Latest news with #Mazrouei
Gulf Today
09-07-2025
- Business
- Gulf Today
Markets thirsty for oil despite boosts in Opec+ output: UAE
Markets are thirsty for oil because they are absorbing Opec+ production increases without building inventories, United Arab Emirates Energy Minister Suhail Al Mazrouei said on Wednesday. Opec+, which pumps about half of the world's oil, has been curtailing production for several years to support the market. But it has reversed course this year to regain market share and as US President Donald Trump demanded the group pump more to help keep gasoline prices lower. Opec+ began to unwind cuts of 2.17 million barrels per day in April with a boost of 138,000 bpd. Hikes of 411,000 bpd followed each month in May, June and July. On Saturday, the group approved a 548,000-bpd jump for August. Mazrouei said he was not worried about supply overhang even after the latest production rises. 'You can see that even with the increases for several months we haven't seen a major buildup in inventories, which means the market needed those barrels,' he said. 'What we want is stability and you cannot be short-sighted just by looking at the price. We need the price to be right for investments to happen,' he said, adding that many countries with large oil reserves were still not investing enough. Mazrouei was speaking on the sidelines of a biennial Opec seminar, which brings together ministers and executives from oil majors. Opec has withheld media access to reporters from Reuters and several other news organisations to cover the seminar, reporters and several people familiar with the matter said. Saudi Energy Minister Prince Abdulaziz bin Salman spoke at the seminar about the need for a flexible energy transition guided by data and technology, including oil and gas and not at the cost of affordability, participants told Reuters. Opec+ will likely approve an increase of around 550,000 bpd for September when it convenes on August 3, sources told Reuters. That will complete the return to the market of 2.17 million bpd of voluntary cuts from eight OPEC+ members and allow the UAE to also complete an additional 300,000 bpd output jump. Opec+ still has separate cuts of 3.65 million bpd in place, consisting of 1.65 million bpd in voluntary cuts by eight members and some 2 million bpd across all members. The cuts expire at the end of 2026. Oil prices rose on Wednesday, maintaining their highest levels since June 23, lifted by attacks on shipping in the Red Sea and a forecast for lower US oil production while uncertainty over US tariffs loomed in the background. Brent crude futures gained 10 cents, or 0.1%, to $70.25 a barrel by 1057 GMT. US West Texas Intermediate crude was up 15 cents, or 0.2%, to $68.48 a barrel. After months of calm in the Red Sea, attacks in the major global shipping lane were renewed in the past week, which sources attribute to Yemen's Iran-allied Houthi militia. A mission was under way on Wednesday to rescue the crew from a cargo ship which sank in the Red Sea following an attack that killed at least four crew members. The Houthis have not claimed responsibility for the attack. Oil prices were also buoyed by an Energy Information Administration forecast on Tuesday that the US will produce less oil in 2025 than previously expected, as declining oil prices have prompted US producers to slow activity. On Tuesday, US President Donald Trump said he would announce a 50% tariff on copper, aiming to boost US production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. The announcement came as Trump delayed a deadline for some tariffs to August 1, providing some hope to major trade partners that deals to ease duties could still be reached, though that left many companies still uncertain on the path forward. While there is concern that the tariffs could curb demand for oil, more immediately there was strong travel demand during the US July 4 holiday weekend, while data also showed possible crude inventory builds in the US of around 7.1 million barrels. With the Red Sea strikes and higher US holiday fuel consumption during summer, 'the idea of ample future supply must give way to short-term considerations,' said a research note from oil broker PVM. Official inventories data from the US Energy Information Administration is scheduled for release at 1430 GMT. Opec+ oil producers were set for another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members, and the United Arab Emirates' move to a larger quota, five sources said. This followed a Saturday announcement from the group approving a 548,000 barrels per day supply increase for August. 'Oil prices have stayed surprisingly resilient in the face of accelerated Opec+ supply additions,' said DBS Bank's energy sector team lead Suvro Sarkar. Reuters
Al Etihad
30-05-2025
- Business
- Al Etihad
UAE wins presidency of General Assembly of UN-Habitat
30 May 2025 19:52 ABU DHABI (WAM)The UAE has achieved a new diplomatic milestone by winning, for the first time, the presidency of the General Assembly of the United Nations Human Settlements Programme (UN-Habitat) and securing membership in its Executive unprecedented achievement was shared with the Republic of Malaysia, following a highly competitive election during the Assembly meetings being held in Nairobi, international recognition reaffirms the UAE's leading role in supporting sustainable urban development, housing initiatives, and advancing the United Nations Sustainable Development Goals (SDGs).The UN-Habitat General Assembly, composed of 193 member states, is the programme's highest decision-making body. It is responsible for guiding global policies aimed at improving living conditions in cities and enhancing the quality of life in urban this occasion, Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, expressed his pride and honour in this international achievement, which adds to the UAE's distinguished record of emphasised that the UAE's election as President of the UN-Habitat General Assembly is a recognition of its significant efforts, guided by the vision of its wise leadership, in establishing the nation as a comprehensive model for adequate housing and sustainable urban Mazrouei said, 'This remarkable achievement reflects the vision and directives