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

  • Uber admits covering up 2016 hack that affected millions

    Economic CBC News
    Uber is coming clean about its coverup of a year-old hacking attack that stole personal information about more than 57 million of the beleaguered ride-hailing service's customers and drivers. The revelation Tuesday marks the latest stain on Uber's reputation. Source
  • Uber reveals coverup of hack affecting 57M riders worldwide

    Economic CTV News
    SAN FRANCISCO - Uber is coming clean about its coverup of a year-old hacking attack that stole personal information about more than 57 million of the beleaguered ride-hailing service's customers and drivers. The revelation Tuesday marks the latest stain on Uber's reputation. Source
  • Cheesecake Factory opens 1st Canadian location in Toronto

    Economic CTV News
    TORONTO - Sweet treat lovers near Toronto can now have their cheesecake and eat it too with the opening of Canada's first Cheesecake Factory location today. The U.S. restaurant chain, which serves dozens of different kinds of desserts, announced earlier this year that it would bring its restaurant to Toronto's Yorkdale Shopping Centre in the fall. Source
  • Meg Whitman steps down as HP Enterprise CEO

    Economic CBC News
    Meg Whitman is stepping down as the CEO of Hewlett Packard Enterprise. She'll be replaced by Antonio Neri, the company's president. Whitman became CEO of the former Hewlett-Packard Co. in 2011. That company split into two in 2015, with Whitman taking helm of HPE, which is focused on selling data-centre hardware and other commercial tech gear to other big organizations. Source
  • TransCanada says Keystone oil leak was a sudden, 'immediate' event

    Economic CTV News
    BRITTON, S.D. -- A TransCanada Corp. official says he believes an estimated 210,000-gallon oil leak discovered last week in South Dakota from the Keystone pipeline was a sudden and "immediate" event. The American News reports that Erik Tatarchuk, a TransCanada vice-president, said at a Marshall County Commission meeting Tuesday that it is unlikely oil leaked long enough to soak into the soil. Source
  • Canada 'prepared for the worst' amid squabbles over NAFTA, Freeland says

    Economic CBC News
    Despite making progress on "bread and butter" issues, Foreign Affairs Minister Chrystia Freeland said differences remain between Canada and the U.S. on a number of key chapters of the North American Free Trade Agreement (NAFTA). Speaking to reporters as the fifth round of negotiations concluded in Mexico City, the Toronto-area minister said "significant" sticking points include the U.S. Source
  • TTC CEO Andy Byford leaving Toronto to head up New York City Transit

    Economic CTV News
    TORONTO -- The chief executive officer of Toronto's transit agency is leaving his post to take a job as president and CEO of New York City Transit. Andy Byford -- who announced his resignation Tuesday, six years after joining the Toronto Transit Commission -- will remain on the job until Dec. Source
  • NAFTA: Deadlock on hard issues as round concludes

    Economic CTV News
    MEXICO CITY -- Another round of NAFTA talks wrapped up with all key issues still deadlocked Tuesday as negotiators prepared to leave Mexico City with a plethora of question marks lingering over the trade deal. Source
  • Shareholders urge TransCanada to back Keystone XL despite risk

    Economic CBC News
    TransCanada Corp. should push ahead with a $10-billion Keystone XL pipeline expansion after the state of Nebraska on Monday approved a route that would raise the cost of the controversial project, some shareholders said. The approval quashed the last regulatory hurdle for the nearly decade-old project, but the Nebraska Public Service Commission denied TransCanada's preferred route. Source
  • Federal agency dismisses complaint against Seabridge gold project

    Economic CTV News
    TORONTO -- Seabridge Gold Inc. (TSX:SEA) says a federal agency has dismissed a complaint by Alaskan conservationists against the company's massive KSM mining project in northern British Columbia. The Southeast Alaska Conservation Council had appealed to Canada's National Contact Point within Global Affairs Canada to look into whether the company had violated international guidelines on consultations with stakeholders, due diligence on environmental and human rights impacts, and disclosure of…