British PM Boris Johnson meets Saudi, UAE leaders as war roils oil prices

British PM Boris Johnson meets Saudi, UAE leaders as war roils oil prices

British Prime Minister Boris Johnson began lobbying Saudi Arabia and the United Arab Emirates to pump more oil to calm markets roiled by Russia’s invasion of Ukraine as he met the Gulf states’ leadership on Wednesday. Johnson arrived in Abu Dhabi for talks with Crown Prince Mohammed bin Zayed and was then due to fly … Read more

Boris Johnson calls for joint effort on energy market security in UAE talks

Boris Johnson calls for joint effort on energy market security in UAE talks

British Prime Minister Boris Johnson stressed the need to work together to stabilise global energy markets in talks with United Arab Emirates’ de facto leader Crown Prince Mohammed bin Zayed al-Nahyan on Wednesday, Johnson’s office said. Johnson met the prince on the first stop of a visit to the Gulf as part of efforts to … Read more

Asian shares on edge as US bond yields rise, oil volatile

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HONG KONG: Share markets were jittery in early Asia on Wednesday as trading was buffeted by a step-up in U.S. Treasury yields as well as volatile oil prices in the face of price-cooling moves by the United States and other nations. MSCI‘s broadest index of Asia-Pacific shares outside Japan slid 0.24%, while Japan’s benchmark Nikkei … Read more

Saudi Arabia’s race to attract investment dogged by scepticism

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By Davide Barbuscia, Saeed Azhar and Yousef Saba Saudi Arabia could have a credibility problem if it keeps shifting the goal posts for the amount of foreign investment it wants to turn its vision of a future beyond into a reality, financial sources and analysts said. Five years since Crown Prince Mohammed bin Salman launched … Read more

OPEC+ sticks to planned moderate hike in output

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London: The Organization of Petroleum Exporting Countries (OPEC)) and its key allies decided at a meeting on Monday to stick to planned moderate increases in output for November despite market expectations that the alliance would further boost production in order to dampen soaring crude prices. A statement released after the brief videoconference meeting of the … Read more

Oil at 7-year high after OPEC+ decides on cautious increase

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FRANKFURT: Oil prices jumped Monday after OPEC and allied oil producing countries stayed with their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels per day in November. The decision Monday by the Vienna-based oil cartel tracks with its established schedule of adding back that amount of oil every … Read more

OPEC+ agrees to boost oil supply from August as prices surge

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MOSCOW/DUBAI/LONDON: OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic. The group, which includes OPEC countries and allies like Russia, crucially agreed new production allocations from May 2022 to overcome differences between Saudi Arabia … Read more

OPEC+ meets to agree oil supply boost as prices rise

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OPEC+ ministers will meet on Sunday in another attempt to agree a quick oil supply boost to address soaring oil prices as the global economy recovers from the coronavirus pandemic. The group, which includes OPEC countries and allies like Russia, had earlier this month failed to resolve disagreement over a new output policy between Saudi … Read more

Oil row flares as UAE rejects ‘unjust’ OPEC+ output deal

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The United Arab Emirates on Sunday criticised the current oil output deal among OPEC+ alliance members as unjust, escalating a row that could derail the energy market’s post-pandemic recovery. The UAE‘s push to increase its production baseline is reported to have derailed last week’s meeting of the alliance of oil-producing countries, and also sets it … Read more

OPEC raises 2021 oil demand growth forecast on hope pandemic wanes

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LONDON: OPEC on Tuesday raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market. Demand will rise by 5.95 million barrels per day (bpd) in 2021, or 6.6%, the Organization of the Petroleum … Read more