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☆ JPMorgan’s calls for a reality check on energy transition are sensible, UAE energy minister says
▼ + stars: | 2024-04-29 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

JPMorgan's calls for a "reality check" on the world's energy transition goals and pathway is a "sensible," the UAE's energy minister told CNBC. "We need always, whenever we put up predictions, especially long term ones, to have a reality check," Suhail Al Mazrouei told CNBC's Dan Murphy in Riyadh, Saudi Arabia on the sidelines of the World Economic Forum. In a recent note to client, JPMorgan warned that the world needed a "reality check" on its efforts to move from fossil fuels to renewables, pointing out that it could take "generations" to reach net-zero targets. "I think it's a very sensible article," said Al Mazrouei. The minister, however, highlighted that the circumstances and financial capabilities of each country on undertaking the energy transition goals will vary.

Persons: Al Mazrouei, CNBC's Dan Murphy Organizations: CNBC, Economic, JPMorgan Locations: Riyadh, Saudi Arabia, Ukraine

☆ UAE energy minister on JPMorgan urging the need for a 'reality check' on the energy transition
▼ + stars: | 2024-04-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUAE energy minister on JPMorgan urging the need for a 'reality check' on the energy transitionSuhail Al Mazrouei, the UAE energy minister, comments on JPMorgan calling for a “reality check” on the energy transition.

Persons: Al Mazrouei Organizations: UAE, JPMorgan Locations: UAE

☆ The man who led Google Photos to 1 billion users is now the newest group partner at Y Combinator
▼ + stars: | 2024-04-18 | by ( Melia Russell | ) www.businessinsider.com time to read: +7 min

Lieb, having a background in semiconductors and not server management, reached out to his fellow Y Combinator founders for support. After a year and a half of advising at the accelerator, he's stepping up as a group partner, Y Combinator tells Business Insider exclusively. It was never released, but many of the ideas would later come back in the form of Google Photos. From there, he reached into the Y Combinator alumni network to find other promising upstarts. David Lieb, second from left, speaks to a group of Y Combinator founders.

Persons: David Lieb, Lieb, Alex Polvi, Combinator —, Garry Tan, Jared Friedman, Harj Taggar, Michael Seibel, Sam Altman, it's, Y Combinator, " Lieb, Dan Lieb, Y, Xoogler, Patrick, John Collison's, Mixpanel, Jake Mintz, Forbes, Kevin Systrom, Flock, Andy Huibers, Mary, 72m2YgJZq8 — David Lieb, Ryan Peterson, He's Organizations: Apple, Business, Investors, Google Locations: Cloudkick, San Francisco, Silicon Valley, Flexport

☆ Middle East Crisis Amid Fears of Expanded War, U.S. Renews Push for Hostage and Cease-Fire Deal
▼ + stars: | 2024-04-06 | by ( Peter Baker | ) www.nytimes.com time to read: +4 min

Since the start of the war in Gaza in October, the aid group said, it had delivered more than 43 million meals there. Mr. Al-Asaad knows many people relied on meals from World Central Kitchen, which often consisted of rice and beans and sometimes meat or chicken. His family rarely got the meals “because the demand was more than the supply,” Mr. Al-Asaad said in an interview on Friday. “Eggs cost more than gold,” Mr. Al-Asaad, 45, wrote in the caption. The World Food Program, an arm of the United Nations, says that famine is imminent in northern Gaza.

Persons: Suhail Al, Asaad, José Andrés, Mr, Biden, Israel, ”, Mohammad al, Masri, doesn’t Organizations: Mr, Food Program, United Nations, World Health Organization Locations: Gaza City, Rafah, Gaza, WhatsApp

☆ Gazans Describe Search for Food and Wonder If It Will Get Worse
▼ + stars: | 2024-04-05 | by ( Raja Abdulrahim | ) www.nytimes.com time to read: +1 min

Mr. Al-Asaad and his family, like so many others, were displaced from their home by Israel’s intense bombardment and invasion and now sleep in a tent in Rafah, in the southern Gaza Strip. He spends his days struggling to find food for himself, his wife, their three children and his sick mother. Since the start of the war in Gaza in October, the aid group said, it had delivered more than 43 million meals there. Mr. Al-Asaad knows many people relied on meals from World Central Kitchen, which often consisted of rice and beans and sometimes meat or chicken. His family rarely got the meals “because the demand was more than the supply,” Mr. Al-Asaad said in an interview on Friday.

