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At a ministerial meeting earlier this week, Opec+, which is headed by Saudi Arabia and Russia, said it decided to stick to its earlier decision to return 2 million barrels per day to the market with the pace being determined according to market conditions . Traders are feeling a lot more optimistic about the reopening of the global economy and the continuation of the vaccination process, said Naeem Aslam, chief market analyst at AvaTrade. Traders also understand that the US and Iran s nuclear deal cannot be reinstated that easily and it will take a while before the previous conditions are enacted. This means no immediate increase in oil supply and this is also supposing oil prices. ....
The Covid-19 pandemic has urged several countries to adopt net-zero standards and pledge to offset their carbon emissions and adopt energy-efficient technologies and alternative fuels. The 2015 Paris Agreement provides a mandate for countries to lower their carbon emissions to well below 2°C (3.6F) above pre-industrial levels, preferably about 1.5°C. Carbon capture, use and storage is favoured by several oil producers to green their processes and is one of the many strategies governments are adopting to reach their goal. Production of low-carbon hydrogen is also at the top of green investment agendas. The Paris Agreement also aims to limit the amount of greenhouse gases emitted by human activity to the same levels that trees, soil and oceans can absorb naturally. ....
Tehran, which resumed negotiations with the US to reinstate its nuclear deal, is looking to conclude talks before its presidential elections begin on June 18. Opec+, which is headed by Saudi Arabia and Russia, will gradually return 2 million barrels a day (mb/d) of the adjustments to the market, with the pace being determined according to market conditions , the group said in a communique on Tuesday. The group said conformity to its current levels of production cuts reached 114 per cent in April. Following the meeting, Brent, the international benchmark, surged 2.76 per cent to reach $71.23 per barrel at 6.32pm UAE time. The benchmark rallied to levels last seen in May 2019 on expectations of tighter demand. ....
SHARE Acwa Power signs deal with Neutral Fuel to supply biofuel for Saudi Arabia s Red Sea project Dubai-based company will provide the green fuel it developed to power the site’s entire transportation network The Red Sea Project is designed to enhance the natural environment for future generations. Courtesy The Red Sea Development Company 75 percent of the 90+ islands in the Red Sea Project area have been set aside for conservation, with nine islands designated as areas of significant ecological value. Courtesy Red Sea Development Company The location of some of the overwater villas at Saudi Arabia s Red Sea Project have been set. Courtesy The Red Sea Development Company ....