|11-06-2014, 08:38 AM||#1|
`We are concerned, but not panicked about oil prices,` says UAE Energy Ministry
The United Arab Emirates is not panicking about the fact that crude oil prices have lost more than 25% of their value in only four months, but they are concerned about it, the UAE Energy Ministry said on Tuesday.
Brent crude oil, a benchmark for more than half of the world, slipped to $82 a barrel on Wednesday, after the world’s largest oil exporter Saudi Arabia reduced prices to the U.S.
The decrease to U.S. refiners took its toll on oil prices as it suggests Saudi Arabia’s willingness to continue fighting for market share, and in particular, the U.S., the world’s largest consumer of oil,
Moreover, economies in the Gulf have seen huge expansion in non-oil sectors that overwhelmed oil-induced growth in such a way that major producers in the region are pushing for even lower prices.
Under a poll by Reuters in September, analysts saw faster acceleration of GDP growth next year in most Gulf Cooperation Council Countries, despite oil prices already dipping to record levels. UAE gross domestic product growth is seen at 4.5% in 2015.
Unless prices remain at these low levels for a considerable period or decline further, an impact on the UAE economy is not expected.
Concerns are now arising on the absence of any signs that the Organization of the Petroleum Exporting Countries (OPEC) could either decrease output or increase their prices.
That is partly attributed to the shale oil boom that has overwhelmed demand in global markets, and have stolen market share of OPEC members.
This is a kind of a change in tone by UAE authorities.
The UAE Economy Ministry said earlier this month that oil prices will have no impact on the economy as it accounts for less than 30% of GDP growth.
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