Economic recovery is continuing and it requires more oil, Al Hamli says in speech
Despite uncertainty over growth in global economies, recovery will continue to drive the need for oil, according to the text of a speech prepared on Monday for UAE oil minister Mohammed Al Hamli.
"Despite the fact that we're not completely sure about the economy, the recovery is continuing and it requires more oil," said Nasser Mohammed Al Sharhan, director general at the UAE oil ministry, reading a speech at a conference that was meant to be delivered by Al Hamli.
Sharhan was referring to global economies.
Last week, Al Hamli said oil prices at $70 a barrel are comfortable for both producers and consumers, just as top oil exporter Saudi Arabia moved its preferred price up a notch on Monday by saying $70-$90 a barrel was an acceptable range for consumers.