Abu Dhabi: The UAE Minister of Energy has said that oil prices are reflecting fundamentals of demand and supply and the current prices of $105 to $110 are considered good in light of the circumstances in some producing countries in the region and beyond.
Mohammed Dhaen Al Hamli was speaking on the sidelines of a ceremony to sign an energy agreement with Turkey, according to the state-run news agency WAM. “New discoveries in America and the future reserves have direct impact on oil prices, on the short term and not on the long term. I expect prices in 2013 to be similar to prices in 2012,” Al Hamli told Abu Dhabi TV .
Regarding demand on oil, the minister said “the world continues to suffer from the economic crisis which has been ongoing for five years now. I expect that demand on energy will go down to below the levels of last year, relatively”. QNA
