U.A.E. Says $50 Oil ‘Isn’t Going to Cut It’ for Producers
- Energy Minister Mazrouei expects oil demand to keep growing
- Gulf countries have made output cuts as promised: Mazrouei
Saudi's Deep Production Cuts Push Oil Price Higher
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Crude oil at $50 a barrel is too low for most producing countries, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.
Prices have climbed almost 20 percent to above $50 a barrel since the Nov. 30 agreement by the Organization of Petroleum Exporting Countries to cut production for the first time in eight years to curb a global glut. OPEC is reducing output along with 11 other producing nations including Russia after a slump in oil prices the past two years eroded revenue.