EghtesadOnline: The United Arab Emirates, currently OPEC’s third-largest producer, is estimated to have exported a lot more crude oil in August as it produced more than its quota under the OPEC+ deal, undermining the oil market’s faith in the group’s unity in the cuts.
EghtesadOnline: Oil rose on Monday, with Brent touching the highest in five months, underpinned by a 30% cut in Abu Dhabi crude supplies and encouraging Chinese data even as global demand struggles to return to pre-COVID levels in a well-supplied market.
EghtesadOnline: Iran and the UAE are determined to expand business ties, despite their political disputes, the Iranian chairman of the two neighboring countries’ joint chamber of commerce says.
EghtesadOnline: Iran exported around 3.8 million tons of commodities worth $967 million to the UAE during the first quarter of the current fiscal year (March 20-June 20), according to the director general of Trade Promotion Organization of Iran's Arab-African Affairs Office.
EghtesadOnline: Iran’s non-oil commercial exchanges with Persian Gulf Arab states, including Iraq, the UAE, Oman, Qatar, Kuwait, Syria, Lebanon, Jordan and Saudi Arabia, hit $21.5 billion in the last Iranian year that ended on March 19, 2020.
EghtesadOnline: A senior UAE official on Sunday urged Iran to come to the negotiating table with world powers and Persian Gulf Arab countries to seek a new agreement that would deescalate regional tensions.
EghtesadOnline: Saudi and Emirati officials are signaling rapprochement with Iran because they want to limit the scope of their confrontation with Iran to the political field, says a former diplomat, who maintains that Iran's response could determine the future of ties.
EghtesadOnline: Iran should seize the opportunity provided by the toned-down rhetoric from Saudi and Emirati officials to mend strained bilateral relations, says a political analyst, who believes that the interests of Persian Gulf states lie in lasting peace and security in the region.
EghtesadOnline: The new approach adopted by Iranian and Emirati authorities toward deescalating tensions and protecting regional security could help improve trade between the two neighboring countries in the current fiscal year (2019-20) compared with last year.
EghtesadOnline: UAE Minister of State for Foreign Affairs Anwar Gargash said the UAE and Saudi Arabia prefer a political approach to their problems with Iran.