UAE: Oil prices are ‘nowhere near’ peak yet
Oil prices haven’t peaked yet because Chinese demand has yet to return to normal, said the energy minister from key OPEC member UAE.
The UAE is the third largest producer in OPEC and one of the few countries in the world with the capacity to significantly increase crude output, yet it expects supply scarcity to worsen.
“If we continue consuming, with the pace of consumption we have we are nowhere near the peak, because China is not back yet,” UAE Energy Minister Suhail Al-Mazrouei said at a conference on Wednesday in Jordan. “China will come with more consumption.”
Al-Mazrouei warned that without more investment across the globe, the Organization of Petroleum Exporting Countries and its allies are not able to guarantee sufficient supplies of oil as demand fully recovers from the coronavirus pandemic.
