Major oil producing nations must “move quick” to cut output, or risk many years of low oil prices. That’s according to former Qatari Oil Minister Abdullah bin Hamad Al Attiyah who says simply freezing production at current levels is not enough. Speaking on the sidelines of an event for the Gulf Petrochemicals and Chemicals Association, he told ARN News that oil producers need to take action now.
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Global equity markets, including from the U.S., Europe and Asia, rose while oil prices fell on Wednesday, as traders cheered news of ceasefire proposals to de-escalate the ongoing conflict in the Middle East.
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Australia's centre-left government has introduced legislation in the parliament to double penalties for fuel price gouging on Wednesday as global supply disruptions due to the Iran war triggered fuel shortages in some rural regions.
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Gulf markets ended mixed on Tuesday, with Qatar extending losses while other bourses steadied as investors parsed conflicting signals on potential US-Iran talks.
Australia, EU seal long-awaited trade deal
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