Current oil prices of around $75 per barrel are “fair”, as they reflect the post-pandemic global economic recovery, Oman’s Energy and Minerals Minister Mohammed al-Rumhy said in an interview with Energy Intelligence.
“I think from my point of view the market is fair.”
“Don’t forget where we came from … I’m talking about two or three years ago when [the price of oil] was $100. Today $75, it’s 25% less than what it was.”
“It’s “safer” to have prices at current levels because it ensures that there is sufficient upstream investment to safeguard future supply.”
“We producers believe a healthy oil price is a healthy world economy. And when the oil price is very low, it’s not just us who suffer, the whole world suffers. There’s a clear correlation between world GDP growth … and the oil price movement.”
“I think many of us don’t wish to go back to $100.”
