Assets under management have increased by 215% from Q3 2023 to Q3 2024
finance1 hour ago
Suhail Al Mazrouei, UAE’s Minister of Energy, on Monday clarified that the Opec+ decision to cut output was purely on technical grounds and not on a political basis.
“I would like to clarify that the latest Opec+ decision, which was unanimously approved was a pure technical decision, with NO political intentions whatsoever,” Al Mazrouei said in a tweet on Monday.
The energy ministers of other oil-producing Gulf countries also echoed the UAE energy minister's comments, stressing that the Opec+ decision was taken unanimously by the member countries following a thorough technical study.
Earlier this month, Opec+ decided to reduce production by two million barrels per day from November in order to support sagging crude prices amidst fear of the global economy slipping into recession.
Ali bin Sabt, the secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC), said the Opec+ decision to cut its oil production target is correct and was taken at the right time.
Saudi King Salman bin Abdulaziz said the kingdom was working hard to support stability and balance in oil markets, including by establishing and maintaining the agreement of the Opec+ alliance.
Bahrain’s oil minister 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, the state news agency BNA reported.
Oman’s energy ministry echoed the statement and said that Opec+ decisions are based on purely economic considerations, realities of supply and demand in the market.
Quoting Nawaf Saud Al Sabah, CEO of Kuwait Petroleum Corporation, Kuwaiti news agency Kuna said that the Gulf country welcomed the decision by Opec+ and showed the Gulf nation’s keenness to maintain balanced oil markets.
Iraq's state oil marketer Somo said in a statement that there is complete consensus among Opec+ countries that the best approach in dealing with the oil market conditions during the current period of uncertainty and lack of clarity is a pre-emptive approach that supports market stability and provides the guidance needed for the future.
(With inputs from Reuters)
ALSO READ:
Assets under management have increased by 215% from Q3 2023 to Q3 2024
finance1 hour ago
Gang leaders operate from abroad through intermediaries who use encrypted messaging sites to recruit teens under 15, the age of criminal responsibility
europe1 hour ago
The fully online programme addresses a critical demand for tech skills in the global workforce
kt network1 hour ago
The acquisition is a strategic move that highlights the group’s commitment to re-imagining iconic brands while staying attuned to consumer needs
kt engage1 hour ago
A woman and a child were killed in tank shelling that hit western areas of Nuseirat, according to medics
world1 hour ago
The Fitze Corporate Sports Fest 2024 brought together a diverse range of employees to compete in exciting sports and fitness activities
kt network1 hour ago
The company, which operates over 100 stores under the ADCOOP and SPAR brands, said the listing would take place on December 9
markets1 hour ago
The firms, who face fines of up to Aus$50 million for failing to comply, have described the laws as 'vague', 'problematic' and 'rushed'
asia1 hour ago