Oil
OPEC+ plans to increase output by 411,000 barrels per day starting in August
Key investments of AED150 to AED200 billion target a significant increase in renewable energy capacity
Super 98 petrol will now cost AED2.70 per litre, increasing from AED2.58 in June
The market has largely eliminated the geopolitical risk premium after the ceasefire announcement
Total public spending in GCC countries is projected to reach $542.1 billion in 2025
Concerns rise over the Strait of Hormuz, through which nearly a fifth of global oil flows
Investors expect a return to normalcy in oil if the ceasefire terms are upheld
Goldman Sachs predicts Brent could peak at $110 if oil flows through the strait are disrupted
Fed discussions this week may lead to a 25 basis point rate cut sooner than expected
Heightened geopolitical risks, unresolved trade tensions and policy shifts have added several uncertainties to the oil market outlook
Oil was pressured by mixed economic readings from China, signaling inconsistent growth in its economy
