Home / Energy/ No one can assure stable oil prices, says UAE energy minister

No one can assure stable oil prices, says UAE energy minister


Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 15 May 2018 00:00

Facebook

Reuters: No one can assure the stability of oil price, what we are concerned about is to ensure there is enough supply to satisfy the demand in future, said the energy minister of United Arab Emirates (UAE), Suhail Al-Mazroui, on Sunday (May 13) in Abu Dhabi.

Al-Mazroui made the statement on the global crude oil prices on the sidelines of an industry event, ‘Downstream Investment Forum,’ focusing on ‘New Trade Flows, New Market Opportunities’ in Abu Dhabi. Al-Mazroui, who holds OPEC’s (Organization of the Petroleum Exporting Countries) presidency this year, further said that OPEC and Non-OPEC member countries were trying to achieve that balance, where there was a need to look at a longer time frame.

On the occasion, Indian oil minister, Dharmendra Pradhan, asked oil producers that since India are a new market and it has the biggest appetite to grow, so the producers should provide enough supply of oil at reasonable price. Pradhan is on a three-day visit to UAE to follow up on the February 2018 UAE visit of Indian Prime Minister Narendra Modi.

India, hedging against energy security risks as it imports most of its oil needs, is building emergency storage in underground caverns to hold 36.87 million barrels of crude.


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Trendvertising: The new world of communication in a hashtag world

Tuesday, 20 August 2019

Rahul Bose, an Indian actor, caught a lot of attention for a video post that went viral, where he complained about the price of bananas during his stay at a five-star hotel in Mumbai. As he explained in his story – he went to the gym at his hotel w


Company Law intertwined with Income Tax – Understanding the nexus! Part II

Tuesday, 20 August 2019

A comparison and analysing the impact of corresponding provisions of Companies Act No. 7 of 2007 and Inland Revenue Act No. 24 of 2017 reveals invaluable insights corporate management must be aware of in day-to-day management activities as well as st


Will ‘10 February’ be repeated?

Tuesday, 20 August 2019

Whilst Sri Lanka is in election mode, the thought crossing every Sri Lankans mind is, ‘Will the 10 February 2018 elections behaviour be repeated?’ given the head-start that ‘Brand Gota’ has got. Whilst many are speculating who will be the fig


Shanta Devarajan: Economist who cannot get disconnected from his motherland

Monday, 19 August 2019

For me, Shanta Devarajan, formerly the Acting Chief Economist of the World Bank Group succeeding the Nobel Laureate Paul Romer and presently Professor at Georgetown University, USA, was a legend by himself. When I met him in early part of the new mil


Columnists More

Special Report

SPECIAL REPORT MORE