Two of the world’s leading oil bodies have warned that the global glut of crude will last well into next year. The International Energy Agency has attributed the surplus to weak demand coupled with ballooning inventories and rising supply. Meanwhile, the Organization of the Petroleum-exporting Countries (OPEC) predicted a larger excess in 2017 due to new fields in non-member countries and the unexpected resilience of American shale drillers.
Air Arabia expands RAK network with Moscow route
Air Arabia has announced the expansion of operations from Ras Al Khaimah with the launch of a new route connecting Ras Al Khaimah International Airport with Moscow Domodedovo International Airport.
UAE holds 30% of Middle Eastern cinema market share
The UAE Media Council has announced that the cinema sector generated AED 517 million in revenue during the first eight months of this year, attracting around 11 million cinema visits.
Vietnam says Musk's SpaceX plans $1.5b Starlink investment
Elon Musk's SpaceX plans to invest $1.5 billion (AED 5.5 billion) in Vietnam in the near future, the government of the Communist-run nation said on Thursday, which could help resolve a stalemate over the launch of its Starlink satellite services there.
UAE, New Zealand conclude CEPA negotiations
The UAE and New Zealand concluded negotiations for a Comprehensive Economic Partnership Agreement (CEPA), it was announced on Thursday. The deal is expected to unlock economic opportunities for exporters and boost supply chains with one of the latter's most important trading partners in the Middle East.
Boeing, striking union to resume contract talks on Friday
Boeing and its largest union will resume contract talks on Friday in a bid to end a strike that has throttled plane production and hammered the finances of the aerospace giant, the union and company said on Wednesday.
