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The UAE opens its annual oil-and-gas summit at it pledges to increase output even as prices fall

  • The United Arab Emirates opened its annual oil-and-gas summit on Monday, pledging to increase energy output despite falling global prices and political uncertainty ahead of the U.S. Presidential election.
  • The UAE plans to increase its oil production capacity to 5 million barrels a day in the coming years while pursuing cleaner energy initiatives.
  • Crude oil prices are depressed, with benchmark Brent crude trading around $74 a barrel as concerns over Mideast conflicts subsided.
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