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The UAE said on Wednesday that it favoured oil production increases and will be encouraging its fellow Opec members to consider higher output levels, its ambassador to the US said.
“We favour production increases and will be encouraging Opec to consider higher production levels,” said Yousef Al Otaiba.
“The UAE has been a reliable and responsible supplier of energy to global markets for more than 50 years and believes that stability in energy markets is critical to the global economy."
Brent crude, the international benchmark, was trading at about $121 a barrel on Wednesday. It has recently recorded 14-year highs amid a wider surge in commodity prices.
Oil slid more than 7 per cent on Wednesday after reports that the UAE will call on fellow Opec members to boost production, easing some of the supply concerns caused by sanctions on Russia after its invasion of Ukraine.
US President Joe Biden on Tuesday imposed an immediate ban on Russian oil, but major European nations did not join in, largely because those nations are more dependent on oil from the country.
Opec has, together with other producers including Russia, for several months worked to bring back 5.8 million barrels per day in production cuts, with another 400,000 bpd due in April, to restore supply that was greatly reduced during the 2020 pandemic outbreak.
The comments by Mr Al Otaiba were welcomed by US Secretary of State Antony Blinken, who said it was important to stabilise the global energy markets.
“I think there was just an announcement a short while ago," Mr Blinken said.
"I'm not sure if it's something made public yet about Emirati support for increased production ... which I think is an important thing to stabilise global energy markets to make sure that there remains an abundant supply of energy around the world."
He said the Biden administration was working closely with the UAE and Saudi Arabia efforts on deterring Iranian aggression and supporting the UN-backed efforts to end the war in Yemen.
Additional reporting from Bryant Harris.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
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.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
UAE currency: the story behind the money in your pockets
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
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Killing of Qassem Suleimani
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
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