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Average oil price reaches $70 pb in 2018 – Minister

Average oil price reaches $70 pb in 2018 – Minister
This price level will boost global oil investment

Abu Dhabi – Mubasher: The average oil price in 2018 was $70 per barrel (pb), the UAE energy minister Suhail al-Mazrouei said during an industry conference.

This price level will boost global oil investment, the minister added.

In December, members and non-members of the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut their production by 1.2 million barrels per day as of January to improve prices.

As for the relations between OPEC and the US, al-Mazrouei stated that they were not “enemies”, adding that they were completing each other.