Persons: Suhail Al, Asaad, José Andrés, Mr Locations: Gaza City, Rafah, Gaza

☆ The Rainmakers: These 20 bankers rode a choppy deals market to top the M&A charts in 2023
▼ + stars: | 2024-02-21 | by ( Alex Morrell | Reed Alexander | ) www.businessinsider.com time to read: +4 min

In 2023, the overall value of M&A transactions dipped globally to $2.9 trillion across 53,529 deals, down from $3.4 trillion across 57,830 transactions in 2022. Business Insider partnered with MergerLinks , a financial-data service that tracks deals, to present the fifth edition of "The Rainmakers," the 20 M&A bankers who orchestrated the largest deals in North America. MergerLinks tracks publicly announced deals and calculates deal values on a net basis, including both equity and debt pieces. This year’s list has a mix of returnees and first-timers and was dominated by energy bankers, including Goldman’s Sikhtian and Morgan Stanley’s Hoover. Nearly half of the bankers on this year's list worked on energy deals.

Persons: —, Scott Sheffield, Goldman Sachs, Suhail Sikhtian, Morgan Stanley, Greg Weinberger, Aaron Hoover —, Patrick Ramsey, Claudio Sauer, Hess, Goldman’s Sikhtian, Morgan Stanley’s Hoover Organizations: Service, Pioneer Natural Resources, ExxonMobil, Sheffield, Pioneer, Exxon, Business, Centerview Partners, LSEG, MergerLinks, Chevron, Centerview, Health Partners, Pfizer, & $ Locations: Sheffield, Texas, North America

☆ Ex-Goldman Sachs analyst found guilty of insider dealing
▼ + stars: | 2024-02-15 | by ( ) edition.cnn.com time to read: +2 min

London — A former Goldman Sachs analyst was convicted Thursday of using inside information to buy shares in listed companies and make more than 140,000 pounds ($175,650). Mohammed Zina, 35, was employed by Goldman Sachs International, a subsidiary of the bank, in London. A Goldman Sachs spokesperson said: “Mohammed Zina betrayed the trust we placed in him, and his misuse of client information was in direct contradiction of our values. Prosecutor Peter Carter told jurors at the start of the trial that Mohammed Zina had used “private, confidential, price-sensitive information” to invest on the stock exchange. He said the internal policies of Goldman Sachs strictly forbid any use of confidential information acquired by the investment bank or its employees.

Persons: Goldman Sachs, Mohammed Zina, SoftBank, Zina, “ Mohammed Zina, Steve Smart, Suhail Zina, Clifford Chance, Peter Carter Organizations: London, Goldman, Goldman Sachs International, Prosecutors, Tesco Bank, UK Financial, Authority, Southwark Crown Locations: London, British, Southwark

☆ Relatives Recount Gaza Deaths as Protesters in Washington Demand Ceasefire
▼ + stars: | 2024-01-13 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +4 min

Adam Abosherieah, one of the speakers, said over 100 family members, including his 83-year-old father, mother, and brother, have been killed in Israeli air strikes. "Dozens of my family members' bodies are still under the rubble," Abosherieah, a pharmacist from New Jersey, said. Washington and Israel have also argued a ceasefire will benefit Hamas and have resisted such calls. On Saturday, protesters came to Washington from different parts of the country and echoed concerns about Biden's military support for Israel. Though long a fervent supporter of Israel, Biden has expressed concern over civilian deaths as the war has gone on.

Persons: Michael Martina, Ismail Shakil, Joe Biden, Israel, Adam Abosherieah, Biden, Randa Muhtaseb, Alaa Hussein Ali, Suhail Mustafa, Mohammed Kaiseruddin, ” “, ”, Kaiseruddin, “, Judy Johnson, Donald Trump, Johnson, Marguerita Choy Organizations: U.S, Hamas, Israel, International Court of Justice, U.S . Capitol, West Bank, Democratic Party, Republican, Trump Locations: Ismail Shakil WASHINGTON, Gaza, Washington, U.S, Israel, Palestine, New Jersey, Palestinian, Gaza . South Africa, New York City, Los Angeles, Cleveland, Chicago, Ottawa

☆ Goldman Sachs analyst used inside information for profit, London court told
▼ + stars: | 2023-11-30 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

LONDON, Nov 30 (Reuters) - A former Goldman Sachs (GS.N) analyst used confidential information to make more than 140,000 pounds ($176,800) from shares in listed companies, prosecutors told a London court on Thursday. Prosecutor Peter Carter said the brothers "used information which they should not have used – because it was private, confidential, price-sensitive information – to gamble effectively, to invest on the stock exchange". He told the jury that Goldman Sachs' internal policies strictly forbid any use of confidential information acquired by the investment bank or its employees. "To breach a confidence or to use confidential information improperly or carelessly would be unthinkable," the policy says. Carter said the policy was clear that employees are not allowed to use confidential information "other than for your work at (Goldman Sachs) and nothing else".

