Oil rallies ahead of OPEC meeting

ronniechua iStock

UAE Energy Minister Suhail Al Mazrouei is expected to play a key role at the summit.

The oil group OPEC is hosting a hotly-anticipated video meeting.

 Oil prices jumped 5% overnight as traders expect Saudi Arabia, the UAE and Russia to extend oil production cuts.

The coronavirus pandemic has battered demand for crude as countries remained under lockdown. 

Air transportation was grounded as people were urged to work from home to limit the spread of the coronavirus outbreak.

More from Business

Coming Up on Dubai Eye

  • The Business Breakfast

    6:00am - 10:00am

    The Business Breakfast is the day’s must listen for the UAE’s business leaders, and those who aspire to be.

  • The Agenda

    10:00am - 1:00pm

    Broadcasting every weekday, Georgia Tolley goes beyond the headlines to speak to government ministers, decision makers, analysts and local experts to find out how the news will impact those of us living in the UAE.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Flying Taxis

    It sounds like an episode of The Jetsons, but the sight of flying taxis whizzing around our cities could be much closer than you think.

  • Tough penalties for deliberate tax evasion

    The UAE has said that tougher penalties will come into force from 1st August for not keeping proper corporate tax records.