A top ranking official from the Ministry of Economy in Abu Dhabi said that the recent rally in oil prices to around $50 per barrel will reflect positively on the UAE economy.
Abdul Aziz Al Shehhi, Under Secretary of the Ministry of Economy speaking to Gulf News on the sidelines of UAE-South Korea Joint Economic Committee meeting, said ” We see a positive trend in the oil prices which eventually will reflect positively on the UAE economy. From less than $30, oil prices have moved to $50 which is good. ”
A member of the Organisation of the Petroleum Exporting Countries (Opec), the UAE produces about 2.8 million barrels of oil per day with plans to expand the capacity to 3.5 million barrels per day.
The UAE along with other Opec members have decided to keep the production levels unchanged despite drop in oil prices in their previous meetings in Vienna.