00:00Good afternoon and welcome to the Golf News Business Wrap. Today is November the 11th.
00:05I'm Ed Clouse and our top story today is the meeting of OPEC, that's the Organization
00:10for Petroleum Exporting Countries. They're set to gather later this evening in Abu Dhabi
00:15to discuss lowering oil prices. In the face of unprecedented pressure from shale exporting
00:20countries, the ministers from the OPEC countries and their allies, including Russia, will meet
00:25to discuss ways to bolster the prices. This risks infuriating Donald Trump, who has complained
00:31about them trying to artificially increase prices, and it will see the second time in
00:36as many years that the OPEC group decide to cut production. Right now production is extremely
00:41high and we may see a dramatic U-turn in that respect.
00:45They are meeting on the eve of ADIPEC, Abu Dhabi's major global oil conference, which
00:50begins tomorrow morning in Abu Dhabi. That will tackle the challenges of globalization
00:54and a historic west-to-east shift in oil consumption. It will see a number of oil ministers and
01:01many CEOs from the oil industry meet in Abu Dhabi to discuss all of the challenges present
01:07in the market. Elsewhere in Dubai today, we had His Highness Sheikh Mohammed bin Rashid
01:12Al Maktoum opening up the latest World Economic Forum Future Councils program. They were discussing
01:19the challenges of globalization and the fourth industrial revolution. That is set to continue
01:24for the next day in Dubai and we'll have more news from that as it becomes available.
01:29As always stay tuned to gulfnews.com, I'm Ed Clowes, have a great day.
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