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27 February 2024

Saudi Arabia's oil minister to visit UAE today

By Staff Writer

Saudi Oil Minister Ali Al Naimi will visit the UAE today to discuss the oil market and Opec's decision to slash output to prop up sagging prices.

Al Naimi will meet UAE Energy Minister Mohammed bin Dhaen Al Hamli for talks, which will include co-ordination between the two oil giants, before visiting the Future Energy exhibition, opening in Abu Dhabi tomorrow, official sources said.

"Al Naimi will arrive today and will meet the UAE oil minister for talks on the oil market developments and efforts to boost prices," one source said.

Last week, Al Naimi said Saudi Arabia would cut its oil production next month to below its Opec target and the world's top exporter is prepared to go even further to halt a more than $100 collapse in prices since July.

He confirmed the Kingdom was pumping about eight million bpd.