| Kippreport.com

Oil price stability achieved, says UAE minister

March 2, 2010 4:43 by kippreport

Oil prices between $70 and $80 per barrel are “acceptable” to producers, Mohammed al- Hamli, the UAE’s oil minister said on Tuesday. “The market is well supplied,” told reporters, adding that the oil price stability has been attained despite the current global economic conditions.

“Current oil price levels suggest that international oil markets are, for once, taking a long-term view,” he said. “It is clear that the age of easy oil is coming to an end,” he added.

While global oil demand decreased by 1.4 million barrels per day in 2009, it is expected to grow by 800,000 barrels per day this year, he said.

Tags: demand, Economy, market, oil prices, stability, supply