Business
OPEC, allies agree to extend deep output cuts through July
OPEC members, led by Saudi Arabia, and other key oil producers agreed Saturday to extend historic output cuts through July, as oil prices tentatively recover and coronavirus lockdowns ease.
The 13-member cartel and its allies, notably Russia, decided to extend by a month deep May and June cuts agreed in April to boost prices, the Organization of the Petroleum Exporting Countries said in a statement.
Prices had plummeted owing to falling demand as countries around the world imposed strict lockdowns to stop the spread of the new coronavirus.
“All participating countries… agreed the option of extending the first phase of the production adjustments pertaining in May and June by one further month,” the OPEC statement said.
Under the terms of the April agreement, OPEC and the so-called OPEC+ pledged to cut output by 9.7 million barrels per day (bpd) from May 1 until the end of June.
The cuts were then to be gradually eased from July, to 7.7 million bpd until December.
Algerian Oil Minister Mohamed Arkab, who currently holds OPEC’s rotating presidency, told AFP that the agreed cut for July was 9.6 mbpd, just slightly below the 9.7 mbpd for May and June.
Oil ministers from key producers will meet monthly to assess the agreement, he added.
‘Important agreement’
US Energy Secretary Dan Brouillette welcomed the extension of cuts.
“I applaud OPEC-plus for reaching an important agreement today which comes at a pivotal time as oil demand continues to recover and economies reopen around the world,” he said in a tweet.
Analysts had expected the May-June cuts to be extended by at least another month, if not longer.
Although more countries around the world are gradually moving out of lockdown, crude consumption has not returned to pre-confinement levels, which were already comparatively low.
“Today’s deal is a positive development and, unless a second COVID-19 wave hits the world, it will be the backbone of a quick recovery for the energy industry,” Bjornar Tonhaugen of Rystad Energy said, referring to a feared fresh wave of new coronavirus infections.
“The 9.7 million bpd production cuts were already working, extending them an extra month will tighten (the) market more quickly,” Ann-Louise Hittle of Wood Mackenzie said.
Respecting quotas
A bone of contention ahead of the meeting had been the willingness of each country to abide by the agreed production quotas.
According to data intelligence company Kpler, OPEC+ reduced output by around 8.6 mbpd in May, less than planned, with Iraq and Nigeria seen as the most resistant.
OPEC said all meeting participants agreed Saturday that countries that failed to comply fully so far were willing to make up for it in July, August and September.
Despite the difficulties, the output cuts have helped support oil prices, which rose to around $40 per barrel at the start of June for both the US benchmark, West Texas Intermediate (WTI), and Europe’s Brent North Sea contracts.
Both had slumped to historic lows in April, with Brent falling as low as $15 and WTI briefly entering negative territory.
The April deal was signed after days of wrangling between major players, whose revenues have been ravaged by the collapsing oil market this year.
The next meeting of OPEC and its allies has been scheduled for December 1 in Vienna, where the organisation is based.
Reporting and photos: AFP
Business
Visit Maldives presents cultural, food festival to celebrate 2025
Maldives Marketing and Public Relations Corporation (MMPRC/ Visit Maldives) has announced the ‘Maldives Culture and Food Festival’, a two-day extravaganza showcasing the Maldivian cuisine, local arts and craft, and entertainment.
The festival will take place at Central Park, Hulhumale’, on New Year’s Eve, December 31st, 2024, and continue into New Year’s Day, January 1st, 2025, offering a unique and immersive experience for locals and tourists alike.
This exciting initiative by MMPRC is a collaborative effort involving key partners such as the Ministry of Tourism (MOT), Housing Development Corporation (HDC), MyHulhumale’, Business Center Corporation (BCC), Male’ City Council, Waste Management Corporation Limited (WAMCO), the Maldives Police Service, Maldives National Defence Force (MNDF), Public Service Media (PSM), Maldives Airports Company Limited (MACL), Dhiraagu, Ooredoo, Manta Air, Maldivian, Ace Travels, and Gulf Air. It promises a dynamic programme filled with performances, activities, and food stalls. Attendees will have the opportunity to savour authentic Maldivian dishes, explore traditional arts and crafts, and witness captivating cultural performances.
On December 31st, the festivities will begin at 20:00 with doors opening to the public. A spectacular drone show will be held, depicting a tourist’s journey through the beautiful Maldives. The evening will continue with captivating cultural performances including Boduberu performances, and “Dhafi Negun”. A New Year’s Eve countdown will also take place, culminating in a dazzling fireworks display to welcome 2025.
The celebrations will continue on January 1st 2025 from 16:00 to 22:00, with the festival reopening and featuring food and arts and crafts stalls. A range of family-friendly activities will be available, including a police and fire truck showcase, a climbing wall, a bounce house, and a Transformers display. Additionally, the festival will feature energetic Boduberu performances and an exciting Roboman showcase.
“MMPRC is proud to present the first Maldives Culture and Food Festival,” said Ibrahim Shiuree, CEO and MD of MMPRC. “This event is a key initiative to celebrate the achievements of the Maldives in 2024 and to promote the diverse cultural heritage of the Maldives while providing a memorable experience for locals and visitors. We invite everyone to join us in celebrating the Maldivian spirit as we bid farewell to 2024 and welcome the new year.”
