UAE Leader : the fair price for oil between 70 and 75 $

United Arab Emirates’ Leader said that the fair price of a barrel of oil is between 70 to 75 dollars, while prices remain volatile, despite the recovery that has occurred in recent times.


In an interview with the Qatari Al-Watan newspaper published in Emirates News Agency, Sheikh Khalifa bin Zayed Al Nahyan, who also heads the Supreme Petroleum Council in the State said that “the price is low, and we believe that the low price of oil harms everyone, and the fair price of a barrel of oil from our point of view must that ranged between 70 and 75 dollars. ”

He added that the price of 147 dollars a barrel reached last July was not true. On the eve of the Ministerial Meeting of the Organization of Petroleum Exporting Countries (OPEC), the Minister of Petroleum and Mineral Resources Ali al-Naimi also confirmed that the price is fairly similar for the producing and consuming countries alike.

The UAE has the fifth-largest oil reserves in the world, with a share of OPEC’s daily production of 2.5 million barrels a day.

The UAE Central Bank governor, said earlier Wednesday that he is not expected to exceed the price of oil about 40 to 44 dollars a barrel this year, although this would have a significant impact on the economies of oil-exporting region.


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