The UAE’s energy minister believes that current crude oil prices are “suitable and fair”, as OPEC gears up to assess the cartel’s production targets.
Suhail Mohammed Al Mazrouei told the state-run WAM news agency that global demand for crude will stay “relatively weak this year”, with around 800,000 barrels per day more than last year.
Al Mazrouei only took up the nation’s oil portfolio in March as part of a cabinet reshuffle, replacing Mohamed bin Dhaen Al-Hamli.
OPEC is set to meet on May 31 to discuss oil quotas for the group. It currently produces more than 30m barrels per day.
Brent crude held below $103 per barrel on Tuesday, Reuters reported, amid concerns over the global economy and oversupply.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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