|  | UAE Energy Statement on oil prices published by press was issued on April 20Jun 19, 2009 - 04:13 - WAM Abu Dhabi, Jun 19th, 2009 (WAM)--UAE Energy Minister HE Mohammed bin Dhaen Al Hamili, told Emirates News Agency (WAM) in statement that the statement carried by media today on oil prices, was in fact issued on April 20 during the Middle East Petroleum and Gas Conference in Dubai.
Al Hamili then said in an inaugural speech at the conference that he was hopeful the world would overcome the repercussions of the world financial crisis, indicating that "with easing of the effects of the global financial crunch, we ill witness increasing growth demand for the fossil energy. The oil will retain its position as the major energy source with rise of gas demand to meet the market energy needs".
He reiterated that there was need for new investments in the oil industry sector to avert rise in oil prices in the world market. Al Hamili stressed the importance of oil prices stability at logical levels, adding that the recent OPEC resolutions on the reduction of production caused stability of oil prices at $50 per a barrel level- a good price for world economy.
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