Oil Price Concerns Downplayed by UAE Leader

The president of the United Arab Emirates is downplaying concerns about falling oil prices ahead of an emergency OPEC meeting later this week.

The Emirates is one of the world's top oil producers.

Sheik Khalifa bin Zayed Al Nahyan says fluctuations in the price of crude are nothing new. He says the Gulf nation has lived through periods were prices were below where they are today.

The sheik spoke in an interview with Egypt's influential Al Ahram newspaper. The Emirates state news agency WAM on Wednesday provided a transcript of the interview.

Khalifa says the Emirates is "closely monitoring" oil market dynamics and working with partners in OPEC "to face any negative impacts on the stability of world markets."

Author: Jo Amey