Oil down $2 a barrel after OPEC+ sticks to planned output rise

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Updated 03 December 2021
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Oil down $2 a barrel after OPEC+ sticks to planned output rise

US and Brent Crude oil dropped $2 a barrel after sources claimed OPEC+ has decided to stick to its planned January output rise of 400,000 per day, Reuters is reporting.

At a meeting held via videoconference on the Thursday, the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, resisted US requests for speedier increases in oil output to support the global economy.

However, the meeting remains “in session”, according to a press release issued on Thursday afternoon, meaning the group could revist the decision before the next scheduled meeting on Jan. 4.

Producers have said they did not want to hamper a fragile energy industry recovery with oversupply.

Under its existing pact, OPEC+ agreed to raise output by 400,000 barrels per day (bpd) each month, winding down record cuts agreed in 2020 when demand crashed because of the pandemic.

Thursday's meeting comes a week after the United States and other major consumers announced they would release emergency crude reserves to temper energy prices.

US President Joe Biden’s administration could adjust the timing of any release if prices dropped substantially, US Deputy Energy Secretary David Turk told Reuters on Wednesday.

OPEC+ forecast a 3 million bpd surplus in the first quarter of 2022 after the release of reserves, up from a 2.3 million bpd surplus previously forecast.

 

 

 

 

 


UAE adds 250k companies in 2025, says minister

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UAE adds 250k companies in 2025, says minister

RIYADH: The UAE saw 250,000 new companies in 2025, bringing the total number of businesses operating in the Emirates to 1.4 million, said Abdulla bin Touq Al-Marri, the country’s minister of economy and tourism. 

Speaking during a media briefing, Al-Marri said that the number of small businesses in the Emirates has grown by 53 percent over the past five years. 

The minister added that the UAE has attracted around 760,000 companies since the introduction of full foreign ownership for commercial businesses in September 2021. 

Until the end of 2025, the number of firms operating in the country increased by 118.7 percent compared to the end of the first half of 2021. 

Discussing new amendments to the Commercial Companies Law, Al-Marri said that they provide a comprehensive and clear legal framework that supports the growth of the companies and their long-term sustainability. 

“The amendments grant multiple quotas and share classes in limited liability companies and public and private joint stock companies as a legal right, compared to the previous system where this right was limited to public joint stock companies through a Cabinet decision,” said the minister. 

The amendments also facilitate access to financing and investment opportunities, and are expected to strengthen companies’ ability to continue operations and expand geographically across free zones and financial free zones. 

The minister further highlighted that the law enhances the ease of doing business and ensures smoother entry to the markets by allowing the transfer of a company’s registration between Emirates, free zones and financial free zones, while maintaining the company’s original legal terms. 

“The UAE is among the first countries in the Middle East to allow multiple quota classes for LLCs, while many countries restrict this to joint stock companies, particularly public joint stock companies. It enhances flexibility in ownership structures and better regulates the relationship among shareholders,” said Al-Marri. 

The minister added that the total number of business registrations and licenses in the UAE is expected to increase by 10 to 15 percent within the first year of implementing the new amendments.

Al-Marri revealed that the UAE witnessed the registration of approximately 37,794 national and international trademarks in 2025. 

The number of registered trademarks also rose by 74 percent over four years, underscoring the Emirates’ business-friendly environment. 

In terms of intellectual property, 3,595 works were registered in 2025, representing a 124 percent growth rate over four years. 

The minister said that the contribution of the tourism sector to the country’s gross domestic product reached 291 billion dirhams ($79.24 billion) by the end of 2025. 

Currently, tourism contributes 15 percent to the country’s GDP compared to 6 percent in 2021. 

Al-Marri added that the UAE economy is projected to grow by 5 percent in 2025, driven by the continued expansion of non-oil sectors, whose contribution reached 77.5 percent to the nation’s GDP by the end of the first half of 2025.