UAE says world oil markets 'well supplied'

Energy minister says there are 'sufficient supplies' despite problems connected to Libyan crisis
UAE says world oil markets 'well supplied'
By Andy Sambidge
Sun 17 Apr 2011 07:47 PM

The UAE's energy minister said on Sunday that the world's oil markets were well supplied, despite shortages connected to the current Libyan crisis.

Mohammed bin Dhaen Al Hameli said markets enjoyed "sufficient supplies" of crude, adding that the recent oil price rise had nothing to do with market fundamentals but with the current geo-political situation and speculation.

Al Hameli made the remarks while receiving a delegation from the Swedish Energy Agency, state news agency WAM reported.

"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 said.

Al Hameli added that OPEC was in continuous talks with the World Energy Forum and the International Energy Agency to ensure market stability.

He also highlighted UAE's efforts to develop its gas industry to meet rising energy demand.

The UAE currently produces six million tonnes of natural gas annually and has the world's fifth largest gas reserves.

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