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OPEC+ Agrees to Cut Output by 9.7 mln bpd from May

FILE PHOTO: A person passes the logo of the Organization of the Petroleum Exporting Countries (OPEC) in front of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger
FILE PHOTO: A person passes the logo of the Organization of the Petroleum Exporting Countries (OPEC) in front of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger
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OPEC+ Agrees to Cut Output by 9.7 mln bpd from May

FILE PHOTO: A person passes the logo of the Organization of the Petroleum Exporting Countries (OPEC) in front of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger
FILE PHOTO: A person passes the logo of the Organization of the Petroleum Exporting Countries (OPEC) in front of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger

Oil producers unanimously agreed on Sunday to cut output by 9.7 million barrels per day from May.

OPEC, Russia and other oil producing nations agreed to cut output by a record amount, representing around 10 percent of global supply, to support oil prices amid the coronavirus pandemic, sources told Reuters.

The group, known as OPEC+, agreed to reduce output by 9.7 million bpd for May-June, after four days of marathon talks.

Two OPEC+ sources told Reuters the deal had been sealed in a video conference.

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Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month
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Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi-based MAIR Group, an investment firm active in sectors including food retail and commercial real estate, said on Thursday it would list on the local bourse next month.

The company, which operates over 100 stores in the United Arab Emirates (UAE) under the ADCOOP and SPAR brands, said in a statement the listing on the Abu Dhabi securities exchange (ADX) would take place on Dec. 9.

It did not disclose the amount of stock shareholders and employees plan to sell through the so-called direct listing, which takes place when a company offers shares to the public without going through a bank-backed initial public offering, Reuters reported.

As MAIR prepares to list "we are ready to amplify our impact, strengthen our foundations, and invite stakeholders to join our journey," Managing Director and CEO Nehayan Al Ameri said.

MAIR, which also manages more than 12 shopping centers through its commercial real estate division, booked revenues of 1.2 billion dirhams ($326.7 million) in the first half of 2024.

Last year, it distributed 135 million dirhams in dividends, equal to 12.11% of the share capital, to its over 12,000 shareholders.