After hitting multi-year highs near the $86.00 per barrel level, WTI has since backed off to trade around $85.00. Market commentators have attributed rising geopolitical tensions in the Middle East as behind the latest push higher.After hitting multi-year highs early on during the European trading session near the $86.00 per …
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The coming oil surplus could be much smaller than expected and could exert much less downward pressure on oil prices this year.Demand remains strong as signaled in the six-month futures spread in Brent which has more than doubled since hitting a low point in December.At the start of 2022, Omicron’s …
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Fresh headlines are crossing the wires from the UAE official, via Reuters, citing that it is fully committed to OPEC and its allies (OPEC+) agreement. The UAE said that it has no “prior stance” ahead of the upcoming OPEC+ meeting. The UAE Energy Minister, Suhail Al Mazrouei, said last Tuesday …
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While U. S. President Joe Biden and other world leaders in Glasgow continue efforts to fight climate change, OPEC ministers meet today under mounting pressure from Washington, New Delhi and Beijing to pump more crude oil, and here lies a significant paradox.OPEC meeting, Thursday, is poised to defy the U. …
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UAE Minister of Energy Tuesday, September 21, said that low gas prices are not sustainable, stressing that the recent increase occurred because of the key factors of the market, in addition to the lack of investment in the sector. Minister Suhail Al Mazrouei said at a sector conference in Dubai …
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The official Emirates News Agency (WAM), citing a decree, stated that the President of the United Arab Emirates, Sheikh Khalifa bin Zayed, appointed Khaled Al Tamimi as Governor of the Emirates Central Bank. Al-Tamimi, who previously served as deputy governor of the Central Bank, will replace Abdul Hamid Saeed Al-Ahmadi. …
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Dubai Mercantile Exchange, which lists the Oman crude futures contract, has launched a new platform that allows the trading of several the Middle East crude grades in a bid to attract more participants — nearly a month after the UAE began trading flagship Murban crude futures on a new exchange. …
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The government media office in UAE said in a statement issued on Tuesday that Dubai’s real GDP decreased by 3.5% in Q1 year-on-year as the country was hit by the Covid-19 pandemic, according to Reuters. The government said some sectors such as real estate and finance have maintained their strength …
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