Latest news with #SuhailMohamedAlMazrouei
Business Recorder
3 days ago
- Business
- Business Recorder
OPEC+ discusses July oil output hike, focus on 411,000 bpd, sources say
LONDON/MOSCOW: OPEC+ oil-producing countries met on Saturday to discuss July output with four sources telling Reuters while the meeting was under way that the group was set to agree to an increase of 411,000 barrels per day (bpd), in line with rises set for May and June. The eight OPEC+ members, who began an online meeting shortly after 0900 GMT, were also discussing other options, an OPEC+ delegate said. On Thursday, sources familiar with OPEC+ talks said they could discuss an increase larger than 411,000 bpd for July. The eight have been raising output more rapidly than earlier planned, even though the extra supply has weighed on prices. The strategy of group leaders Saudi Arabia and Russia is aimed partly at punishing over-producing allies and to win back market share, Reuters has reported. All sources declined to be identified by name due to the sensitivity of the matter. OPEC and authorities in Russia and Saudi Arabia did not respond to requests for comment sent on Friday. Kazakhstan's statement on Thursday that it won't cut production has sparked debate in OPEC+, some of the sources said on Friday, with one saying that this factor may tilt discussions towards a larger output hike on Saturday. While eight leading OPEC+ members are increasing supply, some of those are being asked to temper those increases to compensate for producing more than their monthly quotas. Kazakhstan's statement suggested it may not do so. OPEC+ may discuss oil output hike larger than 411,000 bpd for July 'Kazakhstan's repeated public displays of production defiance do raise the risk of an even bigger output increase,' said Helima Croft of RBC Capital Markets, adding that she still saw a 411,000 bpd hike for July as likely. Kazakhstan has been pumping far above its OPEC+ target, a factor that has angered other OPEC+ members and helped prompt the group to proceed with plans to hike output beginning in April, sources said at the time. United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei, asked on Tuesday about the output plan for July, said OPEC+ was doing its best to balance the oil market. Oil prices fell to a four-year low in April, slipping below $60 per barrel after OPEC+ said it was tripling its output hike in May and as U.S. President Donald Trump's tariffs raised concerns about global economic weakness. Prices closed just below $63 on Friday. OPEC+ includes OPEC members and allies such as Russia. Output increases that began in April are aimed at unwinding some 2.2 million bpd of voluntary output cuts by eight leading member states.
CNBC
3 days ago
- Business
- CNBC
OPEC+ discusses July oil output hike, focusing on 411,000 barrels per day, sources say
OPEC+ oil-producing countries met on Saturday to discuss July output with four sources telling Reuters while the meeting was under way that the group was set to agree to an increase of 411,000 barrels per day (bpd), in line with rises set for May and June. The eight OPEC+ members, who began an online meeting shortly after 0900 GMT, were also discussing other options, an OPEC+ delegate said. On Thursday, sources familiar with OPEC+ talks said they could discuss an increase larger than 411,000 bpd for July. The eight have been raising output more rapidly than earlier planned, even though the extra supply has weighed on prices. The strategy of group leaders Saudi Arabia and Russia is aimed partly at punishing over-producing allies and to win back market share, Reuters has reported. All sources declined to be identified by name due to the sensitivity of the matter. OPEC and authorities in Russia and Saudi Arabia did not respond to requests for comment sent on Friday. Kazakhstan's statement on Thursday that it won't cut production has sparked debate in OPEC+, some of the sources said on Friday, with one saying that this factor may tilt discussions towards a larger output hike on Saturday. While eight leading OPEC+ members are increasing supply, some of those are being asked to temper those increases to compensate for producing more than their monthly quotas. Kazakhstan's statement suggested it may not do so. "Kazakhstan's repeated public displays of production defiance do raise the risk of an even bigger output increase," said Helima Croft of RBC Capital Markets, adding that she still saw a 411,000 bpd hike for July as likely. Kazakhstan has been pumping far above its OPEC+ target, a factor that has angered other OPEC+ members and helped prompt the group to proceed with plans to hike output beginning in April, sources said at the time. United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei, asked on Tuesday about the output plan for July, said OPEC+ was doing its best to balance the oil market. Oil prices fell to a four-year low in April, slipping below $60 per barrel after OPEC+ said it was tripling its output hike in May and as U.S. President Donald Trump's tariffs raised concerns about global economic weakness. Prices closed just below $63 on Friday. OPEC+ includes OPEC members and allies such as Russia. Output increases that began in April are aimed at unwinding some 2.2 million bpd of voluntary output cuts by eight leading member states.
