The GCC region is poised for a significant rebound, with growth projected to more than double to 4.4% in 2025
opec production cuts
Latest in opec production cuts
kuwait oil production
OPEC+ countries including Saudi, UAE, Kuwait and Oman extend voluntary oil production cuts
Saudi Arabia, UAE, Kuwait and Oman join OPEC+ members in extending voluntary oil production cuts
crude oil output
Oil prices edge lower as fresh voluntary cuts by OPEC+ disappoint traders
The benchmark Brent crude declined to $82.83 a barrel, down 0.32 percent, while West Texas Intermediate (WTI) slipped 0.26 percent on Friday morning trading hours
kuwait oil production
Oil production: Saudi Arabia, UAE, Kuwait and Oman to slash output in 2024
Opec+ members including Saudi Arabia, UAE, Kuwait and Oman agree to cut oil production in 2024
crude oil output
Oil prices hold above $80/bbl ahead of OPEC+ meeting
Prices tumbled in the middle of last week after OPEC+ postponed a ministerial meeting to November 30, reportedly to iron out differences on production targets for African producers
crude oil output
Crude prices tumble 5% over two days as OPEC+ meeting delayed
OPEC+ announced that the ministerial meeting has been rescheduled from November 26 to November 30, without providing a specific reason for the delay
Abu Dhabi
UAE petrol prices up 25% this year
The price of petrol in the UAE has increased by up to 25 per cent in 2023, with the cost of diesel and all fuel categories going up
Oil production
Saudi Arabia to maintain 1 million barrel per day oil production cut
Saudi Arabia’s Ministry of Energy extends voluntary oil production cuts to end of year
Abu Dhabi
UAE petrol prices: New fuel, diesel rates announced for October 2023
The UAE Fuel Price Committee has announced increased rates for petrol and diesel for October 2023
OPEC
Saudi Arabia extends voluntary oil cuts to 2024
Saudi Arabia will extend the voluntary oil production cuts until end of December, according to a Ministry of Energy source
Abu Dhabi
UAE announces diesel, petrol price change for September 2023
The UAE Fuel Price Committee has announced increased rates for petrol and diesel for September 2023
crude oil output
Saudi Arabia extends 1mn voluntary oil production cut into September
Russia will also cut oil exports by 300,000 bpd in September, Deputy Prime Minister Alexander Novak said shortly after the Saudi announcement
crude oil price
Saudi Arabia in ‘technical recession’, says new report
This downturn in Saudi Arabia is due to reductions in oil production despite the non-oil economy’s resilience, the report said
Abu Dhabi
UAE announces extension of oil output cut of 144,000 bpd by 2024
This decision by UAE comes in line with the agreement reached at the 35th ministerial meeting of OPEC+
Brent
Russian oil supply to India may be hit by OPEC+ drive for higher prices
Two of India’s leading public sector banks – State Bank of India and Bank of Baroda – reportedly informed Indian refiners they will not handle payments for oil bought above the limit
Abu Dhabi bourse
UAE and Saudi stock markets rise on spurt in oil prices
Improved investor sentiments also helped the two markets to make gains
oil output
Oil-producing nations confirm 1.66m barrel per day oil output cut
Saudi, UAE, Kuwait, Iraq and others voluntarily cut oil production starting in May 2023