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ABU DHABI: The level of $80 a barrel is seen as an ideal price for oil as the world economy moves to higher growth, the UAE鈥檚 Minister of Economy Sultan bin Saeed Al-Mansouri said.
鈥淭he minister of energy looks at $80 as the ideal price of oil as we go to the next phase,鈥� Al-Mansouri told reporters before the start of an international business conference.
He said the world could not afford to let oil stay at its current level, which is roughly $50 a barrel for Brent crude. The world economy is expected to pick up in the second half of 2016, he added.
鈥淲e could see a pick-up in China and some other parts of the world,鈥� Al-Mansouri said, adding that the decrease in the oil price was a chance for other economies to review their policies and build growth momentum.
On the impact of low oil prices on the UAE鈥檚 own economy, Al-Mansouri noted that the UAE had substantial funds that were invested internationally, and said returns on these investments would make up for fluctuations in oil prices.
Meanwhile, WAM reported that the UAE Cabinet approved a slightly smaller federal budget for 2016.
Next year鈥檚 budget was set at AED48.56 billion ($13.2 billion) with a zero deficit, down from this year鈥檚 AED49.1 billion budget plan.
The UAE federal budget traditionally accounts for only around 14 percent of total fiscal spending in the country.
But the decision to cut federal spending, after at least several straight years of rises, suggests UAE authorities in general are becoming more cautious about spending because of the blow to state revenues from cheap oil.
On a consolidated basis, including both the federal government and the individual emirates, the International Monetary Fund expects the UAE this year to post its first budget deficit this year since 2009.
In addition to cutting or slowing spending on projects seen as non-essential, the UAE has been moving more aggressively than other Gulf states to save money by reducing energy subsidies.