The ongoing record production cuts from the OPEC+ group are set to push oil prices up to ‘normal’ levels soon, Suhail Al Mazrouei, energy minister of the United Arab Emirates (UAE), told Washington-based research institute Atlantic Council in a call. Al Mazrouei didn’t specify what constitutes a ‘normal’ oil price, but as Bloomberg notes , Brent Crude prices averaged $64 per barrel in 2019. This was a much more comfortable level for oil producers in the Persian Gulf and the U.S. alike, compared to the sub-$20 a barrel price that Brent Crude hit in April when the U.S. benchmark WTI Crude settled one day at a negative $37 a barrel. Since April, oil prices have doubled, with Brent Crude trading at $40 early on Tuesday. Back in April, oil at $40 a barrel looked like “a dream,” Al Mazrouei, the energy minister of one of OPEC’s largest producers and […]