The world's largest marine conservation initiative spans more than 600 sq km, an area equivalent to over 85,000 football fields
Oil prices are “nowhere near” their peak as an impending rise in Chinese demand threatens to strain a global market already pinched by tight supplies, UAE Energy Minister Suhail Al Mazrouei said on Wednesday.
The comments serve as an acknowledgment that last week’s decision by the Opec+ coalition to bolster output will give consumers little respite from the soaring cost of energy this summer, said Bloomberg in a report.
Efforts by Opec+ oil producers to boost output are “not encouraging”, the UAE minister told an energy conference in Jordan, noting the group was currently 2.6 million barrels per day short of its target.
“The risk is when China is back,” Al Mazrouei said in an apparent reference to Chinese demand. Prospects for demand growth in China, which is relaxing lockdowns, have been buoying crude prices recently.
Al Mazrouei warned that without more investment across the globe, Opec+ can’t guarantee sufficient oil supplies as demand fully recovers from the coronavirus pandemic.
Prices can reach “unseen” levels if Russian oil and gas is completely taken off the market, he said.
ALSO READ:
The world's largest marine conservation initiative spans more than 600 sq km, an area equivalent to over 85,000 football fields
The country is supposed to hold municipal elections every six years, but cash-strapped authorities last held a local ballot in 2016
French president says Europe must support firms in AI, green energy
Leaders, former leaders and diplomats meet the former US president and Republican presidential candidate
iCademy Middle East to offer courses with the ability to transfer credits
The historic season opener will feature fighters from the Featherweight and Bantamweight divisions
Under a trial scheme, visitors exploring the city for the day have to buy ticket, with inspectors carrying out spot checks at key entry points
Life Pharmacy’s flagship outlet at Al Wasl has crossed a benchmark of serving over five million customers