Starting next October, the Organization of the Petroleum Exporting Countries (OPEC+) will increase production to 137,000 barrels per day, according to eight members at a virtual meeting last Sunday, September 7.

Thus, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman agreed to this production increase following the “voluntary adjustments of 1.65 million barrels, which were previously implemented in April 2023.”

Representatives of these eight nations indicated that the 1.65 million barrels of crude oil per day “will be gradually subject to changing market conditions.” The governments will closely monitor market conditions, maintaining a cautious and flexible approach.

They reiterated their “collective commitment to act in full compliance with the Declaration of Cooperation, as well as the voluntary production adjustments that will be evaluated by the Joint Ministerial Monitoring Committee.” They will hold another meeting on October 5 to review the international market.

M.Pino

Source: notitarde

(Reference image source: Bidder Karim on Unsplash)

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A recent announcement on digital finance in the United Arab Emirates reported notable progress in launching a CBDC, as a further step towards digital payments.

The Board of Directors of the Central Bank of the UAE indicated this Sunday in a statement that they seek to “accelerate the digital transformation in the financial services sector.”

To achieve this they have launched the Financial Industry Transformation (FIT) program, made up of key initiatives for the UAE, including the issuance of a CBDC for cross-border and domestic payments.

The financial authorities have underlined the importance of this measure to promote “financial inclusion, as well as the promotion of innovation, security and efficiency in payments, avoiding the use of cash.

It is important to note that last October the Central Bank of the UAE completed the CBDC pilot project in twenty local banks, with digital transactions between their corporate clients across the border.

M.Pino

Source: hoycripto

(Reference image source: Unsplash, in collaboration with Getty Images)

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