UAE petroleum minister: increase in petroleum prices reflects market mechanism

United Arab Emirates Minister of Petroleum and Mineral Resources Ebeid Bin Seif El-Naseri stated that the current increase in petroleum prices to nearly 30 dollars per barrel reflects the actual supply and demand elements in the market in addition to the speculation elements which work on inflating prices in case of an increase or decrease in prices.

While he expressed his relief over the current prices for raw petroleum in the international markets the UAE minister warned in statements to the UAE news agency yesterday that speculation in the petroleum markets, whether increasing or decreasing the prices, harms the producers' and the consumers' interests, expressing hopes that everybody would realize this fact.