OPEC+ Leans Toward Proceeding With Output Hike, Delegates Say - Bloomberg

OPEC+ Leans Toward Proceeding With Output Hike, Delegates Say - Bloomberg

OPEC+ is leaning toward reviving oil production as planned in October, according to delegates involved in the discussions.

Led by Saudi Arabia and Russia, the Organization of Petroleum Exporting Countries and its allies are due to add 180,000 barrels a day as they gradually restore output that’s been halted since 2022. For now, there aren’t any signs of postponement, several officials said, asking not to be identified because the talks are private.

OPEC+ has warned repeatedly that it could “pause or reverse” the hikes if necessary, and with prices eroded by China’s faltering economy, analysts from Citigroup Inc. to Rystad Energy predicted a delay.

Crude futures have retreated sharply during the past two months, trading below $80 a barrel Friday.

Yet a political crisis in OPEC member Libya, which has halved its output, may have given the alliance the space to move forward. Tripoli’s woes have boosted the market, offsetting concerns about China and plentiful new supplies from the US, Guyana and Brazil.

#UAE stocks mixed in quiet trade; #AbuDhabi ends losing streak | Reuters

UAE stocks mixed in quiet trade; Abu Dhabi ends losing streak | Reuters

Stock markets in the United Arab Emirates were mixed in quiet trade on Friday, as investor sentiments were subdued amid regional tensions and declining oil prices, although Abu Dhabi rebounded after four consecutive sessions of decline.

In Dubai, the main share index (.DFMGI), opens new tab fell 0.2%, with financial and property stocks leading the losses.

Dubai's largest lender Emirates NBD Bank (ENBD.DU), opens new tab dropped more than 1% and blue-chip developer Emaar Properties (EMAR.DU), opens new tab was down 0.2%.

On a monthly basis, the benchmark settled 1.3% higher in August, making it the third month in a row it has gained, with July being the best month so far this year when it was up 5.9%.

Dubai's stock market showed volatility after it reached an important resistance level. Despite this, both its weekly and monthly performances remain positive, said Hani Abuagla Senior Market Analyst at XTB MENA.

Abu Dhabi's benchmark index (.FTFADGI), opens new tab gained 0.6%, after four consecutive sessions of decline, bolstered by a 1.8% rise in the country's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab.

The index ended 0.6% down in August after two months of gains.

Additionally, the UAE financial markets saw changes in the MSCI index, with Parkin (PARKIN.DU), opens new tab and Spinneys (SPINNEYS.DU), opens new tab being added to the small-cap index, and ADNOC Drilling (ADNOCDRILL.AD), opens new tab joining the global benchmark indices.