The slump in oil prices will have no impact on the economy of the United Arab Emirates, says the UAE’s energy minister.
Suhail Mohamed Faraj Al Mazrouei spoke at the Gulf Intelligence UAE Energy Forum in Abu Dhabi (OGJ Online, Jan. 13, 2015).
“The UAE is not worried about its national economy due to the decline in the world oil prices,” he said, according to news agencies WAM and UAEinteract. “Its economy is strong and based on a policy through which the government seeks to reduce dependence on oil year after year. The UAE economy was not affected by previous instances of decline in oil prices and it will not, thanks to its economic well-being.”
The energy minister noted that lower oil prices provide an opportunity for investments and for reviewing contracts. He added that the Organization of Petroleum Exporting Countries has no intention of holding an emergency meeting before its scheduled meeting in June.
Mazrouei also said current oil prices were not sustainable and that he expects the world economy to grow at rates higher than those of today.
