UAE oil minister says $25 per barrel is fair price
Obaid bin Saif Al Nasseri the UAE oil minister said that that $25 for a barrel of crude was a fair price for consumers and producers. Speaking to Al Ittihad, he added that any unilateral action by oil producing states to pump more oil bring about a glut in the market.
Nasseri said that producers and consumers should attempt to come to agreement about what is a fair price, and that should range between $22 and $28 a barrel—with $25 per barrel seeming a good compromise.
When asked about pressures, Nasseri noted that the cartel is governed by a host of influences, some political and some economic. The minister hoped that it would be economic interests that will prevail. — (Albawaba-MEBG)