Oil prices to soar next year

Tuesday, 8 November 2016 13:27

Demand for oil is likely to push prices up next year. UAE Minister of Energy His Excellency Suhail Al Mazrouie observed that oil prices will soar as investments in the industry dwindle. OPEC has also raised its forecast for global demand next year and until the end of the decade. The group’s World Oil Outlook, released on Tuesday, says demand will reach 95.3 million barrels a day by 2017, and 98.3 million barrels a day by 2020. Marios Maratheftis, Chief Global Economist at Standard Chartered, agrees.

Listen here

More from Business

Over 3,200 residents purchase first homes under Dubai scheme

Dubai's First-Time Home Buyer Programme has helped more than 3,200 residents purchase their first homes in the emirate since its launch in July last year.
H.H. Sheikh Hamdan hails DIFC’s impact on Dubai’s global competitiveness

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and the UAE's Deputy Prime Minister and Defence Minister, has commended the Dubai International Financial Centre's (DFIC) contributions to the emirate’s long-term economic growth and global competitiveness.
Dubai World Trade Centre posts record AED25.03 billion profit for 2025

The Dubai World Trade Centre has posted a record profit of AED25.03 billion for 2025 - a 12 per cent year-on-year increase.
H.H. Sheikh Hamdan: Dubai economic zones post record AED491bn in non-oil trade

The Dubai Integrated Economic Zones (DIEZ) recorded their strongest performance on record in 2025, with non-oil trade reaching AED491 billion, according to His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence.