Oil prices are 'nowhere near' peak, says UAE minister; brent rises

Oil prices are “nowhere near” their peak as an impending rebound in Chinese demand threatens to strain a global market already pinched by tight supplies, said key OPEC member the United Arab Emirates.

The comments serve as an acknowledgment that last week’s decision by the OPEC+ coalition to bolster output will give consumers little respite from the soaring cost of energy this summer. The Organization of Petroleum Exporting Countries is struggling to restore production as planned, with spare capacity confined to just a few members, the UAE minister conceded. 

“With the pace of consumption we have, we are nowhere near the peak