Picture used for illustrative purpose only.
Opec and its oil-producing allies shifted on Monday towards extending their daily output caps, sending oil prices racing higher before the outcome of the group’s official gathering.
Opec and its allies agreed on Thursday to keep current production cuts until further review in December, with the Kingdom of Saudi Arabia pledging to further strengthen its voluntary production adjustment to 9.890 million bpd in October.
The United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei congratulated the new Saudi Arabian Rnergy Minister, Prince Abdulaziz Bin Salman, in a tweet.
Opec agreed on Thursday to cut oil output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak, but made its action conditional on Russia and others joining in.
Virgin Australia Group went into voluntary administration in late April as the global aviation industry came to a halt amid international border closures designed to slow the spread of coronavirus.
Nationwide said its measure of house prices fell by 1.7% last month from April, the biggest decline since February 2009. In annual terms, prices rose by 1.8%, slowing from 3.7% in April.
Under the directives of Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai and General Supervisor of the Dubai:
The Khalifa Industrial Zone Abu Dhabi (KIZAD), a subsidiary of Abu Dhabi Ports and the Middle East’s largest industrial zone, broke ground for a new dedicated Truck Plaza, comprising refuelling and rest facilities with the Industrial Zone.