Two major state-owned oil companies from the UAE and Saudi Arabia have announced a reduction in their benchmark crude oil prices. Saudi Aramco, recognized as the world’s leading oil exporter, has lowered its crude oil prices for Asian buyers in April for the first time in three months. This decision aligns with market expectations following...
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04.03.202504.03.2025Economy
UAE Commits to Opec+ Oil Production Adjustments
The UAE has confirmed its commitment to ensuring stability in the oil market by adhering to additional voluntary production adjustments aimed at balancing supply and demand. This announcement comes as Opec+ has decided to implement a planned increase in oil output starting in April 2025. On Monday, Opec+ member countries, including Saudi Arabia, Russia, Iraq,...
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03.01.202511.01.2025Economy
Oil Prices in 2025 Predicted to Stay Around $70 Amid Supply Increase and Policy Shifts
Oil prices are expected to average between $70 and $75 per barrel in 2025, down from $80 in 2024, as analysts foresee a global supply surplus and slowing demand from major economies like China. According to The National, the International Energy Agency (IEA) predicts a significant oversupply of up to 1.4 million barrels per day...