Briefly

AUSTRIA

OPEC+ decides to hike oil production gradually

The OPEC oil producers' cartel and allied nonmember countries led by Russia signed off on Wednesday on gradually increasing production as the global economy and demand for fuel continue to recover from the worst of the coronavirus pandemic. The Vienna-based group fended off pressure from the United States to move faster in restoring production cuts made during the pandemic and potentially ease costs at the pump for US drivers. The group, known as OPEC+, agreed at an online meeting to stick with earlier plans to add back 400,000 barrels per day from Oct 1 to the end of 2022. The cartel and its allies are gingerly restoring deep cuts made last year, when lockdowns and travel restrictions caused demand for fuel and prices to crater.

JAPAN

Govt lays out growth strategy priorities

Japan announced on Thursday a list of initiatives it will focus on to promote green technology and digitalization, as part of efforts to boost the economy's long-term growth. The outline, drawn up by a panel to debate Japan's growth strategy, will likely serve as a backbone for any new stimulus package the government may compile later this year. It also came ahead of the ruling party's leadership race that Prime Minister Yoshihide Suga must win to stay on as head of state and pursue his policy initiatives. In the outline, the government laid out areas that need closer scrutiny in coming months, from among a list of steps included in Suga's growth strategy that was unveiled in June. Japan's economy emerged from last year's coronavirus-induced slump helped by an export rebound. But analysts expect any further recovery to remain modest, as a surge in infections at home hurts consumption.

UNITED ARAB EMIRATES

Abu Dhabi removes curbs for the vaccinated

Abu Dhabi will remove the need to quarantine for all vaccinated travelers arriving from international destinations starting on Sunday, said the Abu Dhabi government media office on Twitter on Thursday. A negative PCR test remains a requirement to travel to the United Arab Emirates' capital, it said.

Agencies - Xinhua