Saudi Minister of Energy reviews with his Chinese counterpart current situation in oil market

Saudi Energy Minister Khalid al-Falih attends a news conference. (Reuters)
Updated 25 May 2018
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Saudi Minister of Energy reviews with his Chinese counterpart current situation in oil market

  • The two ministers agreed that the foundations of the global oil market are currently strong and that all parties should make joint efforts to ensure market stability
  • Al-Falih informed Bakri of his ongoing consultations with his counterparts from major OPEC oil producers, including the Russian Minister of Energy and the Minister of Energy of the UAE

Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Energy Khalid Al-Falih telephoned China’s Minister of National Energy, Noor Bakri, to discuss the joint cooperation between the two countries in the field of energy and review the current situation in the global oil market.

The two ministers agreed that the foundations of the global oil market are currently strong and that all parties should make joint efforts to ensure market stability, Saudi state TV Al-Ekhbariya reported.

Al-Falih informed Bakri of his ongoing consultations with his counterparts from major OPEC oil producers, including the Russian Minister of Energy and the Minister of Energy of the UAE.

As a major oil consumer, China will continue to monitor developments in the market and hopes that Saudi Arabia, in cooperation with other countries concerned, will be able to take more important steps to ensure adequate supply of crude oil and contribute to the stability of world’s oil prices.

The Saudi minister assured Bakri of the Kingdom’s commitment to maintaining stability in the markets. He stressed that the Kingdom will work with other producing countries to ensure adequate supplies to compensate for any potential shortage of production and meet global demand.


Uber goes to court to keep London operations

Updated 16 min 43 sec ago
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Uber goes to court to keep London operations

LONDON: Uber is beginning its court case to remain on the streets of London, arguing that the ride-hailing app has made significant changes since a regulator refused to renew the company’s operating license last year.
Lawyers for the company are opening their case Monday at Westminster Magistrates Court in an effort to overturn Transport for London’s ruling last September that Uber was not a “fit and proper” company after repeated lapses in corporate responsibility.
The regulator raised a number of concerns about Uber, including driver vetting, the way it reports serious criminal offenses and the use of technology that allegedly helps the company evade law enforcement officials.
Uber has been allowed to continue operating pending appeal.