Time of India
3 days ago
- Business
- Time of India
OPEC+ set to discuss July oil output hike, may be larger than 411,000 bpd, sources say
OPEC+ is convening on Saturday to deliberate on a potential increase in oil output for July, exceeding the 411,000 barrels per day rise implemented in May and June. Sources indicate that eight OPEC+ nations, including Saudi Arabia and Russia, are considering a larger hike. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads OPEC+ meets on Saturday to discuss an increase in oil output for July that may be larger than the 411,000 barrels per day (bpd) increases it made for May and June, sources familiar with OPEC+ talks told OPEC+ countries have been raising output more rapidly than earlier planned, even though the extra supply has weighed on prices. The strategy of group leaders Saudi Arabia and Russia is aimed partly at punishing over-producing allies and to win back market share, Reuters has eight members, set to meet online at 0900 GMT, could discuss an increase larger than 411,000 bpd for July, two sources familiar with OPEC+ talks and two OPEC+ delegates said. They could also keep the hike at 411,000 bpd, other sources sources declined to be identified by name due to the sensitivity of the matter. OPEC and authorities in Russia and Saudi Arabia did not respond to requests for comment sent on statement on Thursday that it won't cut production has sparked debate in OPEC+, some of the sources said on Friday, with one saying that this factor may tilt discussions towards a larger output hike on eight leading OPEC+ members are increasing supply, some of those are being asked to temper those increases to compensate for producing more than their monthly quotas. Kazakhstan's statement suggested it may not do so."Kazakhstan's repeated public displays of production defiance do raise the risk of an even bigger output increase," said Helima Croft of RBC Capital Markets, adding that she still saw a 411,000 bpd hike for July as has been pumping far above its OPEC+ target, a factor that has angered other OPEC+ members and helped prompt the group to proceed with plans to hike output beginning in April, sources said at the Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei, asked on Tuesday about the output plan for July, said OPEC+ was doing its best to balance the oil market. Oil prices fell to a four-year low in April, slipping below $60 per barrel after OPEC+ said it was tripling its output hike in May and as U.S. President Donald Trump's tariffs raised concerns about global economic weakness. Prices closed just below $63 on includes OPEC members and allies such as Russia. Output increases that began in April are aimed at unwinding some 2.2 million bpd of voluntary output cuts by eight leading member states.
Malaysia Sun
3 days ago
- Politics
- Malaysia Sun
UAE wins presidency of General Assembly of UN-Habitat
Abu Dhabi [UAE], May 31 (ANI/WAM): The UAE has achieved a new diplomatic milestone by winning, for the first time, the presidency of the General Assembly of the United Nations Human Settlements Programme (UN-Habitat) and securing membership in its Executive Board. This well-deserved and unprecedented achievement was shared with the Kingdom of Malaysia, following a highly competitive election during the Assembly meetings being held in Nairobi, Kenya. This international recognition reaffirms the UAE's leading role in supporting sustainable urban development, housing initiatives, and advancing the United Nations Sustainable Development Goals (SDGs). The UN-Habitat General Assembly, composed of 193 member states, is the programme's highest decision-making body. It is responsible for guiding global policies aimed at improving living conditions in cities and enhancing the quality of life in urban communities. On this occasion, Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, expressed his pride and honour in this international achievement, which adds to the UAE's distinguished record of successes. He emphasised that the UAE's election as President of the UN-Habitat General Assembly is a recognition of its significant efforts, guided by the vision of its wise leadership, in establishing the nation as a comprehensive model for adequate housing and sustainable urban environments. Al Mazrouei said, 'This remarkable achievement reflects the vision and directives of the UAE's wise leadership, which has made housing and urban development a strategic priority, recognising it as a fundamental pillar for social stability and quality of life. The leadership has directed efforts toward providing an integrated housing environment that ensures well-being and dignity for all citizens and residents. It has also launched numerous national initiatives and programs that have contributed to developing a modern housing system and offering innovative and sustainable solutions to meet the needs of various segments of society.' He added, 'The Sheikh Zayed Housing Programme stands as a prominent example of this integrated national vision. Since its establishment in 1999, the programme has successfully enhanced family stability, met the demand for government housing, and provided decent housing for Emirati citizens. Through this victory, the UAE reaffirms its commitment to continue contributing to global housing and urban planning efforts. The country will work to deepen cooperation with all 193 member states of the General Assembly, with the goal of developing sustainable, inclusive cities that are capable of meeting future challenges.' He affirmed that the UAE will leverage this leadership role to support the implementation of Goal 11 of the United Nations Sustainable Development Goals, which focuses on 'making cities and human settlements inclusive, safe, resilient, and sustainable.' He also pointed out that the joint presidency with Malaysia and membership in the UN-Habitat Executive Board will open new avenues for strengthening dialogue among member states and for exchanging the best international experiences and practices. He stressed that the UAE will lead joint efforts to promote innovation in urban housing and to present pioneering models for addressing the challenges of rapid urban growth and climate change. The Minister continued, 'We will continue working with member states, civil society organisations, and the private sector to develop clear visions and innovative action plans that meet the needs of global communities and provide adequate and safe housing for all people. We consider this responsibility a great honour and an opportunity to further enhance the UAE's international record.' He added, 'We will work hand in hand with all international partners to embed the principles