Connect with us

Business

OPEC, allies agree to extend deep output cuts through July

Published

on

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

Events

Maldives Association of Tourism Industry (MATI) holds its 34th Annual General Meeting

Published

on

The Maldives Association of Tourism Industry (MATI) held its 34th Annual General Meeting at Kurumba Maldives today, with a total of 100 members in attendance. 

The day’s events began with a welcome address from the Chairman of MATI, Mr. Mohamed Umar, who also presided over the session. The agenda included an address from the Secretary General, Mr. Ahmed Nazeer, the review and approval of the minutes of the 33rd AGM, the review and adoption of the Annual Report and Financial Reports for 2023, the approval of the 2024 budget, the appointment of auditors for 2024, the welcoming of new members and election of executive board members to the two vacant positions (by-election).

In the member discussion session, the following topics were covered: the Government’s aim to reach net-zero emissions by 2023 and renewable energy generation in the Tourism Industry, new terminal of Velana International Airport and developments, employment challenges, the Industrial Relations Act and trade unions, environmental conservation and the significance of creating and executing efficient management plans for protected areas like the South Ari Marine Protected Area (SAMPA).

Following the official proceedings, the Minister of Tourism Hon. Ibrahim Faisal and the Minister of Economic Development and Trade Hon. Mohamed Saeed joined the forum. The Ministers provided remarks and engaged in a Member Q&A session. This session provided members with the chance to directly engage with the Ministers and delve into crucial industry topics. The queries focused on the Economic Outlook, forthcoming development plans and  immediate challenges and issues affecting the Tourism Industry.

A video presentation was also showcased that delved into the extensive work undertaken by MATI in 2023. The video also touched upon the Tourism Industry’s performance over the past 5 years, as well as the current and projected human resource capacity of the sector.

In his closing remarks, the Secretary General highlighted the importance of collaborative efforts in addressing industry challenges and called for greater unison amongst industry stakeholders, ending with an acknowledgement of the promising start to the year in terms of arrivals.

Executive Board Members elected to the 2 vacant positions (by-election):

  1. Ibrahim Shareef, CEO and Managing Director of Maldives Airports Company Limited
  2. Renato De Olivera, General Manager of The Ritz-Carlton Maldives, Fari Islands and representative of Marriott International
Continue Reading

Business

Unlocking power of travel storytelling at Travel Creators Exchange 2024

Published

on

Join us for the Travel Creators Exchange 2024, taking place on February 1, 2024, at the Hotel Jen in Male’, Maldives.

This dynamic event provides a platform for networking and collaboration among Maldives-based travel creators, fostering connections, idea-sharing, and the establishment of lasting partnerships to expand opportunities and monetise content.

Our lineup of distinguished speakers includes:

  • Zihuny Rasheed, Deputy Managing Director of MMPRC, will present on “Power of Digital Storytelling: Collaborative Strategies for Destination Promotion.” MMPRC actively markets the Maldives globally, utilising a comprehensive approach that includes travel trade shows, roadshows, digital marketing, and more.
  • Amjad Thaufeeg, Commercial Director of Kuda Villingili Maldives Resort, brings over 23 years of hospitality industry experience. He will discuss “The Role of Content in Tourism Marketing,” drawing on expertise in revenue, customer service, sales & marketing, and human capital development.
  • Suresh Dissanayake, Assistant Vice President of Sales & Marketing of Heritance Aarah & Adaaran Resorts, with nearly two decades of experience, will shed light on “What does a Sales and Marketing Director Do?” He brings extensive luxury hospitality experience and a proven track record in sales, distribution, and marketing.
  • Vishal Amir Ahmed, a versatile cinematographer and content creator, will explore “Who is a Content Creator.” Currently associated with Various Arts Studio, he specialises in providing multimedia solutions to various clients.

Organised by Maldives Insider, Maldives Virtual Tour, Travel Trade Maldives, and Hotelier Maldives, this collaborative effort aims to empower Maldives-based travel content creators and elevate the Maldives as a premier destination for captivating travel storytelling.

Continue Reading

Events

Acclaimed contemporary artist Ana Pušica explores perpetuality and community at Patina Maldives

Published

on

Ana Pušica Kramer, an internationally  acclaimed contemporary artist, joins Patina Maldives for an exclusive  art residency in the now infamous Fari Art Atelier. From January 22 to  February 22, 2024, Ana Pušica will grace the shores of the Fari Islands,  weaving a vibrant narrative of colour and emotion across her larger  than-life canvases. 

Her artistry transcends boundaries, melding abstraction and figuration into awe-inspiring masterpieces. Having exhibited globally, from New York to Beijing, Ana’s paintings are a physical, intuitive act rooted in movement.  Described as a “beautiful fluorescent thunderstorm,” Ana’s art explores light and colour, capturing the energy of life itself. 

The Fari Art Atelier which has previously hosted the likes of Daniel Arsham, Chris Stamp and David Nott, will be transformed into Ana’s studio and gallery showcasing her enthralling artworks—a mesmerising journey through poetry, memory, and the vibrant interplay of colour. Guests at Patina are invited to delve into Ana’s world, where each stroke reveals layers of meaning, evoking sensations of intense lightness and boundless interpretation. 

At Patina Maldives, Ana will immerse herself in a month-long residency, inviting the Patina Malidves community or guests and team to witness her artistic fervour firsthand. Guests will have the rare opportunity not only to observe her creative process but also to engage with and create art alongside this luminary.

Experience artistry at its most exclusive

Art Exhibition
Experience Ana’s captivating exploration of colour and emotion in her spellbinding artworks displayed at the Fari Atelier.

Art Workshops: Message in a Bottle
As part of a collaborative artwork, Ana invites Patina guests to participate in short workshops, actively contributing to the creation of a permanent installation at Patina Maldives.

Open Studio Session
Join Ana for an exclusive open studio session, offering guests a behind the-scenes look at her creative process.

Ana Pušica residency package
Discover a world where creativity knows no bounds as Ana Pušica, the maestro of contemporary art, transforms Patina Maldives into an immersive canvas of inspiration.

Book now to secure your experience.
For more information and reservations, please visit Patina Maldives or contact
reservations.maldives@patinahotels.com

Continue Reading
Advertisement

Trending

Copyright all rights reserved by Maldives Promotion House 2023.