UAE energy minister refuses to discuss tentative oil cap

DUBAI, United Arab Emirates -- Dodging reporters' questions, the United Arab Emirates' energy minister refused Wednesday to discuss a proposed cap to crude oil production agreed to by four oil-producing countries the day before, raising new questions about the proposal aimed at stabilizing global prices.

See Full Article

Minister Suhail Mohamed al-Mazrouei's stance suggests regional rivalries also may be in play, as Russia and Saudi Arabia joined Qatar and Venezuela on Tuesday in agreeing to the deal if other producers go along. The surprise closed-door meeting involving the four countries in the Qatari capital, Doha, apparently did not include an Emirati official.

Qatar and the Emirates, both oil and gas powerhouses in their own right, also compete with each other in the aviation industry and cultural pursuits.

Al-Mazrouei, who gave a keynote address at the 2016 CIS Global Business Forum in Dubai, mentioned low oil prices in passing in his speech. Afterward, journalists followed him outside.

"I will only talk about this conference," he said, before smiling and walking away from reporters' shouted questions.

Al-Mazrouei then entered a side room at the hotel hosting the event. Security guards later arrived to put up a golden rope to keep journalists away. He left some 15 minutes later, still trailed by shouted questions.

Later, he took to Twitter to say: "UAE oil policy is open to co-operate with all producers toward mutual interest of the market stability and we are optimistic on the future."

Whether the Doha plan is enough to put a floor under prices is uncertain. The proposal depends on co-operation from a range of producers, including Iran, which is eager to ramp up its exports now that sanctions related to its nuclear program have been lifted.

A barrel of benchmark New York crude fell 40 cents to close at $29.04 in New York on Tuesday. A barrel of Brent, the international standard, fell $1.21 to $32.18.



Advertisements

Latest Economic News

  • What makes a cyberattack? Experts lobby to restrict the term

    Economic CTV News
    LONDON -- When U.S. senator John McCain told Ukrainian television that the allegedly Russian-backed breach of the Democratic National Committee's server was "an act of war," Michael Schmitt cringed. Schmitt, a professor of law at the U.S. Source
  • CEO of International Air Transport Association criticizes electronics device ban

    Economic CTV News
    MONTREAL -- The head of the International Air Transport Association says it's difficult to understand how banning electronic devices in carry-on baggage on flights will improve security. In a prepared text of a speech Tuesday, IATA CEO Alexandre de Juniac called on governments to work with the transport industry to ensure passengers aren't separated from their laptops, tablets and other devices. Source
  • Former Valeant CEO suing company over unpaid shares

    Economic CBC News
    Former Valeant Pharmaceuticals CEO Michael Pearson is suing his former employer for breach of contract for failing to deliver more than three million shares and consulting fees. In a lawsuit filed Monday in the U.S., Pearson alleges that Valeant breached his separation agreement by refusing to hand over 580,676 restricted share units and about 2.4 million performance share awards he was granted. Source
  • Cruise line stops port calls at Mexican resort of Acapulco

    Economic CTV News
    MEXICO CITY - The U.S. cruise ship line Holland America says it has halted port calls at Mexico's troubled resort city of Acapulco and will sail to other destinations in the country "due to recent security concerns. Source
  • Home Capital shares dive after company terminates CEO

    Economic CBC News
    Shares of Home Capital Group Inc. traded down more than seven per cent on the TSX on Tuesday, a day after the company said it had terminated its top executive. Home Capital announced Monday after stock markets had closed that that Martin Reid, its president and CEO, was out, effective immediately. Source
  • Elon Musk's latest venture: Brain-computer interfaces

    Economic CTV News
    NEW YORK -- Tech billionaire Elon Musk is announcing a new venture called Neuralink focused on linking brains to computers. The company plans to develop brain implants that can treat neural disorders and may one day be powerful enough to put humanity on a more even footing with future superintelligent computers, according to a Wall Street Journal report citing unnamed sources. Source
  • Former Valeant CEO Michael Pearson sues for breach of contract

    Economic CTV News
    MONTREAL -- Former Valeant Pharmaceuticals CEO Michael Pearson is suing his former employer for breach of contract for failing to deliver more than three million shares and consulting fees. In a lawsuit filed Monday in the U.S. Source
  • Ford investing $1.2B in 3 Michigan plants, adding 130 jobs

    Economic CTV News
    DETROIT -- Ford Motor Co. is investing US$1.2 billion in three Michigan facilities, including an engine plant where it plans to add 130 jobs. U.S. President Donald Trump applauded the move in an early morning tweet. Source
  • Purolator stops accepting new shipments as strike deadline nears

    Economic CTV News
    TORONTO - Purolator stopped accepting shipments today ahead of a strike deadline this afternoon issued by the union representing some of the courier's employees. Teamsters Canada issued the 72-hour strike notice Sunday after its members voted to reject Purolator's final offer. Source
  • Uber pulls out of Denmark citing tougher cab standards

    Economic CTV News
    COPENHAGEN -- The Danish branch of the ride-sharing service Uber said Tuesday it is shutting down its services in Denmark due to a proposed law that toughens standards for cabs. Uber's spokesman in Denmark, Kristian Agerbo, said Uber which has been in Denmark since 2014, "must take the consequence" of the proposal demanding cabs and cars for hire must have seat occupancy sensors and meters. Source