Crude oil at $50 a barrel is too low for most producing countries, according to United Arab Emirates Energy Minister Suhail Al Mazrouei. Prices have climbed more than 15 per cent to above $50 a barrel since the November 30 agreement by the OPEC (Organisation of Petroleum Exporting Countries) to cut production for the first time in eight years to curb a global glut. OPEC is reducing output along with 11 other producing nations including Russia after a slump in oil prices the past two years eroded revenue. Brent crude rose 0.8 per cent to $54.07 a barrel at 1.59 pm in London on Wednesday, compared with $46.38 a barrel at the close on November 29 before the OPEC agreement. Prices have still dropped by about half since 2014 because of a glut created by OPEC and producers outside the group. (Mahmoud Habboush, Anthony DiPaola and Sam Wilkin/Bloomberg)
Dubai South awards AED 2 billion contract for development of 'Hayat' project
Australia to halve tax on fuel, underwrite spot cargoes
Business leaders affirm strength of Dubai's diversified economic model
WTO advances world’s first digital trade rules despite opposition