Business
Barcelo Nasandhura Malé to open in Q1 2025
Barcelo Nasandhura Malé, the Maldives’ newest luxury destination, is set to open its doors in Q1 2025.
Located on the site of the former Nasandhura Palace Hotel, the property will become the largest hotel in the capital, Malé. With 136 elegantly designed rooms, including 95 with stunning ocean views, and 116 luxurious serviced apartments, Barcelo Nasandhura Malé promises a unique blend of sophistication, comfort, and convenience in the heart of this vibrant city.
Operated by the renowned Spanish hotel chain Barcelo Group, the hotel represents a significant expansion of the brand’s presence in the Maldives and beyond. Barcelo Group, known for its exceptional resorts, recently opened Barcelo Whale Lagoon Maldives in South Ari Atoll in August 2024, further solidifying its growing portfolio in the region. In addition to its Maldivian properties, Barcelo Group manages a range of high-profile hotels across the UAE, Thailand, and several European countries.
Barcelo Nasandhura Malé will feature an array of premium facilities, including four upscale dining outlets, a rooftop shisha bar, an oceanfront pool, a state-of-the-art gym, and a luxurious spa. The hotel will also boast 1,034 square meters of versatile MICE (Meetings, Incentives, Conferences, and Exhibitions) space, making it an ideal venue for corporate events and gatherings.
While some serviced apartments were initially intended for residential use, they will now be available for daily rental, offering guests enhanced flexibility and a wider range of accommodation options. Originally scheduled to open on December 1, 2024, the opening has been slightly delayed due to minor construction work. However, the team remains committed to ensuring Barcelo Nasandhura Malé is ready to welcome its first guests in Q1 2025.
Barcelo Hotel Group, awarded World’s Leading Hotel Management Company 2023 by the World Travel Awards, is the second-largest hotel chain in Spain and ranks among the 30 largest globally in terms of the number of rooms. Founded in 1931, this family-run organisation operates 280 four- and five-star city and holiday hotels, offering more than 62,000 rooms across 25 countries. The group markets its hotels under four distinct brands, each focused on providing diverse and memorable travel experiences.
Renowned for its commitment to excellence and sustainability, Barcelo Hotel Group delivers exceptional stays, seamlessly blending luxury, comfort, and environmental responsibility.
Action
Denise Hoefer brings world-class Padel to The Nautilus Maldives
As part of its ‘Masters for Masters’ series, The Nautilus Maldives will host Denise Hoefer, Germany’s No. 1 padel player and one of the world’s top 50 most influential figures in the padel industry, for an exclusive Padel Masterclass from March 22 to 25, 2025. This exceptional event invites guests to enhance their padel skills under the expert guidance of a global champion, all set against the stunning backdrop of the Maldives’ Indian Ocean.
Padel, recognised as the world’s fastest-growing sport, has captured the hearts of 30 million enthusiasts globally, according to the International Padel Federation. This March, The Nautilus will provide a unique opportunity for guests to immerse themselves in this thrilling game during a four-day Padel Masterclass led by Denise Hoefer, Germany’s top-ranked female padel player and captain of the German national team. Participants will refine their techniques on The Nautilus’s state-of-the-art padel court, while experiencing the island’s signature blend of world-class coaching and timeless, unscripted hospitality.
The Padel Masterclass will feature a tailored mix of group and private sessions, catering to players of all levels. Younger participants will have the chance to join the Young Wonderers program, offering specially designed classes that introduce the sport in a fun and engaging way. After an energising day on the court, guests can unwind at Solasta Spa, where exclusive treatments by Maison Caulières—such as Spinal Connection Deep Tissue Healing, Volcanic Stone Therapy, and Warm Poultices—promise ultimate relaxation and rejuvenation. These tranquil spa experiences provide a perfect complement to the day’s dynamic activities, leaving participants refreshed and revitalised.
With just 26 ultra-luxury houses and residences, The Nautilus offers an intimate sanctuary within the Baa Atoll, a UNESCO Biosphere Reserve. Surrounded by powder-soft white sands, vibrant coral reefs, and crystal-clear waters, this private island retreat redefines bespoke hospitality. Every element is meticulously crafted to inspire, offering guests an unparalleled ultra-luxury experience focused on relaxation, renewal, and discovery. Whether honing padel skills or embracing the serenity of island life, The Nautilus stands as the ultimate destination for discerning travellers.
-
Family1 week ago
Finolhu Baa Atoll launches art lab and teen haven in collaboration with Muza Lab
-
Awards1 week ago
Maldives ranks among world’s best destinations in Tripadvisor Travelers’ Choice Awards
-
Food1 week ago
The Ritz-Carlton Maldives brings epicurean love affair for Valentine’s Day with Chef David Yárnoz
-
Cooking1 week ago
Chef Joanna Artieda brings dessert masterpieces to Coco Bodu Hithi
-
Cooking7 days ago
Around the world with Michelin Stars: Anantara Veli unveils 2025 guest chef lineup
-
Featured1 week ago
Moo Ge: Oaga Art Resort’s new creative hub redefines artistic experiences
-
Featured7 days ago
Henry’s Pizza goes global: Verdy’s vision debuts at Patina Maldives
-
Awards7 days ago
Kuda Villingili Resort Maldives honoured with 2024 Travel + Leisure China Travel Awards and Travelling Scope Star Awards