UAE energy Minister waiting for restoring fair oil prices

UAE energy Minister waiting for restoring fair oil prices


The price of oil should be in the range between 40 and 100 dollars, said the Minister of energy of UAE Sohail bin Mohammed al-mazroui, noting that two years later, the first plan can get problems concerning the supply of oil.

CAIRO, 22 Jan. Margarita Kislova. Fair price of oil should be in the range between 40 and 100 dollars, said Minister of energy of UAE Sohail bin Mohammed al-mazroui.

“Talking about the price of oil for the near future, to say that the norm is forty dollars, I don’t think so, to say that the norm is a hundred dollars, I don’t think so. The price will be somewhere in the middle, it will be fair. In any case, oil is a finite resource, there is now an oversupply of oil, but oil itself does not heal” — he said, speaking at the world economic forum in Davos.

According to him, due to the fall in oil prices, the sector is not counted 400 billion in investment. “So in two years we will have problems, we cannot produce oil out of the air,” added Minister of the UAE.