Oman’s Energy Minister: Current oil prices are fair

Current oil prices of around $75 per barrel are "fair", as they reflect the post-pandemic global economic recovery, Oman's Energy and Minerals Minister Mohammed al-Rumhy said in an interview with Energy Intelligence.

Key quotes

"I think from my point of view the market is fair."

"Don't forget where we came from ... I'm talking about two or three years ago when [the price of oil] was $100. Today $75, it's 25% less than what it was."

“It's "safer" to have prices at current levels because it ensures that there is sufficient upstream investment to safeguard future supply.”

"We producers believe a healthy oil price is a healthy world economy. And when the oil price is very low, it's not just us who suffer, the whole world suffers. There's a clear correlation between world GDP growth ... and the oil price movement."

"I think many of us don't wish to go back to $100.”

• WTI extends correction to test $72 as oil demand concerns resurface