UAE minister: $80 is ideal price for oilStaff writer ▼ | October 26, 2015
The level of $80 a barrel is seen as an ideal price for oil as the world economy moves to higher growth, the United Arab Emirates' Minister of Economy Sultan bin Saeed al-Mansouri said.
Oil industry The level of $80 per barrel
He said the world could not afford to let oil stay at its current level, which is roughly $50 a barrel for Brent crude. The world economy is expected to pick up in the second half of 2016, he added.
"We could see a pick-up in China and some other parts of the world," Mansouri said, adding that the decrease in the oil price was a chance for other economies to review their policies and build growth momentum. ■