Officials say the merger should be finished within 12 months
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
The UAE government revises fuel prices at the end of every month, in line with international prices.
Analysts warned prices could recede as other producers stand by to fill the gap.
Brent crude futures jumped eight per cent to more than $50 a barrel
UAE economy is expected to see GDP growth of 2.3% in 2016, rising to 2.7% in 2017 as both oil and non-oil sectors improve
Saudi Arabia wants Opec to solve own problems before meeting non-Opec members
Analysts warned that a failure to agree a cut could lead to a depending supply glut by early 2017.
Key oil exporters meet in Doha on Friday to discuss potential deal