UAE ready to boost oil output when needed: oil min

SEOUL - OPEC-member the United Arab Emirates is ready to boost oil output if necessary, UAE Oil Minister Mohammed Al Hamli said on Sunday.

By (Reuters)

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Published: Sun 25 May 2008, 5:31 PM

Last updated: Sun 5 Apr 2015, 1:41 PM

The UAE is one of the few members of the Organization of the Petroleum Exporting Countries (OPEC) capable of increasing its output. Under pressure from consumers to act to tame record oil prices, OPEC's top producer Saudi Arabia announced a modest increase of 300,000 barrels per day earlier this month.

‘We are always happy to put more oil in the market if the market needs more,’ Hamli told Reuters when asked if the UAE would raise supply with the Saudis. Hamli declined to say if the UAE planned to boost output in June.

US oil CLc1 hit a record of just over $135 a barrel last week.

OPEC officials have blamed factors beyond their control for high prices, such as speculation, the weak dollar and international political tension over Iran's nuclear programme.

Consuming countries such as the United States say more oil would help lower the price.

OPEC had no plans to hold an emergency meeting before the group's next scheduled gathering in September, Hamli said on arrival in South Korea to attend an event.

The UAE pumped around 2.57 million barrels per day (bpd) in April, according to a Reuters survey. The world's fifth-largest oil exporter has output capacity of around 2.8-2.9 million bpd.

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