Residents Zahra Khumri and her husband Mufaddal have created a template of success for little people. And much of it entails looking within
Opec Secretary General Haitham Al Ghais said on Sunday that “oil markets are going through a stage of great fluctuations” during his two-day visit to Algiers.
Al Ghais added that the goal of Opec and producers outside the organisation is to maintain market stability.
For his part, Algeria’s Energy minister Mohamed Arkab said OPEC+’s latest decision to cut output was “historic” and aims to stabilize markets, Ennahar TV reported.
Separately, Oman’s Energy Ministry said in a tweet on Sunday that Opec+ decisions are based on purely economic considerations, realities of supply and demand in the market. “Opec+ output cut decision was important and necessary to reassure the market and support stability,” the ministry added.
Bahrain’s oil minister also said on Sunday that the Opec+ decision to cut oil output by two million barrels per day was taken unanimously and after a thorough technical study of the global market conditions and developments, state news agency (BNA) reported.
“Member states are keen to take decisions that aim to stabilise oil markets, and the group will study any economic developments to ensure the stability of global markets and supplies, and the balance between the interests of producers and consumers,” the minister added.
Earlier this month, the producer group comprising the Organisation of the Petroleum Exporting Countries (OPEC) plus allies including Russia, announced its new production target after weeks of lobbying by US officials against such a move. The decision, however, provoked accusations that the kingdom was taking sides in international conflicts and that it was politically motivated against the US.
ALSO READ:
Saudi Arabia rejected these accusations saying they were “not based on facts,” and reaffirming that the Opec+ decision was adopted through consensus. The Gulf Cooperation Council (GCC) on Thursday also stood behind Saudi Arabia.
Earlier, the secretary general of the Organisation of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the Opec+ decision to cut its oil production target is correct and was taken at the right time.
The decision took into account the uncertainty surrounding the performance of the global economy and was in line with the successful approach taken by Opec+ in taking proactive steps to avoid any oil market imbalances, especially on the demand and supply sides, OAPEC secretary general Ali bin Sabt added in a statement.
“Such statements [criticising the Kingdom] will never distort facts and will never deter the kingdom from maintaining its balanced approach,” GCC Secretary-General Dr Nayef Falah Al Hajraf said in a statement.
OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates.
Residents Zahra Khumri and her husband Mufaddal have created a template of success for little people. And much of it entails looking within
Now, the emirate has four restaurants holding the distinction of Michelin two-stars and 15 restaurants with a one-star recognition
If you are topping up balance or recharging your mobile phone from a search engine, make sure you use the correct link and the website of the entity, TDRA said
The Dubai-born journalist, who recently won 46th Annual Emmy Award (Michigan Chapter) in the Breaking News and General Reporting category, on why hyperlocal news is the future of journalistic storytelling
Recently, police in Abu Dhabi also warned motorists to watch out for tyre bursts after 22 traffic accidents were recorded in 2023
She talks about how to save while not compromising on the quality of life
What are the main eye health concerns during summer in the Middle East, and how does intense sunlight affect the eyes?
The UAE is famous for spas that offer everything from traditional hammams to cutting-edge beauty treatments