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Opec and its allies rule out output hike at Algiers meet

Opec and no-Opec members including Russia have decided there will be not be any additional increase in supply to offset falling Iranian oil exports in a rebuff to US president Donald Trump’s calls for increasing output to bring down oil prices. Ministers and officials from the Organisation of the Petroleum …

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100 million barrels per day of global oil use likely

The world’s oil consumption will top 100 million barrels per day (bpd) in the next three months, putting upward pressure on prices. But emerging market crises and trade disputes could dent this demand, the International Energy Agency (IEA) said. Paris-based IEA maintained its forecast of strong growth in demand this …

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UAE consumers become more cost-conscious

Consumers in the UAE are becoming more cost-conscious and less brand-loyal, according to a recently released survey. Shoppers in Saudi Arabia and the UAE felt that they were forced, over the last two years, to make adjustments to their spending habits, and now feel more confident about spending disposable income, …

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Bottom falls out of UAE markets

Last week the Dubai Financial Market General Index (DFMGI) fell by 172.43 or 4.76 per cent to close at 3,449.81, that’s the largest one-week decline since May 2016 and the lowest close in 18 weeks. Most issues fell as there were 34 declining and only eight that advanced, while volume …

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