According to the latest data available, the United Arab Emirates' non-oil foreign trade reached an impressive Dh1.56 trillion or around 68 per cent of the country's total trade with the world.
The major oil producers looked so confident, as they headed for a meeting to discuss measures to cap the oil output and stabilize oil markets but it did not seem to work out well. The drop in oil prices still continues.
All eyes were on Sundays meeting held in Doha where officials from eighteen oil-producing countries could not reach a deal to cap the production of oil at current levels.
The oil producing nations are holding a crucial meet in Doha on Sunday to discuss ways address the issue of falling crude oil prices in the international markets. Around a dozen oil-producing countries belonging to the OPEC as well as others outside the group have confirmed officially that they will met in Doha.
There are indications that the oil producers might agree on an output freeze in order to put upwards pressure on prices of oil. It will be the first such deal in 15 years if the nations agree to stem their production of oil.
A gas leak at an underground storage facility at Porter Ranch made thousands of families to shift, a few months ago. Although, the leak was capped couple weeks back but still around four thousand families have not moved back yet to their homes.
The Southern California Gas Co. has been paying for hotels where those displaced people were living and the company has given them an option to shift to apartments. Those, so called high-quality apartments will have the basic amenities like kitchens, parking and Internet connections.
On Thursday, oil prices extended their losses during early trading following a warning from the OPEC of slowing demand. Russia, another big oil exporter signaled that even if a decision is arrived at, to restrict the growing oversupply next week, but it will be a very loose one without stringent commitments.
Goldman Sachs said output gains by U. S. shale producers kept the "deflationary outlook" for oil prices alive as drillers coped with the lower prices and continued pumping rather than go out of business.
On Wednesday the crude oil futures advanced with speculations fueling expectations that an agreement to freeze crude production might cap the oversupply even without Iran's participation. However, Iran's plans to increase production might curb the larger price gains.
Oil futures moved ahead from their 1month low. The dollar slipped to its one year's lowest level against the yen that increased the attractiveness of those commodities which are priced in the U. S. currency.
On Friday, oil futures lowered on early Asian trade with oversupply worries and strengthening dollar, weighing on the prices. Some support was offered by a data revealing that there was an added drop in U. S. oil output in January.
May U. S. crude futures dropped 18 cents to $38.16 and later settled 2 cents up in the earlier session. The oil benchmark increased four percent between January and March which was its largest quarterly gain noted since June
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