Current oil price no threat to economy: UAE minister
Abu Dhabi, May 27, 2013
Current oil prices are "appropriate and fair" and no threat to economic growth, the new UAE energy minister Suhail Bin Mohammed al-Mazroui told the UAE's state news agency on Monday.
"From the producers' point of view, the current price level continues to an incentive for ongoing investments which are necessary to increase capacity of oil production," Al Mazroui was reported as saying before leaving for his first Opec meeting in Vienna on May 31.
"As for consumers, this level does not adversely affect economic recovery and the horizons of growth in the future, therefore we see it as appropriate," he added.
Benchmark Brent crude oil prices have held steady above $100 a barrel throughout most of May.-Reuters