Saudi Arabia calls for more Arab cooperation in oil industry

Energy Minister Khalid Al-Falih said Saudi Arabia has brought stability to oil markets. (SPA)
Updated 01 October 2018
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Saudi Arabia calls for more Arab cooperation in oil industry

JEDDAH: Arab oil producing countries should cooperate to continue playing a positive role in the stability of the oil market and industry, Saudi Arabia’s energy minister said on Monday.

In a speech delivered on his behalf at the Arab Energy Conference in Morocco, Khalid Al-Falih said country’s across the region could work together to support the continuation of oil as a source of energy and make it “more efficient and widely beneficial.”

He said Arab countries would benefit from cooperating on research and technology to develop the sector, Saudi Press Agency reported.

Al-Falih also spoke about the Kingdom’s role in keeping a positive balance between producers and consumers in the international energy markets.

He said the Kingdom was ready to relinquish its crude storage whenever a shortage comes up.

Some analysts expect Saudi Arabia to help fill the gap left in supply when US sanctions targeting Iran’s oil exports come into force next month.


UAE’s Central Bank reshuffles board of directors

Updated 17 December 2018
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UAE’s Central Bank reshuffles board of directors

DUBAI: The UAE Central Bank’s board of directors has been reshuffled under a decree by President Sheikh Khalifa bin Zayed, according to the state news agency WAM.
Central Bank Gov. Mubarak Rashed Khamis Al-Mansoori has been reappointed for the next four years, the agency said.
Other members of the board reappointed for the next four years include Hareb Masoud Hamad Al-Darmaki as chairman; Abdulrahman Saleh Al-Saleh as vice chairman; and Younis Hajji Al-Khoori, Khalid Mohammed Salem Balama, Khalid Ahmed Altayer and Ali Mohammed Bakheet Al-Rumaithi.
The central bank said in a statement it had been working with the bank and the government of Sharjah to develop a plan to strengthen the lender’s capital base.
The UAE central bank said it would “support Invest Bank with all the available liquidity facilities, which remain at Invest Bank’s disposal; if, and when, needed.”