Rise in oil prices not decided by supply and demand
Minister of Energy Mohammed bin Dha'en Al Hamili attributed the current rise in crude oil prices to reasons other than supply and demand and said that the price hike which reached USD 100pb is brought about by speculative elements, investment funds, geopolitical reasons as well as a number of other factors.
At a meeting with Japanese Minister of Economy, Commerce and Industry, Akira Amari, who is on a visit to UAE at the head of a high level delegation, Al Hamili assured that OPEC is monitoring the global oil market closely.
Al Hamili welcomed the Japanese minister and the accompanying delegation and hailed the relations between UAE and Japan in various avenues, especially in the field of energy. He stressed that UAE is keen to bolster these relations in the best interests of both the countries.
During the meeting they also discussed ways for enhancing cooperation between UAE and Japan in the field of energy. (WAM)
At a meeting with Japanese Minister of Economy, Commerce and Industry, Akira Amari, who is on a visit to UAE at the head of a high level delegation, Al Hamili assured that OPEC is monitoring the global oil market closely.
Al Hamili welcomed the Japanese minister and the accompanying delegation and hailed the relations between UAE and Japan in various avenues, especially in the field of energy. He stressed that UAE is keen to bolster these relations in the best interests of both the countries.
During the meeting they also discussed ways for enhancing cooperation between UAE and Japan in the field of energy. (WAM)
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