Saudi Arabia’s energy minister praised the outgoing Iranian oil minister’s contribution towards achieving agreements within Opec.
Iranian oil minister Bijan Zanganeh is retiring after many years at the organisation.
“I always took his friendship as a meaningful way to enable us to navigate within the corridors of the art of the possible of how to achieve agreements, yet confine ourselves in the so called Opec silo,” Prince Abdulaziz bin Salman said on Thursday.
“This way we can deliver joint achievements regardless of the politics of the day,” said the kingdom’s minister, describing Mr Zanganeh as a personal friend.
Mr Zanganeh will be stepping down as Iran’s oil minister as the new government under Ebrahim Raisi takes over the reins of power in the country next month.
“If it wasn’t for his Excellency’s demeanour … of understanding of separating issues, it would have been quite a harsh time for all of us and specifically Opec,” Prince Abdulaziz said.
Saudi Arabia, along with Iran and other member countries of the Opec group, are cutting production to support oil markets.
Brent, the international benchmark for more than half of the world’s crude, was trading close to $76 per barrel at 3:48pm UAE time on Friday.
Mr Zanganeh said Iran maintained a healthy oil production and exported reasonably despite nuclear sanctions.
“Our oil industry suffered greatly from and was prevented from realising its home ground potential but we Iranians survive and will not bow to bullying,” he said.
Iran is holding talks to re-establish or renegotiate the Joint Comprehensive Plan of Action, which was struck in 2015 and lifted some economic sanctions in return for limits on the country's nuclear programme.
The US withdrew from the pact in 2018 under the Trump administration.
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Killing of Qassem Suleimani
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
More from Neighbourhood Watch:
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
COMPANY%20PROFILE
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The Farewell
Director: Lulu Wang
Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
Four stars
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
