UAE oil minister says market well supplied

Gulf state will continue to meet customers' crude demand, believes current prices are good
UAE oil minister says market well supplied
UAE oil minister Mohammed bin Dhaen al-Hamli (AFP/Getty Images).
By Reuters
Thu 19 Jul 2012 05:08 PM

The UAE will continue to meet its customers' crude demand and believes current prices are in a good range, the country's oil minister told reporters on Thursday.

Gulf OPEC producers have shown no sign of trimming their output following the cartel's meeting in mid-June when ministers agreed to adhere to a 30m bpd target.

"As for the UAE, our customers keep coming to us and asking for more so we give it to them," Mohammed bin Dhaen al-Hamli said on the sidelines of an energy conference in Dubai. "We are happy with the price," he added.

Benchmark Brent crude rose to more than US$107 a barrel on Thursday.

The 12-member OPEC's collective output remained close to its highest levels since early 2008 in June, driven by strong Saudi and Iraqi output, according to a Reuters survey.

The extra supply makes up for Iran's drop in exports which halved in the four months from February to June because of US and European Union sanctions aimed at discouraging what the West fears is an Iranian programme to develop nuclear weapons.

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