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"Please do not panic, things will fix itself,"
Badri said during a panel discussion at a major energy industry
conference in Abu Dhabi.
United Arab Emirates energy minister Suhail bin Mohammed al-Mazroui,
also on the panel, delivered a similar opinion: "We are not
seeing the price issue as a major issue that we need to panic
about."
Badri indicated that both producers and consumers would be happy
with oil prices in a broad range around $100 per barrel.
"In the last five to six years we don't see any nagging by
consumers or producers...$100, $110, $95, they are happy with
these prices."
He also said, "A high price is not preferable by OPEC, a low
price is not preferable by OPEC" because high prices would mean
less demand while low prices would reduce investment in oil
supply.
(Reporting by Martin Dokoupil, Rania El Gamal, Stanley Carvalho
and Maha El Dahan; Writing by Andrew Torchia)
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