DUBAI: Current oil prices are “appropriate and fair” and no threat to economic growth, the new energy minister of the UAE told the state news agency .
“From the producers’ point of view, the current price level continues to an incentive for ongoing investments which are necessary to increase capacity of oil production,” Suhail bin Mohammed Al-Mazroui was reported as saying before leaving for his first OPEC meeting in Vienna on May 31.
“As for consumers, this level does not adversely affect economic recovery and the horizons of growth in the future, therefore we see it as appropriate.”
Benchmark Brent crude oil prices have held steady above $ 100 a barrel throughout most of May.
Libya’s National Oil Corporation (NOC) said the country’s crude oil exports totaled 43.83 million barrels in April.
The NOC itself exported 37.281 million barrels, the state energy company said in a statement posted on its website, adding that the rest was exported by its partners.
Local refineries consumed 4.361 million barrels.
It added that average production during the month was 1.606 million barrels per day.
