.
.
.
.

Low gas prices were not sustainable: UAE energy minister

Published: Updated:

The United Arab Emirates’ energy minister said on Tuesday low gas prices were not sustainable and a recent hike reflected market fundamentals and a lack of investment in the sector.

For all the latest headlines follow our Google News channel online or via the app.

“Gas prices were not sustainable (at) $2 or $3. New investments need to be there. I’m afraid it is not going to be magical. ..prices will go through ups and downs until the market realizes the right price. The market will drive the price,” Minister Suhail al-Mazrouei said at an industry conference in Dubai.

He added that if current prices continue it will be a burden on many countries and that longer term the market is not prepared to accept such prices.

Gas prices have soared 280 percent higher in Europe this year and by more than 100 percent in the US due to a range of factors including low storage levels, carbon prices and reduced Russian supply.

Read more:

Oil prices rise as OPEC+ seeks to overcome impasse over output pact

GCC states will take at least 10 years to end oil dependence, says Moody’s

OCI confirms potential Abu Dhabi listing for fertilizer joint venture with ADNOC