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OPEC Seals Deal OPEC Deal with Non-OPEC Gives No Specific Targets

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OPEC Seals Deal OPEC Deal with Non-OPEC Gives No Specific Targets SHAWWAL 10, 1439 AH SUNDAY, JUNE 24, 2018 Max 44º 28 Pages Min 32º 150 Fils Established 1961 ISSUE NO: 17564 The First Daily in the Arabian Gulf www.kuwaittimes.net Merkel visits Sheikh Jaber Erdogan, Ince trade blows Anti-trafficking campaigners Mexico beat South Korea 3 Al-Ahmad School in Beirut 6 on the eve of crunch polls 9 abducted and raped in India 28 2-1, edge towards last 16 Saudi pledges ‘measurable’ oil supply boost; OPEC seals deal OPEC deal with non-OPEC gives no specific targets VIENNA: OPEC agreed with Russia and other oil- Alexander Novak said his country would add 200,000 producing allies yesterday to raise output from July, bpd in the second half of this year. Asked to what Belgium crush Tunisia 5-2 with Saudi Arabia pledging a “measurable” supply extent the decision to increase supply had been driven boost but giving no specific numbers. The Organization by pressure from Trump, Novak said: “It is obvious that of the Petroleum Exporting Countries had announced we are not being driven by tweets but base our actions an OPEC-only production agreement on Friday, also on deep market analysis.” without clear output targets. Benchmark Brent oil rose Iran, OPEC’s third-largest producer, had demanded by $2.5 or 3.4 percent on the day to $75.55 a barrel. OPEC reject calls from Trump for an increase in oil Yesterday, non-OPEC oil producers agreed to par- supply, arguing that he had contributed to a recent rise ticipate in the pact but a communique issued after their in prices by imposing sanctions on Iran and fellow talks with the Vienna-based group provided no con- member Venezuela. Trump slapped fresh sanctions on crete numbers amid deep disagreements between Tehran in May and market watchers expect Iran’s out- OPEC arch-rivals Saudi Arabia and Iran. US President put to drop by a third by the end of 2018. That means Donald Trump was among those wondering how much the country has little to gain from a deal to raise output, more oil OPEC would deliver. “Hope OPEC will unlike Saudi Arabia. increase output substantially. Need to keep prices Iranian Oil Minister Bijan Zanganeh said the real down!” Trump wrote on Twitter after OPEC announced increase could amount to as little as 500,000 bpd its Friday decision. because Saudi Arabia would not be allowed to pump The United States, China and India had urged oil more on behalf of Venezuela, where output has col- producers to release more supply to prevent an oil lapsed in recent months. “Each country which has pro- deficit that could undermine global economic growth. duced less (than its allocation) can produce more. OPEC and non-OPEC said in their statement that they Those which cannot, will not... This means that Saudi would raise supply by returning to 100 percent compli- Arabia can increase its production by less than ance with previously agreed output cuts, after months 100,000 bpd,” Zanganeh told Argus Media. But Falih of underproduction. Saudi Energy Minister Khalid Al- said pro-rata quota reallocations did not have to be Falih said OPEC and non-OPEC combined would pump strict, meaning Saudi wanted to fill the gaps left by oth- roughly an extra 1 million barrels per day (bpd) in com- ers. “Some of the countries ... are not going to be able ing months, equal to 1 percent of global supply. to produce, so the others will. And that implies there Top global exporter Saudi Arabia will increase out- will be indirectly a reallocation,” Falih said. put by hundreds of thousands of barrels, he said, with He also said OPEC could hold an extraordinary MOSCOW: Belgium’s forward Eden Hazard (left) vies for the ball with Tunisia’s forward Fakhreddine Ben exact figures to be decided later. “We already mobi- meeting before its next formal talks due on Dec 3 or Youssef during the Russia 2018 World Cup Group G football match between Belgium and Tunisia at the Spartak lized the Aramco machinery, before coming to Vienna, adjust deliveries in September, when its monitoring pre-empting this meeting,” Falih said, referring to the committee meets, if global oil supply fell further Stadium yesterday. — AFP (See Page 28) Saudi state oil company. Russian Energy Minister Continued on Page 24 “Brexit is awful not only because we News in brief Thousands want to keep things like it is, but because it is important to be within, in order to Senior Iran officer killed make changes.” The march, under a blue call for 2nd sky, set off from Pall Mall, before passing TEHRAN: Iran’s Revolutionary Guards said yester- May’s Downing Street office-to the day that one of its