The United Arab Emirates oil minister
that $25 for a barrel of oil was both a realistic and a reasonable price. "Obviously, we do not want to see prices which are exaggerated either on the higher or lower side. We want to see a reasonable price, and I would say around $25 (per barrel)," Obaid bin Saif al-Nasseri said
. "Current prices are realistic taking into consideration the market conditions. We call this a realistic price, otherwise we would not have seen it." Asked if the Organization of Petroleum Exporting Countries had taken an informal decision on extending existing output cuts beyond their March expiry, he said: "I have already made a statement and there is no change in that. UAE stands by it."