ABU DHABI, Mar 26, 2009 (AFP) - An oil price of 70-75 dollars a barrel would be "fair", the president of the United Arab Emirates said in an interview published on Thursday.
A record high 147 dollars a barrel reached in July was "unreal in our view," Sheikh Khalifa bin Zayed al-Nahyan was quoted by the official WAM news agency as saying.
Prices are so low now, he added, that "certain producing countries, lacking sufficient income, cannot develop their oil fields."
The current "weak level" of around 50 dollars "hurts everyone and, in our view, a fair price would be 70 to 75 dollars a barrel."
An Organisation of Petroleum Exporting Countries member, the UAE has the world's fifth-largest oil reserves and a daily OPEC production quota of 2.5 million barrels.
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Copyright AFP 2009.
