Oil prices convenient and fair

Current oil prices are "convenient and fair," the United Arab Emirates' energy minister said on Monday ahead of a meeting of the Organisation of Petroleum Exporting Countries, OPEC. Suhail al-Mazrouei described a recent drop in oil prices as a "short-term phenomenon not caused by the fundamentals of the market," in remarks carried by WAM news agency "We think that current prices are convenient and fair," said the minister who was appointed in March. A fair price, he added, was one that "fluctuates within a narrow range, guarantees a return for large investments needed to produce oil, and does not harm global economic growth." OPEC is to meet this week in Vienna. The oil cartel boosted production to 30.21 million barrels a day in April from 29.93 million in March while maintaining a flat forecast for global demand. New York's main contract, West Texas Intermediate light sweet crude for delivery in July, dropped 54 cents to $93.61 a barrel in the afternoon and Brent North Sea crude for July delivery shed 19 cents to $102.45. Mazrouei said his oil-rich Gulf state is currently producing 2.8 million barrels per day of crude, and is still working to increase its output capacity to 3.5 million bpd.