Saudi Arabia said on Tuesday it is prepared to pump more oil into the market to balance prices.
The country's cabinet affirmed the kingdom's readiness to use its spare crude production capacity to maintain market stability.
"The kingdom is prepared to utilise its spare production capacity when necessary to deal with any future changes in the levels of supply and demand," a cabinet statement said following a meeting chaired by King Salman.
Last month the Opec+ group confirmed it will increase production by 1 million barrels per day. Saudi Arabia and Russia are expected to bear the greatest burden of this.
Also on Tuesday, Adnoc confirmed it is "on track" to raise production capacity to 3.5m bpd from 3.3m bpd by the end of this year.
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[ Adnoc 'on track' to raise output capacity by 200,000bpd in 2018 ]
Trump blasts Opec and warns European companies against Iran ties
Oil prices fall as Saudi Arabia and Russia pump more
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Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
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Company Profile
Company name: myZoi
Started: 2021
Founders: Syed Ali, Christian Buchholz, Shanawaz Rouf, Arsalan Siddiqui, Nabid Hassan
Based: UAE
Number of staff: 37
Investment: Initial undisclosed funding from SC Ventures; second round of funding totalling $14 million from a consortium of SBI, a Japanese VC firm, and SC Venture
Scores
Wales 74-24 Tonga
England 35-15 Japan
Italy 7-26 Australia
SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net
Manchester United v Liverpool
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Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
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