of sustainable urban development and lead global efforts toward urban transformation, aiming to create a more inclusive, equitable, and sustainable living environment for all.' For his part, Eng Mohamed Al Mansouri, Director-General of Sheikh Zayed Housing Programme, said, 'This achievement is a true reflection of the UAE's dedicated efforts in developing a sustainable and smart urban housing system. The Sheikh Zayed Housing Programme remains one of the most vital national pillars that has strengthened the UAE's global standing in this field by offering innovative housing solutions that meet the highest standards of quality and environmental and social sustainability.' Al Mansouri also extended his appreciation to the national team from the Sheikh Zayed Housing Programme, in coordination with the Ministry of Foreign Affairs and the UAE Embassy in Nairobi, for their outstanding efforts over the past three and a half years, which began with the candidacy file and culminated in successfully securing international support for key UN-Habitat leadership positions. He added, 'We are fully geared to enhance cooperation with member states and share the UAE's pioneering experience in building integrated urban communities characterised by diversity and innovation, in line with our leadership's vision for achieving sustainable development.' He further noted that the UAE's presidency of the UN-Habitat General Assembly will bolster its status as an influential international partner in shaping future urban policies and support the country's drive to maintain momentum in sustainable development efforts both regionally and globally. (ANI/WAM)
Dubai Eye
3 days ago
- Politics
- Dubai Eye
UAE secures presidency of UN-Habitat General Assembly
The UAE has achieved a new diplomatic milestone by winning the presidency of the General Assembly of the United Nations Human Settlements Programme (UN-Habitat) for the first time and securing membership in its Executive Board. The UN-Habitat General Assembly, composed of 193 member states, is the programme's highest decision-making body. It is responsible for guiding global policies aimed at improving living conditions in cities and enhancing the quality of life in urban communities. Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, expressed his pride and honour in this international achievement. He emphasised that the UAE's election as President of the UN-Habitat General Assembly is a recognition of its significant efforts, guided by the vision of its wise leadership, in establishing the nation as a comprehensive model for adequate housing and sustainable urban environments. Al Mazrouei said, 'This remarkable achievement reflects the vision and directives of the UAE's wise leadership, which has made housing and urban development a strategic priority, recognising it as a fundamental pillar for social stability and quality of life. The leadership has directed efforts toward providing an integrated housing environment that ensures well-being and dignity for all citizens and residents. It has also launched numerous national initiatives and programs that have contributed to developing a modern housing system and offering innovative and sustainable solutions to meet the needs of various segments of society.' He added, 'The Sheikh Zayed Housing Programme stands as a prominent example of this integrated national vision. Since its establishment in 1999, the programme has successfully enhanced family stability, met the demand for government housing, and provided decent housing for Emirati citizens. Through this victory, the UAE reaffirms its commitment to continue contributing to global housing and urban planning efforts. The country will work to deepen cooperation with all 193 member states of the General Assembly, with the goal of developing sustainable, inclusive cities that are capable of meeting future challenges.' He affirmed that the UAE will leverage this leadership role to support the implementation of Goal 11 of the United Nations Sustainable Development Goals, which focuses on 'making cities and human settlements inclusive, safe, resilient, and sustainable.' He also pointed out that the joint presidency with Malaysia and membership in the UN-Habitat Executive Board will open new avenues for strengthening dialogue among member states and for exchanging the best international experiences and practices. He stressed that the UAE will lead joint efforts to promote innovation in urban housing and to present pioneering models for addressing the challenges of rapid urban growth and climate change. The Minister continued, 'We will continue working with member states, civil society organisations, and the private sector to develop clear visions and innovative action plans that meet the needs of global communities and provide adequate and safe housing for all people. We consider this responsibility a great honour and an opportunity to further enhance the UAE's international record.' He added, 'We will work hand in hand with all international partners to embed the principles of sustainable urban development and lead global efforts toward urban transformation, aiming to create a more inclusive, equitable, and sustainable living environment for all.' For his part, Eng Mohamed Al Mansouri, Director-General of Sheikh Zayed Housing Programme, said, 'This achievement is a true reflection of the UAE's dedicated efforts in developing a sustainable and smart urban housing system. The Sheikh Zayed Housing Programme remains one of the most vital national pillars that has strengthened the UAE's global standing in this field by offering innovative housing solutions that meet the highest standards of quality and environmental and social sustainability.' Al Mansouri also extended his appreciation to the national team from the Sheikh Zayed Housing Programme, in coordination with the Ministry of Foreign Affairs and the UAE Embassy in Nairobi, for their outstanding efforts over the past three and a half years, which began with the candidacy file and culminated in successfully securing international support for key UN-Habitat leadership positions. He added, 'We are fully geared to enhance cooperation with member states and share the UAE's pioneering experience in building integrated urban communities characterised by diversity and innovation, in line with our leadership's vision for achieving sustainable development.' He further noted that the UAE's presidency of the UN-Habitat General Assembly will bolster its status as an influential international partner in shaping future urban policies and support the country's drive to maintain momentum in sustainable development efforts both regionally and globally.
