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Abu Dhabi Projects Higher Oil Prices

Bloomberg reports that “oil at $50 a barrel is a ‘gift to the world’ as prices should be low enough to spur economic growth, according to the head of Abu Dhabi’s Department of Economic Development.”  

“Prices will probably be at $60 next year, after hitting bottom at $45, Ali Al Mansoori, the department’s chairman, said in an interview Sunday in the capital of the United Arab Emirates, the fourth-largest oil producer in the Organization of Petroleum Exporting Countries. Benchmark Brent crude has dropped 16 percent this year amid a global oversupply…”  

“‘It is a gift to the world that oil has dropped to $50,’ Al Mansoori said. ‘Would we like for oil to stay at $50? Absolutely not. We would like oil to go to $70, $80, but beyond that I think it would hurt the economic growth.’”

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