an extraordinary meeting of OPEC members and fellow oil exporters was not on the cards as Saudi Arabia has restored the bulk of its supply and the incident was “behind us.”

The group remains focused on maintaining oil price stability and “will do whatever it takes to insulate oil from politics,” he said.

Barkindo also said OPEC expected robust long-term growth in oil demand, especially from developing nations.

Speaking about shorter-term risks, he said the oil market was focusing on the outcome of the trade talks between the US and China.

Overall, while global economic growth figures indicated deceleration, they were not “worrisome” and indicated no signs of recession, Barkindo said. 

Separately, recent attacks on Saudi Arabia’s oil facilities are unlikely to have a major immediate impact on the supply of liquefied natural gas, a senior official at the International Energy Agency (IEA) said at a press briefing on Thursday.

But if the security situation worsens in the Middle East, in particular in the Strait of Hormuz, then it may hit LNG supply from Qatar and the UAE, said Keisuke Sadamori, director of IEA’S Energy Markets and Security division.

The share of Qatar and UAE in global trade is about one quarter, he said.

“We hope that the Middle East situation will maintain stability so that there will be no disruptions,” he added.

Recent attacks on oil and fuel tankers in the waters near the strait and Iran’s threats to close the strait has caused concerns about energy supply.


Expo 2020 Dubai: UAE begins one-year countdown with entertainment galore

Updated 20 October 2019

Expo 2020 Dubai: UAE begins one-year countdown with entertainment galore

  • Dubai prepares for eye-catching countdown on Burj Khalifa
  • Live performances from singer Mariah Carey and acclaimed Emirati singer and Expo 2020 ambassador Hussain Al-Jassmi

DUBAI: The seven emirates of the UAE is counting down to the Expo 2020 on Sunday with a number of simultaneous entertainment events across the country’s iconic landmarks, before it buckles down to business on Oct. 20 next year.

The event started with performances from Arab artists Khalifa, Shamma Hamdan, Abri and Funk Radius, Showcase and Jaysus Zain at the main stage. 

The main show will be at the Burj Park with global superstar Mariah Carey, joined by Emirati singer Hussain Al-Jassmi, who is also an official Expo 2020 ambassador. Bollywood actress Shraddah Kapoor will also be there, as the Burj Khalifa lights up for the count down.

The other six emirates are also marking the occasion with free-for-all activities in venues such as the Louvre Abu Dhabi, Al Majaz Waterfront in Sharjah, Ajman Museum, Umm Al Quwain Corniche, Al Qawasim Corniche in Ras Al Khaimah and Fujairah Fort.

The events, Minister of State for International Cooperation and Expo 2020 Director-General Reem Al-Hashimy said, will “offer a window into the once-in-a-lifetime celebration that awaits from October 20, 2020.”

“The next 12 months will see us put the finishing touches to ensure an exceptional World Expo,” she added, in a report by state-run WAM.

The Louvre Abu Dhabi will feature YouTube sensation Sandra Sahi, as well as singers Stephon Lemar, Layla Kardan, the Emirati Trio.

Indian band ROOH, singer and pianist Clarita de Quiroz, Egyptian oud player Rami Zaki and other regional artists are celebrating the count down at Sharjah’s Al Marjaz waterfront.

While the Ajman Museum will host Arabic fusion band, pop-rock musician Hydyy, Emirati soul singer Chakram, poet Storm Fernandes, artist Humaira Hussain and MC Mohammed Enaba.