Noor Trends News, Technical Analysis, Educational Tools and Recommendations
UAE Energy Minister Suhail Al Mazrouei said on Wednesday that he is not concerned “in the short term” when asked about analysts’ expectations that oil prices will exceed $100 a barrel.
The price of the benchmark Brent crude contract rose 0.33 percent on Wednesday to $ 87.76 a barrel, with oil rising for a fourth day after the halt in pumping crude through a pipeline from Iraq to Turkey raised fears of expectations of already limited supplies amid geopolitical turmoil related to both Russia and the United Arab Emirates.
“I will not make any price predictions. We will continue our work by increasing supplies by 400,000 barrels per day,” Al Mazrouei told reporters on the sidelines of Abu Dhabi Sustainability Week.
“I am not worried about the situation in the short term. I am concerned about the long term if there are calls that we should not invest (in hydrocarbons),” he said.
Analysts expect limited supplies of crude in 2022, driven by reasons including the continuation of better than expected demand despite the outbreak of the mutated Omicron strain of the Coronavirus, as some expect the price to return to $ 100 a barrel.
Al Mazrouei said that all producing countries and international oil companies should invest in hydrocarbons to ensure a smooth transition to clean energy.
