Oil prices expected to reach $70 per barrel in 2019: UAE energy minister

12/01/2019 Argaam

 

UAE Energy Minister Suhail Al Mazroui expects oil prices to reach an average of $70 per barrel in 2019, he said today on the sidelines of the Global Energy Forum 2019 in Abu Dhabi.

 

These projections are based on the production cut agreement between OPEC and non-OPEC members came into effect early this month, he said.

 

“We’re optimistic about the market balance that will be achieved soon, and we continue to diversify energy sources during 2019,” he added.

 

Al Mazroui said on Jan. 1 that he expects market balance to be achieved in the first quarter of 2019, Argaam previously reported.

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