Persons: Goldman Sachs, Mohammed Zina, Zina, Suhail Zina, Clifford Chance, Mohammed, Peter Carter, Carter, Sam Tobin, Bill Berkrot Organizations: Goldman, Goldman Sachs International, Arm Holdings, Southwark Crown, Tesco Bank, Thomson Locations: London, Southwark

☆ In Canada, a Judge Sentences an Incel Killer as a Terrorist
▼ + stars: | 2023-11-28 | by ( Vjosa Isai | More About Vjosa Isai | ) www.nytimes.com time to read: 1 min

The sword was inscribed with a sexist epithet and a note promoting an ideology of violence against women was found in the teenager’s pocket. With the evidence stacked against him, he pleaded guilty to murder and attempted murder. But a Canadian judge ruled that the attacks were acts of terrorism, in part because the teenager wanted to send a message that he hated women. On Tuesday, the judge, Justice Suhail Akhtar, sentenced the teenager — who was 17 at the time of the attack — to life in prison though he would be eligible for parole after 10 years. Under Canadian juvenile justice law, his name cannot be published.

Persons: Justice Suhail Akhtar, — Locations: Toronto

On Monday, rocket-warning sirens sounded in several towns in southern Israel, the Israeli military said. Authorities in Gaza said at least 2,750 people had so far been killed by the Israeli strikes, a quarter of them children, and nearly 10,000 wounded. But Israeli Prime Minister Benjamin Netanyahu's office said in a statement: "There is currently no truce and humanitarian aid in Gaza in exchange for getting foreigners out." Hamas has told people to ignore Israel's message and residents fear Israeli air strikes in southern Gaza too. In southern Gaza, five members a family were killed in Khan Younis refugee camp.

Persons: Daniel Hagari, Israel, Benjamin Netanyahu's, Izzat El Reshiq, Sameh Shoukry, Lisi Niesner, Joe Biden, Gazans, Khan, Suhail Baker, Baker, Abu Ahmed, Antony Blinken, Issam Abdallah, Nidal al, Ari Rabinovitch, Dan Williams, Henriette Chacar, Dedi, Maayan Lubell, Emily Rose, James Mackenzie, John Davison, Parisa, Humeyra Pamuk, Hatem Maher, Ahmed Tolba, Omar Abdel, Nandita Bose, Rami Ayyub, Katharine Jackson, Michelle Nichols, Angus MacSwan, Miral Fahmy, Philippa Fletcher Organizations: Hamas, Authorities, Reuters, United, Palestinian, REUTERS, Washington, U.S, Ambulance Service, United Nations, ISRAEL U.S, Sunday, Thomson Locations: Israel, Gaza Gaza, GAZA, JERUSALEM, CAIRO, Gaza, Hamas, Egypt, Rafah, United States, U.S, Lebanon, Al, Quds, Gaza City, Khan Younis, BLINKEN, ISRAEL, Iran, American, Iranian, Jerusalem, Dubai, Razek, Cairo, Washington

Energy ministers from Saudi Arabia, the United Arab Emirates and Iraq, the three largest members of the Organization of Petroleum Exporting Countries (OPEC), have gathered in the Saudi capital Riyadh for the U.N. MENA climate week. The UAE will host the COP28 climate summit scheduled to take place in Dubai between Nov. 30 and Dec. 12. He has argued for a more inclusive COP that brings the oil and gas industry into the climate debate and allows it to be part of the solution through decarbonisation initiatives. Saudi Energy Minister Prince Abdulaziz bin Salman also said the industry should not be stigmatised and the world still needed hydrocarbons. "There is a case for us to be in oil and gas," he told the audience.

