OPEC talks in Algeria next week will be a consultation with no target to reach a decision. Speaking at an energy event in Fujairah, the UAE’s energy minister urged other members to approach the proceedings with caution. His Excellency Suhail Mohamed Faraj Al Mazrouei suggested a long-term decision was needed, not “a quick solution that is not going to last”.
Oil prices surge to highest since 2022 at over $119 a barrel
Oil prices surged over $119 a barrel, hitting levels not seen since mid-2022, on Monday as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding US-Israeli war with Iran.
HSBC CEO says confidence in GCC remains despite regional developments
HSBC on Monday expressed confidence in the Gulf Cooperation Council (GCC) members' economic prospects as the region and the wider Middle East brace for the economic shock from the U.S.-Israeli conflict with Iran.
Silal, National Agricultural Centre partner to boost UAE food security
Silal, an Abu Dhabi agri-food and technology company, has announced the expansion of its operations in Ras Al Khaimah in collaboration with the National Agricultural Centre.
No decision yet on G7 releasing oil stocks, France's Lescure says
G7 countries have not made a decision yet on the potential release of emergency oil stocks in the wake of the U.S.-Israeli conflict with Iran, France's Finance Minister Roland Lescure said on Monday.
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