Russian Deputy Prime Minister Alexander Novak has ordered agencies to create a plan to stabilize the domestic fuel market, considering current regulations. The Federal Antimonopoly Service will monitor prices and take action against unjustified increases.
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al Saud met his Russian counterpart Alexander Novak in St Petersburg to discuss global energy market stability. Both acknowledged increased uncertainty in demand due to ongoing conflicts and disruptions, with Russia also reporting a decline in oil production due to refinery maintenance.
Seven OPEC+ members (Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman and Algeria) agreed to raise oil output quotas by 188,000 bpd in June 2024. The move allows countries to accelerate compensation for overproduced volumes since January 2024. Russia's June quota stands at 9.762 mln bpd, Saudi Arabia at 10.291 mln bpd. The next OPEC+ meeting is scheduled for June 7.
A Chinese court has ruled that companies cannot terminate employees solely to replace them with artificial intelligence systems. The Hangzhou Intermediate People's Court found that a tech firm in eastern China illegally fired a worker who refused a demotion after his job was automated by AI. The court stated the termination did not meet legal conditions for laying off staff due to business downsizing or operational difficulties. The ruling highlights China's balancing act between promoting AI development and maintaining labor market stability amid slowing economic growth and elevated youth unemployment.
The decision to withdraw "does not alter the UAE’s commitment to global market stability or its approach based on cooperation with producers and consumers"
The UAE will continue investing across the energy value chain, including oil, gas, renewables, and low-carbon solutions, the state agency noted