senior officers had been killed in Brexit vote sound of boos-and ended in Syria while advising pro-government forces in an Westminster, where anti-Brexit MPs eastern town near the Iraqi border. “Brigadier LONDON: Tens of thousands of people including Liberal Democrat leader Vince General Shahrokh Daipour ... was martyred in the demonstrated in London yesterday calling Cable and Tory rebel Anna Soubry town of Albu Kamal in Syria during a mission to for a second vote on Britain’s departure spoke. Demonstrators held placards advise Syrian pro-government forces,” according to from the European Union. The anti-Brexit reading “I am a European citizen”, the Guards’ Sepah News. The brief report did not campaigners marched on parliament to “ILoveu” and “we demand a vote on final give the circumstances of the officer’s death. He was mark the second anniversary of the Brexit Brexit deal.” Emily Hill, 55, told AFP she described as a former unit commander who was referendum, demanding a “people’s vote” was “very much in favor of letting the wounded during the 1980-1988 Iran-Iraq war on whether to approve the final deal Prime people” confirm they really want Brexit. before holding various positions involved with Minister Theresa May strikes with the EU, “I think lot of the voting was a protest artillery. Iran, along with Russia, is a key supporter if an agreement is struck at all. “I was in vote, some people genuinely are not of Syrian President Bashar Al-Assad. — AFP deep tears when the referendum hap- supportive of the EU, but I don’t believe pened, it looked like the future was pretty it is the majority opinion in this country,” LONDON: Demonstrators carry banners and flags as they participate in the bad,” said Chiara Liduori, a 40-year-old People’s March demanding a People’s Vote on the final Brexit deal, in central Italian living in London. London yesterday. — AFP UAE backs rebel pullout Continued on Page 24 ABU DHABI: The United Arab Emirates, whose troops have played a major role in a Yemeni gov- ernment offensive against the port city of Hodeida, Saudi women said yesterday that it was ready to support diplo- Ethiopian leader matic efforts to secure a rebel withdrawal. But it hit the road as said the pullout must be unconditional and from escapes grenade the whole city not just its vital docks, the entry point for three-quarters of Yemen’s imports. “The driving ban ends coalition will achieve its goal, which is to free the attack at a rally city, including the port,” UAE minister of state for RIYADH: Women will hit the roads in Saudi Arabia ADDIS ABABA: Ethiopia’s new Prime Minister Abiy foreign affairs, Anwar Gargash, tweeted, referring today with the lifting of the world’s last ban on female Ahmed escaped a grenade attack yesterday at a rally to a Saudi-led coalition which intervened in sup- drivers, long seen as an emblem of women’s repression in the capital that killed one person and left scores port of the Yemeni government in 2015. “In the in the conservative kingdom. The move, ordered last wounded, officials and witnesses said. The attack was meantime, it will support all efforts to secure a September by King Salman, is part of sweeping reforms launched by an unidentified assailant moments after peaceful and unconditional withdrawal by the pushed by his powerful young son Crown Prince JEDDAH: Daniah Al-Ghalbi, a newly-licensed Saudi 41-year-old prime minister, a former soldier who took rebels,” he added. — AFP Mohammed bin Salman, who aims to transform the woman driver, sits in her car during a test-drive in the office in April, finished his speech to tens of thousands economy of the world’s top oil exporter and open up its Red Sea resort of Jeddah yesterday, a day before the of people gathered in the centre of Addis Ababa. cloistered society. lifting of a ban on women driving in the conservative A witness saw Abiy whisked away by guards. 45 IS jihadists killed “We are ready, and it will totally change our life,” Arab kingdom. — AFP Another witness said the assailant with the grenade said Samira Al-Ghamdi, a 47-year-old psychologist had been wrestled to the ground by police before it Iraq said yesterday it had killed 45 BAGHDAD: from Jeddah, one of the first Saudi women to be issued tomed to using a private driver say they are reluctant to exploded. Health Minister Amir Aman said one per- jihadists from the Islamic State group, including with a driving license. The lifting of the ban, which for take on the Muslim kingdom’s busy highways. son was killed and 154 were wounded, with 10 of senior members, in an air strike in eastern Syria, the years drew international condemnation and compar- “I definitely won’t like to drive,” said Fayza Al- them in critical condition.
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