Picture used for illustrative. File
Gulf Today Report
Oil prices fell on Monday, overshadowing strong gains that were recorded due to the OPEC+ decision to reduce some of its productions cuts between May and July.
Brent crude futures for June fell 61 cents, or 0.9%, to $64.25 a barrel by 04:05 GMT while US West Texas Intermediate crude for May was at $60.92 a barrel, down 53 cents, or 0.9%.
The Organization of the Petroleum Exporting Countries, Russia and their allies, a group known as OPEC+, agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July.
The OPEC+ decision was made after the US administration called on Saudi Arabia to keep energy affordable for consumers irrespective of demand worries due to lockdown in parts of Europe.
Most of the increase in supplies will come from Saudi Arabia, which said it was phasing out its extra voluntary cuts by July, a move that will add 1 million bpd.
Following that, Saudi Aramco raised official selling prices (OSPs) for May to Asia on Sunday.
Brent crude was down 33 cents, or 0.8%, at $42.82 a barrel by 0645 GMT, while US crude was down 38 cents, or 0.9%, to $40.73 a barrel.
Brent crude for November delivery dropped 40 cents, or 1%, to $40.63 per barrel by 06:35 GMT. West Texas Intermediate fell 32 cents, or 0.8%, to $38.97.
Brent crude futures added 61 cents, or 1%, to $64.68 a barrel, as of 04:28 GMT while US West Texas Intermediate (WTI) crude futures gained 28 cents or 0.5% to $61.56 a barrel.
Commenting on the recent agreement forged at the G20 meet to link Middle East countries by railway and connect them to India through seaports, Bin Sulayem stressed that the ultimate objective was to expedite the delivery of goods and introduce new alternative routes.
The UAE economy is forecast to grow 3 per cent in 2023 and 4 per cent in 2024, driven by the non-oil sector, which is expected to benefit from strong growth in tourism,
This important accomplishment has been fulfilled under the directives of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, and the supervision of His Highness Sheikh Maktoum bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE.