UAE minister 'not worried' by short term, amid forecasts oil price rise

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United Arab Emirates' Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei attends a session of the Russian Energy Week International Forum in Moscow, Russia October 14, 2021. REUTERS/Maxim Shemetov

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ABU DHABI, Jan 19 (Reuters) - UAE energy minister Suhail al-Mazrouei said on Wednesday that he was "not worried about the short term" when asked about predictions that oil prices will rise above $100.

The price of benchmark Brent crude gained 0.33% on Wednesday to $87.76 per barrel, as oil rose for a fourth day as an outage on a pipeline from Iraq to Turkey added to worries about an already tight supply outlook amid geopolitical troubles involving Russia and the United Arab Emirates.

"I will never give a prediction on a price. We will continue to do our work of increasing the supply of 400,000 bpd," he told reporters on the sidelines of the Abu Dhabi Sustainability Week.

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"I am not worried about the short term," he said. "I am worried about the long term if there are voices saying we should not invest."

Analysts are forecasting tight oil supply in 2022, driven in part by demand holding up much better than expected as the highly contagious Omicron coronavirus variant spreads, with some predicting the return of $100 oil. read more

Mazrouei said all producing countries and international oil companies should invest in hydrocarbons to ensure a smooth energy transition.

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Reporting by Doyinsola Oladipo, writing by Maha El Dahan; editing by Jason Neely & Simon Cameron-Moore

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