Crude at $50 will be Good for the Global Economy: Al Hamili

DUBAI - An oil price of $50 per barrel will provide the much-needed support to the global economy while allowing some room for investment, UAE Energy Minister Mohammed bin Dha’en Al Hamili, said on Monday.
“Maintaining prices at reasonable levels is vital to help the world economy recover faster. But equally important is a new round of heavy investment in the energy industry to avoid another cycle of high oil prices,” Hamili said at the Middle East Petroleum and Gas Conference in Dubai.
The Minister said recent production cuts by the Organisation of Petroleum Exporting Countries, or Opec, had led to oil prices stabilising at around $50 a barrel. “Oil prices are market determined. We have lived with prices of oil much lower than $50,” the Minister told reporters when asked if the UAE’s economy could operate at oil prices at $50 per barrel.