UAE`s Al Mazrouei says oil`s plunge will help global economic growth . . . . . . . . . . Energy Minister of the United Arab Emirates (UAE) Suhail Al Mazrouei said that lower oil prices are likely to be a significant push to global economic growth this year. Dealing with the current surplus in supply might take years, Al Mazrouei said in an interview with The National. “We are experiencing an obvious oversupply in the market that needs time to be absorbed,” he told The National. “Depending on the actual production growth from non-OPEC countries this problem could take months or years [to be resolved],” he added.” If they act rationally we can see positive corrections during 2015.” Al Mazrouei said that the fall in prices would boost economic growth at a higher pace than projected, which would then spur higher demand for oil again. Al Marzrouei’s comments suggest consent in the level of oil prices. The UAE is the least of the Gulf States dependent on oil revenue. Brent crude oil prices extended losses on Wednesday, as worries over the supply glut worsened after Saudi Arabia reduced its official selling prices to Europe and the U.S. #egyptyard
Posted on: Wed, 07 Jan 2015 12:41:02 +0000
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