Oil prices have slumped since the summer of 2014 from above $100 a barrel
Oil prices have slumped since the summer of 2014 from above $100 a barrel
The UAE government revises fuel prices at the end of every month, in line with international prices.
The second phase will eventually generate 200 megawatts (MW) of electricity by April 2017
Dubai imports had the lion's share at Dh594 billion
Traders said the higher prices in front-month crude futures were due to expectations of a tighter market.
The Organization of the Petroleum Exporting Countries pumped 33.87 million barrels per day (bpd) last month,
Experts expect that oil markets will move into a 0.8 million bpd deficit in first half 2017
No further details about production levels were given in the statement
BMI Research said that the agreement would likely push Brent over $60 per barrel