Persons: Sultan Ahmed Al Jaber, Luiz Inacio Lula da Silva, Ueslei Marcelino, Jaber, Suhail, Mazrouei, Sultan al, Prince Abdulaziz bin Salman, Aziz El Yaakoubi, Pesha Majid, Maha El, Toby Chopra, Barbara Lewis Organizations: UAE Industry, Amazon, REUTERS, UAE, Energy, United Arab, Organization of Petroleum Exporting, UAE Energy, Saudi Energy, Thomson Locations: Hangar, Belem , Para State, Brazil, RIYADH, Saudi Arabia, United Arab Emirates, Iraq, Saudi, Riyadh, UAE, Dubai, OPEC, COP28

☆ Afghan earthquakes kill 2,445, Taliban say, as death toll mounts
▼ + stars: | 2023-10-08 | by ( ) www.cnbc.com time to read: +3 min

More than 2,400 people were killed in earthquakes in Afghanistan, the Taliban administration said on Sunday, in the deadliest tremors to rock the quake-prone mountainous country in years. They were among the world's deadliest quakes this year, after tremors in Turkey and Syria killed an estimated 50,000 in February. Afghan residents sit at a damaged house after earthquake in Sarbuland village of Zendeh Jan, district of Herat province, on October 7, 2023. Diplomats and aid officials say concerns over Taliban restrictions on women and competing global humanitarian crises are causing donors to pull back on financial support. The Islamist government has ordered most Afghan female aid staff not to work, although with exemptions in health and education.

Persons: Janan Sayeeq, Sayeeq, Danish, Suhail Shaheen, Mohsen Karimi, Naseema Organizations: U.S . Geological Survey, Ministry, Taliban, AFP, Getty, Afp, Diplomats, International Committee Locations: Afghanistan, Herat, U.S, Turkey, Syria, Afghanistan's, Iran, Qatar, Sarbuland, Zendeh Jan, Herat province, Pakistan

☆ Afghan earthquakes kill 2,053, Taliban say, as death toll spikes
▼ + stars: | 2023-10-08 | by ( Mohammad Yunus Yawar | ) www.reuters.com time to read: +4 min

Janan Sayeeq, spokesman for the Ministry of Disasters, said 2,053 people were killed, 9,240 injured and 1,320 houses damaged or destroyed. More than 200 dead had been brought to various hospitals, said a Herat health department official who identified himself as Dr Danish, adding most of them were women and children. Beds were set up outside the main hospital in Herat to receive a flood of victims, photos on social media showed. It was not immediately clear if the Herat hospital was on that list. "While search and rescue operations remain ongoing, casualties in these areas have not yet been fully identified," it said.

Persons: Janan Sayeeq, Sayeeq, Danish, Suhail Shaheen, Naseema, Mohammad Yunus Yawar, Ariba Shahid, Gibran Peshimam, William Mallard, Sanjeev Miglani Organizations: U.S . Geological Survey, Ministry, Diplomats, International Committee, Reuters, World Health Organization, WHO, Thomson Locations: KABUL, Afghanistan, Herat, U.S, Turkey, Syria, Iran, Qatar, Pakistan, Herat province, Kabul, Karachi

☆ An Asian MIT student asked AI to turn an image of her into a professional headshot. It made her white with lighter skin and blue eyes.
▼ + stars: | 2023-08-01 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

An Asian MIT student was shocked when an AI tool turned her white for a professional headshot. She said she's been put off using AI image tools for now because it didn't create usable results. A recent study showed that some AI image generators have issues with gender and racial bias. The second image showed that the AI tool had altered her features to appear more Caucasian with lighter skin and blue eyes. The researchers explained that this is because the AI tool was trained on biased data which can amplify stereotypes.

Persons: she's, Rona Wang –, –, Wang, Suhail Doshi, we're, Face, DALL, didn't Organizations: MIT, Boston Globe, Globe, Twitter Locations: American

☆ Oil rally takes a breather ahead of Fed, ECB rate hikes
▼ + stars: | 2023-07-24 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, July 24 (Reuters) - Oil prices eased on Monday as traders await more rate hike cues from U.S. and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel. Fighting also escalated last week in Ukraine after Russia withdrew from a U.N.-brokered safe sea corridor agreement for grains exports. Investors have priced in quarter-point hikes from the Federal Reserve and European Central Bank this week so the focus will be on what Fed Chair Jerome Powell and ECB President Christine Lagarde say about future rate hikes. Market participants also expect Beijing to implement targeted stimulus measures to support its flagging economy, likely boosting oil demand in the world's No. Last week, U.S. energy firms made their deepest oil rig cut since early June, with operating units down by seven to 530, energy services firm Baker Hughes said on Friday.

