The President of the UAE has echoed sentiments made by various other OPEC member states and stated that a fair price for oil is between US$70-75 a barrel.
Sheikh Khalifa bin Zayed Al Nahyan said that he believes the current price of just over $50 is too low and would adversely effect all oil producing nations.
“The prices are low and as such they affect all. Fair price per barrel from our point of view is $70- $75,” the President said in comments published by news agency WAM.
The remarks come after the UAE central bank governor said that the low prices for oil would have a great impace on the Middle East region.
“This will have a great impact on the economies of the Gulf region,” Sultan Nasser al-Suweidi said at a Gulf banking conference. “This will definitely influence the economy.”
“It is natural the UAE is affected too as we play pivotal regional and international financial and economic roles,” Sheikh Khalifa told Qatari newspaper Al Watan.
The President also added that unlike some other nations, the UAE had “moved immediately” to curb the financial crisis when it began. “We injected liquidity into our banking system, and resuscitated some corporations affected much by the crisis,” he said.
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