Firms in Fed’s Beige Book Fret Over Any Lengthy Baltimore Port Closure
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
“I doubt it is going to last for very long,” Suhail bin Mohammed al-Mazroui said during an energy conference in Abu Dhabi, without elaborating on the time frame for any price recovery.
“I am a believer in sustainable development, and sustainable development in the oil sector can’t be achieved under current prices,” he added. On Monday, Brent crude traded around $49.81 a barrel.
Mazroui said the UAE would continue its strategy of diversifying its energy mix for power generation. “We should not change course because of what happened (with oil prices),” he said.
On the country’s natural gas needs, Mazroui said the UAE was 50 percent short of its needs and would be placing more import orders.
Earlier this month the UAE said it wanted to import more gas from Qatar through the Dolphin pipeline. (Reporting by Rania El Gamal and Maha El Dahan; Writing by Amena Bakr; Editing by Andrew Torchia)
(c) 2015 Thomson Reuters, All Rights Reserved
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