UAE President Sheikh Khalifa bin Zayed Al Nahyan said on Wednesday that a fair price for oil would be between $70-75.
UAE President Sheikh Khalifa bin Zayed Al Nahyan said on Wednesday that a fair price for oil would be between $70-75. He said the current price of just above $53 was low and would have an impact on the coffers of all oil producers. "The prices are low and as such they affect all. Fair price per barrel from our point of view is $70- $75," he said in comments published by news agency WAM.
Earlier on Wednesday the UAE central bank governor said he did not expect oil prices to exceed around $40-44 a barrel this year and that would have great impact on the economies of the oil-exporting region.
"This will have a great impact on the economies of the Gulf region," Sultan Nasser al-Suweidi told a Gulf banking conference. "This will definitely influence the economy."
Speaking to Qatari Al Watan newspaper, Sheikh Khalifa said the effects of the global financial crisis had touched all, adding: "It is natural the UAE is affected too as we play pivotal regional and international financial and economic roles."
Sheikh Khalifa said the UAE "moved immediately" to curb the financial crisis when it began, adding: "We injected liquidity into our banking system, and resuscitated some corporations affected much by the crisis".