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.
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