Oil rallies ahead of OPEC meeting

ronniechua iStock

UAE Energy Minister Suhail Al Mazrouei is expected to play a key role at the summit.

The oil group OPEC is hosting a hotly-anticipated video meeting.

 Oil prices jumped 5% overnight as traders expect Saudi Arabia, the UAE and Russia to extend oil production cuts.

The coronavirus pandemic has battered demand for crude as countries remained under lockdown. 

Air transportation was grounded as people were urged to work from home to limit the spread of the coronavirus outbreak.

More from Business News

News

  • Light rain forecast for parts of UAE

    Weather authorities have forecasted unstable weather conditions in the UAE from November 3 to November 7, with a chance of light to moderate rainfall in some areas as the season transitions from autumn to winter.

  • Mohammed bin Rashid Al Maktoum Global Initiatives resumes food aid to Gaza

    In line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) has announced the resumption of food aid deliveries worth AED43 million to the Gaza Strip,

  • DoH launches Future Health Initiative

    Under the directives of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, Future Health – A Global Initiative by Abu Dhabi (Future Health) has been launched by the Department of Health – Abu Dhabi (DoH).