Persons: Brent, Jerome Powell, Christine Lagarde, Suhail, Mazrouei, Baker Hughes, Florence Tan, Tom Hogue Organizations: Brent, . West Texas, National Australian Bank, Federal Reserve, European Central Bank, United Arab Emirates Energy, Thomson Locations: SINGAPORE, Ukraine, Russia, China, Beijing

☆ Oil rally takes a breather ahead of Fed and European Central Bank rate hikes
▼ + stars: | 2023-07-24 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased on Monday as traders await more rate hike cues from U.S. and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel. Fighting also escalated last week in Ukraine after Russia withdrew from a U.N.-brokered safe sea corridor agreement for grains exports. Investors have priced in quarter-point hikes from the Federal Reserve and European Central Bank this week so the focus will be on what Fed Chair Jerome Powell and ECB President Christine Lagarde say about future rate hikes. Market participants also expect Beijing to implement targeted stimulus measures to support its flagging economy, likely boosting oil demand in the world's No. Last week, U.S. energy firms made their deepest oil rig cut since early June, with operating units down by seven to 530, energy services firm Baker Hughes said on Friday.

Persons: Brent, Jerome Powell, Christine Lagarde, Suhail, Mazrouei, Baker Hughes Organizations: Brent, . West Texas, National Australian Bank, Federal Reserve, European Central Bank, United Arab Emirates Energy Locations: Ukraine, Russia, China, Beijing

"The oil market is starting to slowly price in a looming supply crunch," Price Futures Group analyst Phil Flynn said. "Global supplies are starting to tighten and that could accelerate dramatically in the coming weeks. A shutdown of the grain corridor could hit supplies of ethanol and biofuels that are blended with oil products at a time that global grain markets are already tightening, which would lead to refiners using more crude oil, Flynn said. Meanwhile, U.S. energy firms this week reduced the number of oil rigs by seven, their biggest cut since early June, energy services firm Baker Hughes said. At 530, the U.S. oil rig count, an early indicator of future output, is at its lowest since March 2022.

Persons: WTI, Phil Flynn, Flynn, Baker Hughes, Suhail, Mazrouei, Rob Haworth, Shariq Khan, Natalie Grover, Arathy, Andrew Hayley, Marguerita Choy, David Holmes Organizations: Brent, U.S . West Texas, Futures, Energy Information Administration, EIA, UAE Energy, Reuters, P, U.S, Bank Asset Management, Thomson Locations: Russia, Ukraine, China BENGALURU, U.S, Bengaluru, London, Houston, Beijing

Brent crude futures rose $1.43, or 1.8%, to settle at $81.07 a barrel. U.S. West Texas Intermediate crude futures rose $1.42, or 1.9%, to settle at $77.07 a barrel, the highest since April 25. "The oil market is starting to slowly price in a looming supply crunch as it is on track for its fourth week of price gains," Price Futures Group analyst Phil Flynn said. In the U.S., crude inventories (USOILC=ECI) have fallen, amid a jump in crude exports and higher refinery utilisation, the Energy Information Administration (EIA) said on Wednesday. Data from the world's second-biggest oil consumer suggests the government's 5% annual growth target will be missed.

Persons: Brent, Phil Flynn, Flynn, Suhail, Mazrouei, Jay Hatfield, Rob Haworth, Shariq Khan, Natalie Grover, Arathy, Andrew Hayley, Marguerita Choy, David Holmes Organizations: Friday, Brent, . West Texas, Futures, Energy Information Administration, EIA, UAE Energy, Reuters, Infrastructure Capital Management, P, U.S, Bank Asset Management, Thomson Locations: Russia, Ukraine, China BENGALURU, U.S, China, Bengaluru, London, Houston, Beijing

Brent crude futures rose 90 cents, or 1.1%, to $80.54 a barrel by 11:36 a.m. EDT [1536 GMT]. U.S. West Texas Intermediate futures rose 97 cents, or 1.3%, to $76.62 a barrel. "The oil market is starting to slowly price in a looming supply crunch as it is on track for its fourth week of price gains," said Price Futures Group analyst Phil Flynn. "Global supplies are starting to tighten and that could accelerate dramatically in the coming weeks. Data from the world's second-biggest oil consumer suggests the government's 5% annual growth target will be missed.