of the UAE's wise leadership, which has made housing and urban development a strategic priority, recognising it as a fundamental pillar for social stability and quality of life. The leadership has directed efforts toward providing an integrated housing environment that ensures well-being and dignity for all citizens and residents. It has also launched numerous national initiatives and programs that have contributed to developing a modern housing system and offering innovative and sustainable solutions to meet the needs of various segments of society.'He added, 'The Sheikh Zayed Housing Programme stands as a prominent example of this integrated national vision. Since its establishment in 1999, the programme has successfully enhanced family stability, met the demand for government housing, and provided decent housing for Emirati citizens. Through this victory, the UAE reaffirms its commitment to continue contributing to global housing and urban planning efforts. The country will work to deepen cooperation with all 193 member states of the General Assembly, with the goal of developing sustainable, inclusive cities that are capable of meeting future challenges.'He affirmed that the UAE will leverage this leadership role to support the implementation of Goal 11 of the United Nations Sustainable Development Goals, which focuses on 'making cities and human settlements inclusive, safe, resilient, and sustainable.'He also pointed out that the joint presidency with Malaysia and membership in the UN-Habitat Executive Board will open new avenues for strengthening dialogue among member states and for exchanging the best international experiences and practices. He stressed that the UAE will lead joint efforts to promote innovation in urban housing and to present pioneering models for addressing the challenges of rapid urban growth and climate Minister continued, 'We will continue working with member states, civil society organisations, and the private sector to develop clear visions and innovative action plans that meet the needs of global communities and provide adequate and safe housing for all people. We consider this responsibility a great honour and an opportunity to further enhance the UAE's international record.'He added, 'We will work hand in hand with all international partners to embed the principles of sustainable urban development and lead global efforts toward urban transformation, aiming to create a more inclusive, equitable, and sustainable living environment for all.'For his part, Eng Mohamed Al Mansouri, Director-General of Sheikh Zayed Housing Programme, said, 'This achievement is a true reflection of the UAE's dedicated efforts in developing a sustainable and smart urban housing system. The Sheikh Zayed Housing Programme remains one of the most vital national pillars that has strengthened the UAE's global standing in this field by offering innovative housing solutions that meet the highest standards of quality and environmental and social sustainability.'Al Mansouri also extended his appreciation to the national team from the Sheikh Zayed Housing Programme, in coordination with the Ministry of Foreign Affairs and the UAE Embassy in Nairobi, for their outstanding efforts over the past three and a half years, which began with the candidacy file and culminated in successfully securing international support for key UN-Habitat leadership added, 'We are fully geared to enhance cooperation with member states and share the UAE's pioneering experience in building integrated urban communities characterised by diversity and innovation, in line with our leadership's vision for achieving sustainable development.' He further noted that the UAE's presidency of the UN-Habitat General Assembly will bolster its status as an influential international partner in shaping future urban policies and support the country's drive to maintain momentum in sustainable development efforts both regionally and globally.
Al Etihad
11-04-2025
- Al Etihad
Dubai Police summon man for performing dangerous stunts on motorcycle at excessive speeds
11 Apr 2025 14:41 DUBAI (ALETIHAD) Dubai Police summoned a reckless young man who appeared in a viral video on social media, riding his motorcycle at dangerously high speeds. The motorist was seen recklessly overtaking vehicles and performing risky stunts, which constituted a blatant violation of traffic laws and posed a direct threat to his life and the lives of General Saif Mahir Al Mazrouei, Acting Assistant Commandant for Operations at Dubai Police, stated that a specialized team reporting dangerous violations tracked the motorist after two video clips circulated online. "In these videos, he was shown riding two different motorcycles at high speeds during separate incidents. In one clip, he dangerously weaved between vehicles. At the same time, in another, he rode without using the handlebars, reflecting a serious disregard for traffic rules and the safety of other road users," he Mazrouei mentioned that the young man tried to disguise his identity and that of the motorcycles to evade capture. "However, specialised security teams, utilising advanced technologies and their expertise, successfully identified and apprehended him," he Mazrouei also pointed out that the motorist has been referred to the relevant authorities for legal action, and the motorcycle has been impounded under Decree No. 30 of 2023 concerning vehicle impoundment, which sets the release fee for an impounded vehicle at Dh50,000. He further mentioned that such actions violate public order and demonstrate a blatant disregard for human lives. Al Mazrouei emphasized that Dubai Police takes these behaviors very seriously, especially since statistics reveal that over 80% of individuals committing such violations have been involved in serious accidents that resulted in fatalities and severe injuries. He stressed that those who ride motorcycles recklessly endanger themselves and others, facing strict legal consequences. Al Mazrouei assured the public that the police would not tolerate such violations, prioritising the safety of all road users. He urged the community to report dangerous behaviours via the "Police Eye" feature on the Dubai Police app or by calling the "We Are All Police" hotline at 901.
