UAE: Oil Prices Satisfactory

Published May 7th, 2000 - 02:00 GMT

United Arab Emirates Petroleum Minister Ubayd Saif al-Nasiri says his country considers current oil prices satisfactory, the official WAM agency said Saturday. 

"The current prices are good, we hope they will stay at the same level or improve," Nasiri said when answering questions about the UAE's position for the next meeting of the Organisation of Petroleum Exporting Countries. 

He did not say if this position meant the UAE would call for current production levels to be maintained at the next OPEC meeting in Vienna June 21. 

When OPEC met in Vienna at the end of March, it decided to return to production quota levels in force before March 1999, when it moved to cut the supply to the market by 1.7 million barrels a day.  

The ensuing increase in production, effective from April 1, had the effect of bring the reference price of crude to around 25 dollars a barrel, after it had risen earlier to around 30 dollars. 

The high price levels prompted alarm bells in the US, which put pressure on producers to increase supply -- ABU DHABI (AFP). 

 

© 2000 Al Bawaba (www.albawaba.com)

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