OPEC-agreed oil output cuts, non-oil sector slowdown due to higher rates, and weaker external demand may act as potential setbacks for UAE's economy, says a report.
IEA’s call to halt oil investments will hurt market
His remarks came after the IEA Executive Director, Fatih Birol, criticized OPEC+ for their unexpected decision to reduce oil output by 1.66 million barrels per day from May until the end of 2023. Birol labeled finger-pointing and misrepresenting the actions of OPEC and OPEC+ as "counterproductive."
Top oil producers eye modest output boost as prices surge
The 23 members of the OPEC+ oil cartel, who meet on Wednesday, are expected to stick to their guns and increase output modestly as the price of crude surges. As in January, analysts expect the taps to be opened slightly, to the tune of an additional 400,000 barrels per day,...
US urges OPEC+ to pump more oil
US national security adviser Jake Sullivan has criticized the world's major oil producers over their production speed.
What’s in store for UAE as OPEC+ decides to increase oil output?
The UAE’s oil production limit fixed by the OPEC+ in 2018 is not a reflection of its full production capacity, which rose from 3.17 million barrels per day in that year to over 3.8 MBPD in April 2020.
