Dubai imports had the lion's share at Dh594 billion
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
OPEC plans to slash output by 1.2 million bpd from January
Officials say the merger should be finished within 12 months
Cuts to Asian refiners would be lower than those to Europe, the United States and to major oil companies.
Russia has promised to gradually cut its crude output by up to 300,000 barrels per day in the first half of 2017