OPEC AND OIL PRICES

UAE Prepares to Cut Output in Line with OPEC Agreement 

The UAE is taking steps to cut its oil production as from the beginning of September in line with the OPEC agreement to limit output in September and October. This was announced by Shaikh Tahnun ibn Muhammad Al Nuhayyan, Chairman of the Abu Dhabi National Oil Company (ADNOC), who told the UAE news agency WAM on 21 August that "preparations are in full swing to reduce production as from the beginning of...