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Oil at $50 is ‘gift to world’ to fuel growth

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Abu Dhabi - Oil at $50 a barrel is a “gift to the world” as prices should be low enough to spur economic growth, according to the head of Abu Dhabi’s Department of Economic Development.

Prices will probably be at $60 next year, after hitting bottom at $45, Ali Al Mansoori, the department’s chairperson, said in an interview on Sunday in the capital of the United Arab Emirates, the fourth-largest oil producer in the Organisation of Petroleum Exporting Countries. Brent crude has dropped 16% this year, closing on Friday at $47.99, amid a global oversupply.

“It is a gift to the world that oil has dropped to $50,” Al Mansoori said. “Would we like for oil to stay at $50? Absolutely not. We would like oil to go to $70, $80, but beyond that I think it would hurt the economic growth.”

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