Advertisement
| 22 February, 2018

UAE says not seeing oil investments at right level yet

The exporting group was not targeting a specific oil price but rather seeking a balanced oil market, says Energy Minister Suhail al-Mazrouei

Image used for illustrative purpose only. Oil and Natural Gas Corp's (ONGC) wells are pictured in an oil field on the outskirts of the western city of Ahmedabad, India, March 16, 2016.

Image used for illustrative purpose only. Oil and Natural Gas Corp's (ONGC) wells are pictured in an oil field on the outskirts of the western city of Ahmedabad, India, March 16, 2016.

REUTERS/Amit Dave

LONDON, (Reuters) - United Arab Emirates Energy Minister Suhail al-Mazrouei said on Thursday that the current oil price level was not encouraging the flow of investments yet that the oil industry needs.

Speaking at an energy conference in London, Mazrouei, who holds the OPEC presidency this year, said the exporting group was not targeting a specific oil price but rather seeking a balanced oil market.

Advertisement
"Am I seeing the right investments coming to the market? Not yet," he said, when asked whether he sees oil at $60-65 as the sweet spot for the oil industry. (Reporting by Alex Lawler and Rania El Gamal; Editing by Jane Merriman)

© Reuters News 2018