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Oil prices unlikely to rise to $80, says Oman minister

Mohammed bin Hamad Al Rumhy, Oman’s Minister of Oil and Gas expressed hope that the oil prices touches $60 during the current period.

TAS News Service
Sep 12, 2019

Muscat: Oil prices are unlikely to reach US$80 per barrel in the near future, according to Oman’s Minister of Oil and Gas, Mohammed bin Hamad Al Rumhy.

Speaking on the sidelines of an energy conference in Abu Dhabi, Rumhy expressed hope that the oil prices touches $60 during the current period. “That’s a fair price,” he told Russian news agency Tass in an interview.

He also urged the oil producers to be more rational and live in the current environment with a price of around US$60 per barrel. “Every producer needs $80 per barrel compared to US$60, but is it reasonable? Probably not, not in the current circumstances.

“We need to move with the current economic environment. I would enjoy seeing oil grow from US$60 to US$80, but it’s highly unlikely,” Rumhy added.

Earlier, international rating agency Fitch, predicted the prices of oil in 2019 to be $65 per barrel.

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