Saudi Arabia said on Tuesday it is prepared to pump more oil into the market to balance prices.
The country's cabinet affirmed the kingdom's readiness to use its spare crude production capacity to maintain market stability.
"The kingdom is prepared to utilise its spare production capacity when necessary to deal with any future changes in the levels of supply and demand," a cabinet statement said following a meeting chaired by King Salman.
Last month the Opec+ group confirmed it will increase production by 1 million barrels per day. Saudi Arabia and Russia are expected to bear the greatest burden of this.
Also on Tuesday, Adnoc confirmed it is "on track" to raise production capacity to 3.5m bpd from 3.3m bpd by the end of this year.
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Read more:
Adnoc 'on track' to raise output capacity by 200,000bpd in 2018
Trump blasts Opec and warns European companies against Iran ties
Oil prices fall as Saudi Arabia and Russia pump more
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
Company%20Profile
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Company%20Profile
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
COMPANY%20PROFILE%20
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Story%20behind%20the%20UAE%20flag
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The five pillars of Islam
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
UAE currency: the story behind the money in your pockets
Everything Now
Arcade Fire
(Columbia Records)
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More on animal trafficking
COMPANY%20PROFILE%20
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Prophets of Rage
(Fantasy Records)