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

  • Asian shares meander as central banks keep monetary policy steady

    Economic CTV News
    TOKYO - Asian shares were mixed Friday in muted trading after the European Central Bank announced no changes to its stimulus policies. KEEPING SCORE: Japan's benchmark Nikkei 225 slipped 0.2 per cent to 20,109.57 while Australia's S&P/ASX 200 lost 0.2 per cent to 5,750.70. Source
  • First Nation opposes proposed powerline project in New Hampshire

    Economic CTV News
    CONCORD, N.H. -- Supporters of a controversial project that would bring Canadian hydro power to markets in southern New England like to talk about how this would use much cleaner energy than the coal-fired power plants that once dominated the region. Source
  • NEB to reconsider B.C. natural gas pipeline jurisdiction: judge rules

    Economic CTV News
    VANCOUVER -- A Federal Court of Appeal judge has ruled the National Energy Board must reconsider whether a proposed TransCanada Corp. (TSX:TRP) natural gas pipeline in B.C. falls under provincial or federal jurisdiction. "The board did not ask itself whether an arguable case for federal jurisdiction had been made out," wrote judge Donald J. Source
  • U.S. says ban on laptops in airplane cabins has been lifted

    Economic CTV News
    DALLAS -- The ban on laptops in the cabins of planes flying from the Middle East to the U.S. is over, as federal officials say that large airports in the region have taken other steps to increase security. Source
  • McDonald's adds Big Mac onesie, sweats to items it delivers

    Economic CTV News
    OAK BROOK, Ill. -- With McDonald's now offering a delivery service, the fast food giant is looking to make customers comfortable eating at home with a new clothing line that includes an adult-size Big Mac onesie. Source
  • Observers temper expectations for Sears liquidation deals

    Economic CTV News
    TORONTO -- Dozens of Sears stores slated for closure begin liquidation sales Friday, but bargain hunters would be wise to temper their expectations, say industry experts. Eager to avoid bankruptcy, the one-time retail giant is counting on hordes of shoppers to scoop up discounted merchandise, fixtures and equipment as soon as possible. Source
  • Price shock: Fraser report shows Ontario hydro prices surging at twice national average

    Economic CTV News
    Ontario energy prices have skyrocketed significantly higher and faster than the rest of the country over the last nine years, with Torontonians paying twice the national average, according to a report from the right-leaning Fraser Institute. Source
  • Exxon Mobil fined $2M US for Tillerson-era breach of Russia sanctions

    Economic CBC News
    The Treasury Department hit Exxon Mobil Corp. with a $2 million fine Thursday for violating Russia sanctions while Secretary of State Rex Tillerson was the oil company's CEO. Treasury said in a statement that Exxon under Tillerson's leadership had shown "reckless disregard" for sanctions that the Obama administration imposed on Russian entities in 2014 over Russia's annexation of Crimea. Source
  • Rogers Q2 net income rises 35%, beats analyst estimate

    Economic CBC News
    Rogers Communications reported a 35 per cent increase in second-quarter net income on Thursday, beating analyst estimates with an especially strong performance from its key wireless division. It's the first financial report issued by the Toronto-based telecommunications and media company on Joe Natale's watch since he became its CEO in April. Source
  • Supreme Court won't hear appeal from former Nortel employee over benefits

    Economic CTV News
    OTTAWA -- The Supreme Court won't hear an appeal from a former Nortel employee who claimed her charter rights were violated over the issue of disability payments. The employee had argued that the 2015 agreement reached on how disability benefits would be paid out in the wake of Nortel's bankruptcy was unfair and unreasonable. Source