Persons: Phil Flynn, Flynn, Suhail, Mazrouei, Jay Hatfield, Shariq Khan, Natalie Grover, Arathy, Andrew Hayley, Conor Humphries, David Holmes Organizations: Brent, . West Texas, Futures, UN, Energy Information Administration, UAE Energy, Reuters, Infrastructure Capital Management, Thomson Locations: Russia, Ukraine, China BENGALURU, U.S, China, Bengaluru, London, Houston, Beijing

☆ UAE says current OPEC+ actions sufficient for now
▼ + stars: | 2023-07-21 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

GOA, India, July 21 (Reuters) - Current actions by OPEC+ to support the oil market are sufficient for now, UAE Energy Minister Suhail al-Mazrouei said on Friday, and the group is "only a phone call away" if any further steps are needed. "What we are doing is sufficient as we say today," the UAE minister told Reuters in Goa, India, where he is attending G20 energy ministerial meetings. The next OPEC+ policy meeting is not until November, although a panel of key ministers, the Joint Ministerial Monitoring Committee, holds an online meeting on Aug. 4 to review the market. The UAE minister said he was not worried about oil demand and described limited investment as the "biggest challenge." The UAE is among the few OPEC members with sizeable unused oil production capacity.

Persons: Suhail, Mazrouei, Nidhi Verma, Alex Lawler, Jason Neely, Louise Heavens, Conor Humphries, Paul Simao Organizations: UAE Energy, Organization of, Petroleum, Brent, Thomson Locations: GOA, India, OPEC, Russia, UAE, Goa, Saudi Arabia, China

☆ UAE plans to triple its solar capacity before 2030: Minister Suhail Al Mazrouei
▼ + stars: | 2023-07-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUAE plans to triple its solar capacity before 2030: Minister Suhail Al MazroueiThe UAE plans to triple its solar capacity before 2030. Energy and Infrastructure Minister Suhail Al Mazrouei tells CNBC’s Dan Murphy after the country announced its plans to invest $54 billion in a net-zero push.

Persons: Suhail Al, Suhail Al Mazrouei, CNBC’s Dan Murphy Organizations: UAE, Energy, Infrastructure Locations: Suhail Al Mazrouei, UAE

☆ 'We need to be practical,' UAE energy minister says ahead of COP28
▼ + stars: | 2023-07-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'We need to be practical,' UAE energy minister says ahead of COP28“We need to be practical,” UAE’s Minister for Energy and Infrastructure Suhail Al Mazrouei tells CNBC’s Dan Murphy ahead of the COP28 climate summit.

Persons: Al Mazrouei, CNBC’s Dan Murphy Organizations: Energy, Infrastructure Locations: UAE, COP28

Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. OPEC says it does not have a price target and is seeking to have a balanced oil market to meet the interests of both consumers and producers. But Riyadh has repeatedly rebuffed U.S. calls and Prince Abdulaziz said on Wednesday that new joint oil output cuts agreed by Russia and Saudi Arabia this week have again proven sceptics wrong. ENOUGH FOR NOWThe International Energy Agency has said it expects the oil market to tighten in the second half of 2023, partly because of OPEC+ cuts. Additional oil cuts should be enough to help balance the oil market, United Arab Emirates' energy minister Suhail Al Mazrouei told reporters on Wednesday.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Morgan Stanley, Suhail Al Mazrouei, Mazrouei, Dmitry Zhdannikov, Louise Heavens, Jason Neely, Jan Harvey Organizations: Saudi, Saudi Energy, Wednesday, of, Petroleum, Brent, OPEC, Reuters, Bloomberg, Wall Street, International Energy Agency, United, Thomson Locations: Russia, Saudi Arabia, Russia VIENNA, Saudi, OPEC, United States, Ukraine, Riyadh, United Arab Emirates, UAE

☆ 'What worries me is the medium to long-term supply, not the demand,' UAE energy minister says
▼ + stars: | 2023-07-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'What worries me is the medium to long-term supply, not the demand,' UAE energy minister says"What worries me is the medium to long term supply, not the demand," UAE Energy Minister Suhail al-Mazrouei tells CNBC’s Dan Murphy.

Persons: Suhail, CNBC’s Dan Murphy Organizations: UAE Energy Locations: UAE

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