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UAE minister: $80 is ideal price for oil

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Staff 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.
Sultan bin Saeed al-Mansouri
Oil industry   The level of $80 per barrel
"The minister of energy looks at $80 as the ideal price of oil as we go to the next phase," Mansouri told reporters before the start of an international business conference.

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.