BUSINESS| Oil Drops As OPEC+ Resume Talks On Output Cut Extension After Impasse

Oil prices fell on Thursday as producers including Saudi Arabia and Russia locked horns over the need to extend record production cuts set in place in the first wave of the COVID -19 pandemic.

Brent crude was down 15 cents, or 0,3%, at $48.10 a barrel by 0155 GMT, after gaining 1,8% on Wednesday. U.S oil was down 17 cents, or 0.4%, at $45.11 a barrel, having ended 1.6% higher the previous session.

The Organization of the Petroleum Exporting Countries (OPEC) and Russia are resuming discussion on Thursday to agree on policies for 2021 after earlier talks produced no compromise on how to tackle weak oil demand amid a new coronavirus wave.

OPEC and allies, in the group known as OPEC+, had been widely  expected to roll over oil cuts of 7,7 million barrels per day, or 8 percent of global supplies, at least until March 2021.

But after hopes for a speedy approval of anti – virus vaccines spurred a rally in oil prices at the end of November, some producers questioned the need to tighten oil police, which is supported by OPEC leader Saudi Arabia.

‘Any sign that the group is struggling to reach an agreement could weight on prices’, ANZ Research said in a note.

Britain approved Pfizer Inc’s COVID0`9 vaccine on Wednesday, jumping ahead in a global race to start the most crucial mass inoculation programme in history.

In the United States, crude stckpiles fell last week, while gasoline and distillate inventories rose sharply as refiners slowed production amid weakening demand, the Energy Information Administration said on Wednesday.

Oil stocks fell by 679,000 barrels in the week to Nov.27, by less than the 2.4 million – barrel decline forecast in a Reuters poll of analysts.

Gasoline stock increased by 3.5 million barrels, while distillate inventories were up by3.2 million barrels.

Adding to international supplies, Venezuela’s crude exports almost doubled last month, according to data from the state – run PDVSA and Refinitiv Eikon.

Saudi Arabia To Invest $3.4 Bln In Vaccine,Biomedical Drugs Sector

PARIS, France – Saudi Arabia’s industry and Mineral Resources said on Friday the country would invest $3.4 billion in the vaccine and biomedical drugs sector, according to state news agency SPA. The Minister Bandar Alkhorayef, who heads the newly – established vaccines and biopharmaceutical industry committee, said the move is part of the kingdom’s push … More Saudi Arabia To Invest $3.4 Bln In Vaccine,Biomedical Drugs Sector

Saudi Arabia’s Crown Prince Arrives In Egypt, Will Visit Jordan And Turkey Next

PARIS, France – Saudi Arabia’s Crown Prince Mohammed bin Salman arrived in Egypt on Monday and was welcomed by Egyptian President Abdel – Fattah el Sisi, state news agency SPA reported. The Crown Prince’s visit to Egypt is part of a tour that will include visiting Jordan and Turkey next. The visits were based on … More Saudi Arabia’s Crown Prince Arrives In Egypt, Will Visit Jordan And Turkey Next

Sheikh Mansour Bin Zayed Establishes National Media Office in UAE

PARIS, France – Sheikh Mansour bin Zayed, the UAE’s deputy prime minister and minister of presidential affairs, on Wednesday launched the National Media Office. The unit is tasked with developing the media sector, legislation, regulations, and decisions on media development while also monitoring the implementation of legislation in coordination with the relevant authorities and administrative … More Sheikh Mansour Bin Zayed Establishes National Media Office in UAE

Abu Dhabi’s Mubadala And EQT Fund To Buy Sweden’s Envirotainer

PARIS, France – Abu Dhabi state fund Mubadala and a fund managed by European buyout firm EQT have agreed to buy Envirotainer, a Swedish company which leases out cold containers for shipping temperature – sensitive healthcare products. Mubadala and the EQT X fund are buying the company from European buyout firm Cinven and Denmark life … More Abu Dhabi’s Mubadala And EQT Fund To Buy Sweden’s Envirotainer

Russia’s Lavrov To Meet With GCC Ministers In Riyadh On Wednesday – Officials

PARIS, France – Russian Foreign Minister Sergei Lavrov will visit Saudi Arabia on Wednesday where he will meet with the foreign ministers of the Gulf Cooperation Council Countries (GCC), two Gulf officials said on Tuesday. Lavrov is expected to meet with ministers of Saudi Arabia, the United Arab Emirates, Oman, Kuwait, Bahrain and Qatar in … More Russia’s Lavrov To Meet With GCC Ministers In Riyadh On Wednesday – Officials

Dubai Cooling Firm Empower Invited Banks To Pitch For IPO – Sources

DUBAI – Dubai’s Emirates Central Cooling System Cooperation (Empower) has invited investment banks to pitch for roles in its planned initial public offering, which is slated for later this years, two sources with direct knowledge of the matter said. Empower, which is part owned by Dubai Electricity and Water Authority (DEWA), has asked banks to … More Dubai Cooling Firm Empower Invited Banks To Pitch For IPO – Sources

Saudi Finance Minister Says No Immediate Plans To Transfer More Funds To PIF

DAVOS, SWITZERLAND – Saudi Arabia’s finance minister said on Monday there were no immediate plans to transfer more funds to the Public Investment Fund (PIF), the sovereign wealth fund at the centre of the kingdom’s plans to diversify its economy away from oil. The PIF manages over $600 billion in assets, a figure that has … More Saudi Finance Minister Says No Immediate Plans To Transfer More Funds To PIF

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