7 Days in Dubai - - BUSINESS - shoshana@7days.ae

Iran’s re­jec­tion of an of­fer from Saudi Ara­bia to limit its oil out­put in ex­change for Riyadh cut­ting sup­ply will not af­fect oil prices in the UAE, ex­perts have said. The col­lapsed deal means OPEC’s two big­gest oil pro­duc­ers will ag­gres­sively con­tinue pump­ing oil, which will con­tinue to put pres­sure on prices, said Ak­shay Singh, an en­ergy con­sul­tant at Con­tax Part­ners busi­ness ad­vi­sory. Singh said: “With fuel prices show­ing no signs of im­prove­ment, oil and fuel prices in the UAE will re­main the same. That means they wouldn’t in­crease. “Among all the GCC coun­tries the UAE gov­ern­ment has put in a lot of ef­fort into eco­nomic diver­si­fi­ca­tion and cre­ated dif­fer­ent streams of rev­enue. “So the UAE econ­omy will con­tinue to shield it­self from the oil prices in the way it has been try­ing in the last one and a half years.”

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