UAE president forms new Abu Dhabi Supreme Council

CAIRO - United Arab Emirates (UAE) President Sheikh Khalifa bin Zayed, in his capacity as the ruler of Abu Dhabi, on Sunday established a Supreme Council for Financial and Economic Affairs that will also oversee matters relating to petroleum and natural resources.

The current Supreme Petroleum Council, which regulates petroleum-related policies, will be merged with this new council, the Abu Dhabi media office said in a tweet.

Its members will continue to exercise their role as Abu Dhabi National Oil Co (ADNOC) board members until a new board is appointed, the media office said.

The UAE is a leading oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and most of its output comes from ADNOC.