The UAE will extend its voluntary cut of 144,000 barrels per day until the end of December 2024.
It is a precautionary measure, in coordination with the countries participating in the OPEC+ agreement, which had previously announced voluntary cuts in April.
OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices.
A surprise decision to cut supply in April briefly sent international benchmark Brent crude LCOc1 around $9 higher, but prices have since retreated under pressure from concerns about the weakness of the global economy and its impact on demand.
OPEC+ has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand, including 2 million bpd agreed last year and voluntary cuts of 1.66 million bpd agreed in April.
Those cuts were valid until the end of 2023 and on Sunday OPEC+, in a broader deal on output policy agreed after seven hours of talks, said it would extend them until the end of 2024.
After 55 years in the travel retail industry and 41 at the helm of Dubai Duty Free (DDF), Colm McLoughlin, Executive Vice Chairman & CEO has announced that he is stepping down from his role on May 31, 2024.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority (DCAA), Chairman of Dubai Airports, and Chairman and Chief Executive of Emirates Airline and Group, says he expects passenger traffic at Dubai International Airport to exceed 90 million by the end of this year.
Apple on Tuesday introduced a new chip called the M4 that it said would outclass personal computers designed for artificial intelligence - but put the new chip in an iPad Pro model rather than a laptop.