Economies including Qatar, Iraq, Libya and Saudi Arabia, will be hit hardest by the more than 50 per cent decline in petroleum prices, IMF says in its updated outlook.
Economies including Qatar, Iraq, Libya and Saudi Arabia, will be hit hardest by the more than 50 per cent decline in petroleum prices, IMF says in its updated outlook.
This new facility in Jebel Ali is Shell’s fourth GTL base oil storage hub.
The council justified the population growth and the increase in the number of motor vehicles, which may result in the hike in the subsidised bill value, to submitting the recommendation.
The $10 billion gas project, being managed by Al Hosn Gas Company, is part of Abu Dhabi’s plans to expand its hydrocarbon infrastructure.
The minister said that the UAE would move ahead with plans to boost its oil and gas production capacity.
Benchmark Brent crude prices have fallen over 50 per cent since August.
Markets will only pick up once major manufacturing economies, particularly in Asia, feel the benefit of cheaper energy.
Experts say lower oil prices would ease inflationary pressures throughout much of Asia.
Investment will continue to rise in Africa and the Middle East as producers in those areas seek to boost long-term output in the flooded global oil market.
Brent crude fell close to $51 a barrel, its lowest since 2009, with cuts to Saudi Arabia’s official selling prices to Europe this week.