We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Mon 8 Nov 2010 01:00 PM

Font Size

- Aa +

Economies still need oil despite uncertainty - UAE minister

Economic recovery is continuing and it requires more oil, Al Hamli says in speech

Economies still need oil despite uncertainty - UAE minister
UAE oil minister Mohammed Al Hamli said oil prices at $70 a barrel are comfortable for both producers and consumers. (Getty Images)

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.

 

Arabian Business: why we're going behind a paywall

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.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.