Producers Happy with US$70 -80 Oil Price: UAE

Global oil prices between US$70 and US$80 per barrel are acceptable to producers, the oil minister of the UAE said. "Oil price stability has been achieved despite weakness in the global economy and unfavourable market conditions," Mohammed Hamli was cited as saying at an industry event. He said that current oil prices suggested that international oil markets were taking a long term view. Current oil prices also gave producers an incentive to continue investing in the sector, Hamli said.- Upstream