UAE oil minister says oil price too low

Crude oil prices at current levels around $40 a barrel are too low to attract enough investment in new supplies, the oil minister for the United Arab Emirates said on Monday.

Oil Minister Mohammed al-Hamli, speaking at a conference in London, also said he saw no sign yet of an upturn in the world economy.
“The crude oil price is around half the level required to attract adequate investment in the industry,” he said.

“This crisis has rapidly gained global proportions and we do not yet see light at the end of the tunnel.”

Reuters