OPEC, allies agree to maintain current production cuts

Thursday, 12 September 2019 17:50

After a key meeting in Abu Dhabi on Thursday, OPEC and its allies have agreed to maintain their current production cuts until further review in December.

Saudi Arabia has pledge to further strengthen its voluntary production adjustment to 9.89 million barrels per day in October while Iraq and Nigeria have also announced further cuts.

Meanwhile Suhail Al Mazrouei, the UAE's Minister of Energy and Industry, affirmed that the emirates will keep production levels that achieve market balance.

He also reiterated the country's full support for all measures that would help stabilise and balance the global oil market.

Saudi Arabia's new Energy Minister Prince Abdulaziz bin Salman co-chaired the meeting along with the Russian Energy Minister Alexander Novak.

More from Business

UAE ranked world's most sought-after for real estate investment

The UAE has been ranked as the top property investment destination amidst regional tensions, according to a new global survey commissioned by Arada.
H.H. Sheikh Hamdan reaffirms Dubai’s focus on enhancing economic resilience

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, has reaffirmed that strengthening the resilience of Dubai’s economy remains a key priority to keep pace with global economic trends.
UAE's AD Ports acquires Brazilian bulk port operator for over AED 3 billion

AD Ports Group has acquired Corredor Logística e Infraestrutura (CLI), Brazil’s leading independent agri-bulk port terminal operator, entering the South American market with a strategically major expansion transaction.
General Mills to sell Haagen-Dazs ice-cream shops in mainland China

General Mills has announced it will sell its Haagen-Dazs ice-cream shops in mainland China to an investor group that includes local tea chain operator Ningji, as part of a strategy to focus on businesses with stronger profit growth.