“Opec member countries are currently pumping out oil at nearly full capacity...and any oil shock in the short-term could push oil prices to record highs", Nasiri said in an interview carried by  Emirates News Agency (WAM) ahead of the 11th Abu Dhabi International Petroleum Exhibition and Conference "ADIPEC 2004" to be held here from 10-13 October.

Nasiri said that AGCC oil producers were investing billions of US dollars in raising their output in order to have a reserve capacity that will be used to satisfy rising global demand and to face any crisis in the medium and long term.

On Opec efforts to ease rallying oil prices, he said that Opec had decided in mid-September to raise its production ceiling by one million barrels per day raising to 27 mbpd as of November 1 to calm the sky-rocketing prices. “Since July 2004, Opec increased its output by 3.5 mbpd to settle at 27 mbpd by early November,” he was quoted as saying.

“Stabilisation of world oil market at acceptable prices for producers and consumers, expansion of output capacity to meet steep world demand and defusion of troubles in producing countries are the prime concerns for the oil and gas industry,” Nasiri said when asked about challenges facing the industry. Replying to a question on UAE's efforts to embrace modern technology, the minister said: “The UAE oil and gas industry is keeping a breast with advanced technology through its partnership with major world oil companies and ADIPEC is an important event that opens promising horizons for industry players to keep in touch with the latest developments in the oil and gas technology.”