Oil is up almost 50 per cent this year
Oil has surged above $100 a barrel for the first time since 2014
“We’re heading toward a phase that could be dangerous if there’s not enough spending on energy,” he said
The combination of a recovery in fuel consumption after the pandemic and constrained supply has led to a global energy crunch
Benchmark Brent crude is currently trading around $75 a barrel, up 45 per cent this year
The producer group is considering keeping additional supply off the market for three to six months
Construction and glass industries account for the largest share of industrial licences in Abu Dhabi with 20.1 per cent
The financial impact on the business sector as a result of fee reduction is estimated at Dhs113m in 2020