As the world begins to use electric vehicles, the Arab world, which depends solely on the oil trade, is urgently looking for alternative business opportunities. The United Nations is currently in talks with India about a new project, as well as with several countries.
Since India is already importing large quantities of crude oil from the UAE, the UAE has made a significant request to India to improve trade relations between the two countries when there is no other trade.
Middle Eastern countries
While the Middle East currently expects oil revenues to decline soon, it is actively planning to improve trade relations with the world’s fastest growing countries.
United States of America (UAE)
As part of this, the United Arab Emirates is planning to expand trade with India before Saudi Arabia. The United Nations (UAE) is currently asking India to generate around $ 100 billion in trade without crude oil in the next 5 years.
United Arab Emirates India
Government representatives of the two countries are in talks about it. The talks between the UAE and India will not only boost trade between the two countries, but will also boost investment and jobs.
Both countries negotiate
UAE Foreign Minister Thani Al Zeyoudi met with US Trade Minister Piyush Goyal in New Delhi to discuss the $ 100 billion trade.
Completed in December 2024
Piyush Goyal said that the final decision on the project would take the form of a plan by December 2024, as there was a plan between the two countries to work quickly and the two countries were expected to sign an agreement in early 2024.
Saudi Arabia and the United Arab Emirates
Faced with fierce competition between Saudi Arabia and the United Arab Emirates in the Middle East, the United Arab Emirates is seeking new business opportunities to strengthen its position in international trade.
$ 100 billion of trade
United Arab Emirates India has the largest investment available at $ 100 billion of trade between India. The UAE also negotiated an investment of around $ 14 billion in the UK last week.
The greatest benefit for India from the decision of the Arab countries …!
The most important meeting of the Arab-dominated OPEC + organization on Sunday resolved the issue of crude oil production between Saudi Arabia and the UAE through a separate agreement.
In this context, all OPEC + countries agreed to increase crude oil production as of August.
Crude oil production
The problem of crude oil production development between Saudi Arabia and UAE will continue for a long time and therefore will end smoothly, and the crude oil market is likely to be the one that suffer more.
OPEC + system
Crude prices hit a 2.5-year high as the world rebounded from the corona epidemic at a meeting of OPEC + ministers on Sunday. To cushion the rise in prices, it decided to increase crude production from August and lower the price.
Arab countries
Russia, the world’s largest oil producer, also played a key role in the meeting despite the great dominance of the Arab countries in OPEC. By the end of the current meeting, OPEC + countries should reach new funding targets starting in May 2024.
Corona infection
Last year, demand and prices for crude oil fell sharply while the world was paralyzed by a blockage due to corona infection. The countries of the OPEC + system reduced their crude production to one billion barrels and increased the price.
58 lakh barrels of crude oil
With reduced production, only 58 lakh barrels were extracted and traded per day. As demand for fuel gradually increased, prices began to rise sharply, while production continued to decline.
Meeting of the OPEC + organization
On Sunday, the OPEC + ministers announced that they would increase crude production from August and, therefore, lower crude prices.
Price will drop
Indian crude oil refineries, which are 100 percent close to the people, are expected to further lower the prices of gasoline and diesel sold in the retail market as crude prices fall.
Saudi Arabia, United Arab Emirates
To counter the crisis between Saudi Arabia and the United Arab Emirates, the United Arab Emirates (UAE) have decided to produce 3.5 million barrels of crude oil per day, and Saudi Arabia and Russia have decided that 11.5 million barrels of crude oil have been produced per day since May 2024.
