A price range for oil of $70-80 per barrel was acceptable and good for maintaining investments, while gobal oil markets are still oversupplied but not excessively so, said UAE’s Oil Minister.

Oil prices were reacting to other factors such as euro zone financial troubles, UAE Oil Minister Mohammed Al Hamli was quoted as saying by our sister publication, the Gulf Daily News.

'There is enough crude in the market; there is certainly no shortage,' said Al Hamli on the sidelines of a conference in Beijing.. He added market fundamentals are quite good.

US crude futures stood steady yesterday after closing at a four-week high above $75 per barrel on Thursday, supported by a rosier oil demand forecast, a Wall Street stock rally and China's surprisingly strong export data.

On the development of the UAE's $10 billion Shah gas project, Al Hamli said the UAE would look for another strategic partner to push ahead investment after the withdrawal of US company ConocoPhillips in late April.

'The project is on schedule. We will find a partner - we need a strategic partner,' he said.

The UAE is the world's third-largest oil exporter and has the world's fifth-largest gas reserves. It is spending tens of billions of dollars to boost gas capacity to meet rapidly growing domestic demand. – TradeArabia News Service