Khaled Al Falih talks to the press on the sidelines of the 176th meeting of OPEC on Monday in Vienna, Austria. Agence France-Presse
Opec said on Tuesday that world demand for its oil would be higher than expected this year as supply growth from rivals including US shale producers slows, pointing to a tighter market if the exporter group refrains from raising output. But the Organization of the Petroleum Exporting Countries,
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.
Under the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and with the approval of the UAE Cabinet,
Wall Street brushed off data released on Friday showing the US economy adding jobs as US-Chinese tensions mount and a standoff over fresh stimulus continues.
The Central Bank of the UAE (CBUAE), has signed an agreement with the Arab Monetary Fund, AMF, to include the UAE Dirham as a settlement currency in the Arab Regional payments clearing and settlement system called “Buna”.
Japan’s economy contracted at the sharpest pace on record in the second quarter as the coronavirus crisis crushed business and consumer spending, a Reuters’ poll showed, and a recent surge in infections is clouding the outlook for recovery.