It is the second facility to be launched this year after the introduction of a similar service in Yas Mall in February
uae2 hours ago
Opec and Russia on Thursday agreed to a modest oil output increase from January by 500,000 bpd but failed to find a compromise on a broader and longer term policy for the rest of next year, four Opec+ sources told Reuters and confirmed by the Energy Ministry of Kazakhstan.
The increase means the Organisation of the Petroleum Exporting Countries and Russia, a group known as Opec+, would move to cutting production by 7.2 million bpd, or seven per cent of global demand from January, compared with current cuts of 7.7 million bpd. The curbs are being implemented to tackle weak oil demand amid a second coronavirus wave. Opec+ had previously been expected to extend existing cuts until at least March.
But after hopes for a speedy approval of anti-virus vaccines spurred an oil price rally at the end of November, several producers started questioning the need to keep such a tight rein on oil policy, as advocated by Opec leader Saudi Arabia.
Opec+ sources have said Russia, Iraq, Nigeria and the UAE have all to a certain extent expressed interest in supplying the market with more oil in 2021.
The Kazakhstan’s ministry also said the group would now gather every month to decide on output policies beyond January and monthly increases are unlikely to exceed 500,000 bpd.
Opec+ has to strike a delicate balance between pushing up oil prices enough to help their budgets but not by so much that rival US output surges. Crude prices were little-changed after the decision at around $48 a barrel.
It is the second facility to be launched this year after the introduction of a similar service in Yas Mall in February
uae2 hours ago
Financial and other necessary assistance will be provided by the Philippine government for the next of kin
uae2 hours ago
ADDED signs pact with Alfahim Group to build new plant
auto2 hours ago
This conference brought together leading orthopedic experts to address the key challenges and advancements in orthopedics and sports medicine
kt network3 hours ago
Addressing the affordability challenge faced by providers is paramount in combating financial exclusion
business3 hours ago
He faced a serious condition called Stage 3 Retinopathy of Prematurity and spent nearly three months in the Neonatal Intensive Care Unit
health3 hours ago
71% of retail investors in the UAE hold stocks in companies engaged with AI
markets3 hours ago
This decision was taken to preserve the safety of administrative staff, teachers and students
uae3 hours ago