#UAE Economy Starting to Recover From Lower Oil, IMF Says - Bloomberg

U.A.E. Economy Starting to Recover From Lower Oil, IMF Says - Bloomberg:

Growth in the United Arab Emirates’ economy will accelerate to 3.7 percent in the coming year, from 2.9 percent in 2018, as it starts to recover from the slowdown caused by the oil-price slump, the International Monetary Fund said.

Higher oil prices and OPEC’s decision to raise output had been a boost for the oil sector, while non-oil growth is estimated to rise to 3.9 percent this year and 4.2 percent in 2020, the IMF said at the end of a country consultation.

“Inflation is expected to remain low, notwithstanding the introduction of the value-added tax earlier in 2018. Although nonperforming loans rose during the slowdown, banks remain liquid and well capitalized,” the Washington-based lender said.

#UAE's ADNOC awards Occidental Petroleum onshore exploration block | Reuters

UAE's ADNOC awards Occidental Petroleum onshore exploration block | Reuters:

Abu Dhabi National Oil Co. (ADNOC) said on Saturday it awarded the U.S.-based Occidental Petroleum an onshore block, known as Onshore Block 3.

Occidental will have a 35-year concession and invest $244 million during the exploration phase of the block, which covers an area of 5,782 square kilometres in al-Dhafrah region in the emirate of Abu Dhabi.

Russian oil output down in January, misses global deal target | Reuters

Russian oil output down in January, misses global deal target | Reuters:

Russian oil output declined to 11.38 million barrels per day (bpd) in January, or by around 35,000 bpd from the October 2018 level, the baseline for the global oil accord, missing the deal’s target, Energy Ministry data showed on Saturday.

This was down from 11.45 million bpd in December, a record monthly high. In tonnes, oil output reached 48.113 million versus 48.442 million in December.

Russian oil pipeline exports in January fell to 4.313 million bpd from 4.496 million bpd in December.