UAE Minister Says $85-95/B Oil Would Encourage Investment

An average oil price of $85-95/B over this decade is what oil producers need to make them invest in long-term sustainable oil production capacity, UAE Minister of Energy Muhammad al-Hamili told a conference in Abu Dhabi on 9 January. The minister said new offshore and onshore reserves need to be developed and producing fields are becoming more difficult to work. “While it is clear that the age of easy oil is coming to an end,...