29 Jun 2022 00:00:00 AM Breaking News
UAE: Public holidays announced for National Day, Commemoration DayCoronavirus: UAE reports 1,491 Covid-19 cases, 1,826 recoveries, no deathsUAE health alert: Can you cope with masks for long hours? Should mask breaks be introduced?Breaking: UAE lifts all movement restrictionsLife after COVID-19: Retail Industry witnesses shift towards e-commerce globallyCOVID-19 impact: Yes, it’s time for Dubai business to restartCOVID-19 response: DIFC to gradually reopen businesses from WednesdayCOVID-19 response: DIFC to gradually reopen businesses from WednesdayDubai 22K gold price touches Dh200 a gram for first time in nine yearsCoronavirus: UAE announces 624 new cases, 11 deathsCOVID-19: UAE announces 462 new casesCoronavirus: UAE announces 549 new cases, 9 deathsSmall group of employees behind fraud at NMC Health, says B.R. ShettyCOVID 19: UAE announces 4 deaths, 518 new coronavirus cases and 91 recoveriesUAE announces 490 new coronavirus cases, three deathsCoronavirus: UAE announces 432 new Covid-19 cases on WednesdayCovid-19: UAE announces 300 new cases of coronavirusCOVID-19: Disinfection drive extended to 24 hours in DubaiUAE announces recovery of two new coronavirus patientsPanasonic CEO vows to ‘eradicate’ money-losing businessesEmirates to carry over 6,500 passengers to Dubai for Amway’s largest leadership gatheringTrading of Emirates NBD Bank’s rights issue to take place this NovemberSelling pressure on Emaar drags DFM 1.3% lowerEmirates NBD hires Standard Chartered's Patrick Sullivan as CFOWorld Bank chief asks India to reform financial sectorEarly settlement charges on home loans in UAE reducedBreast Cancer Awareness: How to do a self-exam and why it is a mustDFM surges 4.8 percentageas Emirates NBD hikes foreign stakes limitMcDonald’s enlists Alexa and Google to help with its hiring84-year-old Indian man goes skydiving in DubaiUAE in Space: Have questions for Hazza on the ISS?Indian minister seeks direct flight between Bhubaneswar and DubaiExpo 2020 dome now complete, marking new milestone for UAEEmirati astronaut Hazza Al Mansouri undergoes final test as lift-off nearsSoftBank triples net profit in Q1Microsoft 'listens' to conversations, but only with permissionChina warns India of ‘reverse sanctions’ if Huawei is blockedStocks, oil edge higher as trade-war panic easesTens of thousands losing jobs as India's auto crisis deepensSerena again tops Forbes list of highest-paid sports womenDubai equity traders get a reason to cash out ahead of holidaysRight time to invest? UAE equities attractive on low valuations, positive indicatorsIndian rupee hits 19.21 vs UAE dirhamHumid and dusty weather in UAE until Eid weekendHeathrow airport strike: Emirates issues travel advisoryEid Al Adha 2019: Four-day holiday in UAEEid Al Adha to be celebrated on August 11 in UAENissan, Renault eye restructuring for Fiat merger: report Nissan controls 15 per cent and has no voting rights in Renault

UAE, Saudi Arabia, other Gulf countries reaffirm commitment to Opec+ deal

Six Gulf energy ministers say there are 'very encouraging' signs of improvement in global economy.

The current developments and future prospects of the global oil markets were deliberated on Friday by the energy ministers of the UAE, Saudi Arabia, Kuwait, Bahrain, Oman and Iraq.

This came in a conference call involving the Saudi Minister of Energy, Prince Abdul Aziz bin Salman bin Abdul Aziz Al Saud; Suhail bin Mohammed Al Mazrouei, Cabinet Member and Minister of Energy and Infrastructure; Kuwaiti Oil Minister, Dr Khaled Ali Al Fadhel; Bahraini Oil Minister, Sheikh Mohammed bin Khalifa bin Ahmed Al Khalifa; Omani Oil and Gas Minister, Mohammed bin Hamad Al Rumhi; and Iraqi Minister of Oil, Ihsan Abdul Jabbar Ismail. The officials reviewed the continued recovery in global demand and progress made towards implementing the Opec+ agreement.

The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as Opec+, have agreed a supply reduction pact for those countries who overproduced before to compensate by cutting deeper in the coming months.

At the end of the phone call, the six ministers issued a joint statement where they said the positive signs of improvement shown recently in the global economy are "very encouraging".

Hailing the efforts made by all countries of the world to re-open their economies in a safe manner, the six ministers reaffirmed their full commitment to the Opec+ deal on curbing oil production in order to further speed up the oil market's rebalancing.

They've agreed that the members who made limited progress on compliance during the months of May, June, and July would further deepen their cuts to make up for it.

The six ministers reiterated their thanks to the Iraqi Minister of Oil for his country's cooperation and efforts in rebalancing the oil market, reaffirming the significant role played by Iraq in ensuring the success of the Opec+ deal.

"Full compliance to the Opec + deal, including making up for the limited progress on adherence, would speed up the recovery of the global oil market to the best interest of oil consumers and producers alike, the energy industry and the world economy," concluded the statement.