| Oil ministers in Saudi Arabia and the United Arab Emirates (UAE) on Monday rebuffed concerns from the International Monetary Fund that the global slump in oil prices will have a “deteriorating” effect on Middle East countries’ current account balances.
The price of crude oil has slumped from a high of $114 a barrel last June to currently trade just below the $50-mark but oil ministers in the Middle East, where many major oil producers are located, appear sanguine about the decline. On Monday, Saudi’s vice oil minister said long-term oil market fundamentals remain robust but prolonged low prices could threaten security of supply and pave the way for a price spike..............................................Full Article: Source
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