Oil market well supplied: Al Hamili

ABU DHABI—UAE Energy minister Mohammed bin Dha’en Al Hamili has said that the world’s oil markets enjoy sufficient supplies of crude and that the recent rise in oil prices has nothing to do with the market fundamentals but with the current geo-political situation and speculation.

By (Wam/Reuters)

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Published: Mon 18 Apr 2011, 11:58 PM

Last updated: Tue 7 Apr 2015, 3:33 AM

He made the remarks while receiving a delegation from the Swedish Energy Agency, led by Head of Security of Energy Supply Unit Mikael Toll.

“OPEC has provided new supplies to the market to offset shortage resulting from exports interruption in some member countries following recent developments in the region,” he added.

Al Hamili referred to OPEC’s continuous talks with the World Energy Forum and the International Energy Agency to ensure market stability.

Oversupplied

Meanwhile, Saudi Arabia Oil Minister Ali Al Naimi said on Sunday the world oil market was oversupplied and that the kingdom had reduced production in March due to weak crude demand.

Oil consumers have urged OPEC to quickly add supply to the market to quell the rally in crude prices that has taken oil to its highest level in 2-1/2 years amid unrest in the MENA region. —



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