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In the short run, all oil exporting countries including Saudi Arabia are affected by the low oil prices. But Saudi Arabia benefits in the long run with estimated currency reserves of about $700 billion, allowing it to bear current low oil prices for a few more years. Low oil prices also give Saudi Arabia political power over other oil exporting countries that are its political rivals. For example, Saudi Arabia clashed with Russia and Iran over the Syrian conflict when the latter kept supporting Bashar al-Assad's regime against Saudi Arabia and its western coalition.
Current oil prices are reasonable, a senior United Arab Emirates energy official said on Tuesday. I think the existing prices are fair, Matar Al Neyadi, undersecretary of the ministry of energy, told reporters at an oil industry conference in the emirate of Fujairah.Brent crude oil is now at about $97 per barrel.Current UAE oil output is just below 3 million bpd, and the UAE plans to raise its output capacity to 3.5 million barrels per day by 2017, Neyadi said.urrent oil prices are reasonable, a senior United Arab Emirates energy official said on Tuesday. I think the existing prices are fair, Matar Al Neyadi, undersecretary of the ministry of energy, told reporters at an oil industry conference in the emirate of Fujairah.