The UAE Energy Minister Suhail bin Mohammed Faraj Al Mazroui on Wednesday defended Opec’s decision not to cut production in the face of falling prices as Barclays came up with an upbeat forecast that oil price is likely to rise to $50 by the end of 2015 and increase to $60 in 2016.
Barclays corporate banking team said a price hike would be spurred by sustained doubling of growth in global demand of up to four million barrels per day. Details