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From Saudi-UAE spat to 2020 price war, OPEC drama is nothing new – Al Jazeera English

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The ongoing spat between the United Arab Emirates and Saudi Arabia is just the latest dispute in the decades-long history of the Organization of the Petroleum Exporting Countries (OPEC).

Founded in 1960, the OPEC oil cartel has seen its share of disagreements between members, ranging from arguments over output quotas to all-out conflicts such as the Iran-Iraq war in the 1980s and Iraq’s 1990 invasion of Kuwait.

OPEC+, a group made up of OPEC, Russia and their allies that first began talks on production cooperation in 2016, has also had disputes, notably a falling-out in March 2020 just as the COVID-19 crisis hammered the oil market.

Below is a list of some of the most recent disputes in OPEC and OPEC+:

2021 – UAE-Saudi Arabia clash

The current clash between the UAE and Saudi Arabia is over how OPEC producers plan to unwind oil output cuts. Discussions were abandoned after the third day of talks failed to resolve differences. A new meeting date has yet to be arranged.

The meeting failure drove up oil prices that were already at the highest since 2018. Brent crude traded near $78 a barrel on Tuesday, up more than 40 percent this year.

Top OPEC producer Saudi Arabia wants output raised in stages by a total of two million barrels per day (bpd) between August and December and wants to extend remaining OPEC+ cuts until the end of 2022, instead of letting them expire as planned in April.

The UAE baulked at the extension and said it could support raising production by two million bpd until the end of 2021 but wanted to defer discussion on extending the pact beyond April 2022, a position Saudi Arabia has so far rejected.

2020 – OPEC+ talks collapse

A three-year OPEC+ pact collapsed in March 2020 after Moscow refused to support deeper oil cuts to cope with the outbreak of the coronavirus. OPEC responded by removing all limits on its own production.

Oil prices plunged as low as $16 per barrel in the following weeks due to a price war between the producers and because of a collapse in demand due to the pandemic.

In April, OPEC+ returned to talks and agreed on a record output cut, a deal that then-United States President Donald Trump helped to bring about, putting crude prices into recovery mode.

2016 – Doha talks fall apart

A deal to freeze oil output by OPEC and non-OPEC producers and to support the market, which was oversupplied, fell apart in April 2016. Oil prices, which had recovered to around $40 from $27 per barrel at the start of 2016, took another tumble.

OPEC member Iran, historically the second-largest OPEC producer behind its regional political rival Saudi Arabia, argued it could not join the freeze because it needed to regain production levels after the lifting of international sanctions.

Saudi Arabia, which had signalled it was willing to sign the deal without Iran, asked that Tehran’s invitation to the Doha talks be cancelled, and later demanded that Iran join the freeze. Talks fell apart after a communique could not be agreed upon.

Later in 2016, OPEC+ was brought together, agreeing on a pact on supply restraint that began in 2017.

2015 – No deal over Iran return

OPEC failed to agree on an oil production ceiling at a meeting in December 2015, after Iran said it would not consider any production curbs until it restored output that was scaled back for years under Western sanctions.

The lack of a deal pushed Brent crude down to around $43, only a few dollars off a then-six-year low.

OPEC’s then-Secretary General Abdullah El-Badri said OPEC could not agree on any figures because it could not predict how much oil Iran would add to the market in 2016 as sanctions were withdrawn.

2011 – ‘One of the worst meetings’

OPEC talks broke down in June 2011 without an agreement to raise output after Saudi Arabia failed to convince others to lift production to make up for a shortfall caused by the conflict in Libya.

The US had put pressure on Riyadh to deliver a credible deal to cap crude prices. But a majority of smaller members, including those politically opposed to the US, such as Iran and Venezuela, were against the plan.

Oil rose by $1 to above $117 on the day of the meeting, although a Saudi pledge to raise output unilaterally limited the rally.

The Saudi oil minister at the time, Ali al-Naimi, said it was “one of the worst meetings we have ever had”.

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Stop Asking Your Interviewer Cliché Questions

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Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.

In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.

English philosopher Francis Bacon once said, “A prudent question is one half of wisdom.”

The questions you ask convey the following:

  • Your level of interest in the company and the role.
  • Contributing to your employer’s success is essential.
  • You desire a cultural fit.

Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:

  • “What are the key responsibilities of this position?”

Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”

  • “What does a typical day look like?”

Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.

  • “How would you describe the company culture?”

Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”

Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.

  • “What opportunities are there for professional development?”

When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.

Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.

Here are my four go-to questions—I have many moreto accomplish this:

  • “Describe your management style. How will you manage me?”

This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.

  • “What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”

This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”

  • “When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”

Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.

  • “If I wanted to sell you on an idea or suggestion, what do you need to know?”

Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.

Other questions I’ve asked:

 

  • “What keeps you up at night?”
  • “If you were to leave this company, who would follow?”
  • “How do you handle an employee making a mistake?”
  • “If you were to give a Ted Talk, what topic would you talk about?”
  • “What are three highly valued skills at [company] that I should master to advance?”
  • “What are the informal expectations of the role?”
  • “What is one misconception people have about you [or the company]?”

 

Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.

_____________________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

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Canadian Natural Resources reports $2.27-billion third-quarter profit

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CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.

The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.

Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.

Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.

On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.

The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CNQ)

The Canadian Press. All rights reserved.

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Cenovus Energy reports $820M Q3 profit, down from $1.86B a year ago

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CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.

The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.

Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.

Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.

Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.

On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CVE)

The Canadian Press. All rights reserved.

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