Oil supply sufficient, says Hamili

ABU DHABI — International oil markets have enough oil, but a lack of capacity to refine it was contributing to high prices, Opec's president told reporters yesterday.

By Reuters

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Published: Mon 10 Sep 2007, 9:12 AM

Last updated: Sat 4 Apr 2015, 11:35 PM

"Current supplies to the petroleum market are sufficient," Opec President and United Arab Emirates Energy Minister Mohammed bin Dhae'n Al Hamili said before travelling to Vienna to attend an Opec meeting today.

Ahead of the meeting, several ministers from the Organisation of the Petroleum Exporting Countries have said there was no need for the group to change output, despite pressure from consuming countries to open the taps to bring down prices.

Hamili said that commercial stocks in industrialised countries were higher than they had been for the past five years. Opec was committed to supplying enough oil for consumers, Hamili said, and had spare capacity of around 3.5 million barrels per day (bpd) if needed.

The group's output was just over 30 million bpd, he said. Opec produced 30.37 million bpd in August, over a third of the world's 85 million bpd supply, according to a Reuters survey.

Opec members had embarked on more than 100 projects with investment value of over $120 billion to increase production capacity, Hamili said. That was aside from projects to boost oil infrastructure and refining capacity, he added.

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