UAE says US$50 oil ‘isn’t going to cut it’ for producers

Mazrouei: ‘I will never quote a price because I truly believe we should not target a price.’ – Reuters

ABU DHABI: Crude oil at US$50 a barrel is too low for most producing countries, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.

Prices have climbed almost 20% to above US$50 a barrel since the Nov 30 agreement by the Organisation of Petroleum Exporting Countries (Opec) to cut production for the first time in eight years to curb a global glut. Opec is reducing output along with 11 other producing nations including Russia after a slump in oil prices the past two years eroded revenue.