According to UPI’s March 13 report from Kuwait City, government officials from various countries today stated at an energy conference held in Kuwait City, Kuwait’s capital, that the current oil price is too high, leading to rising oil prices mainly due to the Middle East region. Tension.
At the 13th annual meeting of the International Energy Forum held in Kuwait City, the UAE oil minister, Mr. Khan Bin Zaan Khamili, said that he believes that the current price of oil is a bit high.
The price of oil is currently near the high point in nine months. The rise in oil prices is partly due to the tension between Western powers and Iran. The Iranian government said that Iran will stop exporting oil to some European countries. Iran also said that if Iran is under further pressure from sanctions, Iran will close the key oil transportation line in the Strait of Hormuz.
Oman’s oil minister, Mr. Bin Hamad bin Said Al-Rumsi, told a Bloomberg News reporter today that the current price of oil is “somewhat highâ€. He pointed out that the oil price of $100 a barrel is a more reasonable price.
International Energy Forum Secretary General Aldo Flores Quiroga told reporters today that new oil discoveries will increase the market's supply diversity. The new supply can replace the depleted oil field.
Industry analysts believe that high oil prices will erode opportunities for global economic recovery.
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