UAE Official Stresses Need to Boost Multilateral Cooperation to Fight Coronavirus

Ahmed Ali Al Sayegh, Minister of State and UAE Sherpa. WAM
Ahmed Ali Al Sayegh, Minister of State and UAE Sherpa. WAM
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UAE Official Stresses Need to Boost Multilateral Cooperation to Fight Coronavirus

Ahmed Ali Al Sayegh, Minister of State and UAE Sherpa. WAM
Ahmed Ali Al Sayegh, Minister of State and UAE Sherpa. WAM

Minister of State and UAE Sherpa Ahmed Ali Al Sayegh stressed the need for multilateral cooperation in efforts to curb the spread of the new coronavirus.

"The need to strengthen multilateral cooperation in efforts to curb the spread of COVID-19 has become increasingly evident as states confront unprecedented challenges to the wellbeing of their peoples and communities," he said.

Sayegh's statement came during his participation in the Extraordinary Virtual Group of 20 (G-20) Sherpa Meeting convened on Thursday to discuss a global coordinated response to COVID-19.

"The G-20 platform provides an opportunity for all concerned states to join forces in mitigating the global impact of the coronavirus outbreak and implement strategic, coordinated action in pursuit of long-term economic recovery," he added.

Sayegh also highlighted UAE’s readiness to continue its political, economic, logistical, and humanitarian contributions to the global response.

He said the UAE is committed to ensure a smooth trade flow across borders to fight obstacles preventing delivery of aid and medical supplies.

The virtual meeting followed the second G-20 Sherpa Meeting held in Khobar, Saudi Arabia on March 12, wherein country representatives discussed the ongoing G-20 process and developments around COVID-19, health, trade and investment, and energy and climate change.



Oil Heads for Weekly Climb on Potential Mideast Supply Disruption

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Heads for Weekly Climb on Potential Mideast Supply Disruption

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices softened on Friday but were set for a second weekly gain as investors weighed the impact of hurricane damage on US demand against any broad supply disruption if Israel attacks Iranian oil sites.

Brent crude oil futures were down 73 cents, or 0.9%, at $78.67 a barrel by 1208 GMT. US West Texas Intermediate crude futures slipped 71 cents, also 0.9%, to $75.14 per barrel.

For the week, both benchmarks were headed for gains, Reuters reported.

"A potential Israeli attack on Iranian oil... infrastructure poses a binary outcome for oil markets, as it could reduce the elevated spare capacity overhang on prices while inducing a significant geopolitical risk premium, which explains the recent surge in oil market volatility," Barclays said in a client note.

Yeap Jun Rong, market strategist at IG, said reservations over high crude inventories and a possibly more gradual monetary easing by the US Federal Reserve have put the recent rally on hold.

In the US, Hurricane Milton plowed into the Atlantic Ocean on Thursday after cutting a destructive path across Florida, killing at least 10 people and leaving millions without power. The destruction could dampen fuel consumption in some areas of the world's largest oil producer and consumer.

Crude benchmarks spiked this month after Iran launched more than 180 missiles against Israel on Oct. 1, raising the prospect of retaliation against Iranian oil facilities. Israel has yet to respond, and crude benchmarks have eased and remained relatively flat through the week.

Israeli Defense Minister Yoav Gallant has said that any strike against Iran would be "lethal, precise and surprising".