The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.

Bloomberg Opec ministers started hashing out the size of the cartel’s oil-production cuts for next year, as the group’s president called for caution in a fragile market. The coalition that pumps half the world’s crude is debating whether to maintain supply at current levels or increase it as planned in January. Some members are concerned that global markets remain too …

TOKYO / WAM Japan imported from the United Arab Emirates 21.850 million barrels of crude oil in October 2020, data released by the Agency of Energy and Natural Resource in Tokyo showed. This accounts for 31.2 percent of Japan’s total crude imports, the agency that belong to the Ministry of Economy, Trade and Industry, said. Saudi Arabia provided 29.761 mmb, …

Bloomberg Eskom Holdings SOC Ltd, South Africa’s biggest polluter, said it will be charged with supplying misleading information to a government air quality officer, exceeding emission limits at the Kendal coal-fired power plant and breaching its Atmospheric Emission License. The 4,116-megawatt facility had its pollution abatement equipment damaged during a 2018 strike and has since been the subject of a …

Bloomberg National Grid Plc is starting a hydrogen research facility to test how Britain’s gas transmission network can be used to transport hydrogen to heat homes or applied to industry. The 12.7 million-pound ($17 million) project will receive almost three quarters of its funding from Ofgem as part of the energy regulator’s Network Innovation Competition, announced on Monday, with the …

Bloomberg China’s third-biggest oil company faces a US blacklist, which could spur major outflows from its Hong Kong-listed unit, after years of involvement in offshore drilling in disputed South China Sea waters. China National Offshore Oil Corp (CNOOC), the nation’s main deepwater explorer, is among four companies to be added to a list of firms owned or controlled by the …

Bloomberg Construction work on the Nord Stream 2 gas pipeline in the Baltic Sea will resume this week, despite US sanctions designed to end the pipeline that will bring Russian gas to Germany. Pipelaying on the 9.5 billion-euro ($11.2 billion) link will restart on December 5 after being halted for a year because of the sanctions, Nord Stream 2 company …

Bloomberg US futures slipped and European stocks steadied on the last day of the month after record-breaking rally in global equity markets. Oil extended a retreat on signs of discord among Opec+ ministers. The rotation that sent stocks to all-time highs showed signs of a slight reversal, with technology companies holding firm, while small-caps, banks and energy producers were broadly …

Bloomberg South Africa’s main stock benchmark index dropped for a second day, down 1.1% by 9:42 am in Johannesburg, the biggest intraday decline in more than a week, as market giant Naspers Ltd joined diversified miners and banks in pulling the main gauge lower. Risk-off sentiment was evident in early trade, with 91 of the 141 listed companies declining, while …

Bloomberg Iraq hasn’t asked for an exemption from Opec+ limits on the country’s oil output for fear that an increase in production might cause crude prices to fall, Oil Minister Ihsan Abdul Jabbar said, according to state-run newspaper Al-Sabah. The results of the Opec+ coalition’s output-cuts deal have been positive and stabilising for the oil market, given the impact the …

ABU DHABI / WAM A 5.0 magnitude earthquake on Richter scale was recorded in south Iran at a depth of 10 km at 8:24 UAE local time, according to the NCM National Seismic Network. The National Center of Meteorology National Seismic Network affirmed that no tremors were felt in the UAE after an earthquake shook Iran on Sunday morning and …