ABU DHABI — The fall of the U.S. dollar is fueling
energy prices, oil officials here said.
Industry specialists said the sharp decline of the American currency
against the euro has sustained the rise in oil prices. They said the fall
of the dollar has fueled speculation by oil traders, Middle East Newsline reported.
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"One reason the price is high is the weakness of the dollar," Ali Al
Yabhouni, the representative of the United Arab Emirates to OPEC, said.
"If
you look at it in other currencies such as the yen and the euro, oil is very
affordable. So, yes, the price looks high in dollars but not in other
currencies."
Addressing an energy conference in Dubai on March 30, Al Yabhouni
dismissed any shortage in the oil market. He said the production of gasoline
and other refined products were above their five-year average.
