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Members of the Organization of the Petroleum Exporting Countries (OPEC) have agreed to extend their oil production cuts to support oil prices against a backdrop of weakening global demand and increasing US shale oil production.
The 14-member group, led by de facto leader Saudi Arabia, also includes Kuwait and the UAE. The group met in Vienna where they agreed to extend their supply reductions by another nine months until March 2020. The deal is now subject to approval by non-OPEC members including Russia.
OPEC and its allies are currently cutting production by 1.2 million barrels per day. While prices have been propped up by these efforts, OPEC’s share of the global oil market has been reduced to the lowest since 1991.
US-China trade tensions, weaker than expected demand from top consumers China and India, and rising production levels of US shale oil have pressured oil prices in recent times.
While subdued oil prices have strained the economies of OPEC nations, revenue diversification efforts in countries including Saudi Arabia, Kuwait and UAE are helping reduce the Gulf countries’ dependence on oil. However, any resurgence in oil prices as a result of OPEC’s efforts is likely to further support members’ economies.
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ACCEPTxSiddhi Sainani
Content and Communications Manager
Siddhi Sainani is a business and finance writer and a public relations professional with experience across markets in the UAE, Oman, India and the United States.
At Cavendish Maxwell, Siddhi is responsible for crafting research and marketing communications material for the firm’s various stakeholders including clients and government entities. She also leads the public relations activities for the firm, focusing on media outreach, reputation management and spokesperson profiling.
In her previous roles, Siddhi has reported on the financial markets for news outlets, developed institutional research for several institutions, and undertaken corporate communications initiatives for leading firms across sectors such as real estate, finance, banking, audit and advisory, and technology, among others.
Siddhi has a Bachelor of Mass Media degree with a specialisation in journalism and also holds a Post-Graduate Diploma in Integrated Communications covering advertising, marketing and public relations from Xavier Institute of Communications, Mumbai, India.
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Sarah-Jane Carter
BA (Hons) DipM
Head of Marketing
Sarah-Jane joined Cavendish Maxwell in January 2020 as Head of Marketing and is responsible for the development of the marketing strategy and execution across the Middle East region. An energetic and results driven marketer, Sarah-Jane possesses a wealth of multi-channel marketing experience, within both B2B and B2C environments which she has gained over a 25 year career. Prior to joining Cavendish Maxwell, Sarah-Jane held senior marketing positions for major developers in Dubai including Emaar, Dubai Properties and Dubai Sports City. She also worked for IWG as the Regional Marketing Director responsible for the MEA and APAC regions. Before relocating to the UAE in 2005, Sarah-Jane held various management roles in public and private sector companies in the UK including ten years at Royal Mail and seven years at the Bank of America.
Sarah-Jane is a member of the Chartered Institute of Marketing and has a BA(Hons) Degree in Business and Marketing
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