First Published: 2013-01-16

 

Abu Dhabi: Oil market well-balanced, well-supplied

 

UAE Energy Minister says there is no need to cut oil supplies, world demand is in good shape.

 

Middle East Online

'The market is capable of taking all we produce'

ABU DHABI - The world oil market is well-balanced and well-supplied, United Arab Emirates Energy Minister Mohammed al-Hamli said on Wednesday, adding his country plans to raise oil output capacity.

"The market is well-balanced. Maybe it's a little bit over-supplied, but generally it is well-supplied," Hamli told reporters on the sidelines of the first meeting between Arab and South American energy ministers.

"We keep monitoring the market all the time and right now, the market is capable of taking all we produce... there is no need to cut supplies," he said.

Hamli said his country is pumping 2.6 million barrels per day and plans to raise output capacity to 3.0 million bpd by the end of the year.

The minister said the world demand for oil is "in a good shape," adding that there will be an increase in demand this year but below the growth in 2012.

"Demand will depend on how the crisis is handled... It is coming mainly from Asian countries -- China and India and the Middle East," Hamli said.

He said UAE is looking to import LNG gas to meet the peak demand in the summer, but provided no further details on when the imports will begin.

Oil prices rebounded in Asian trade Wednesday on stronger US demand for heating oil but an impending showdown in the US Congress over the debt ceiling could limit gains.

New York's main contract, light sweet crude for delivery in February was up 26 cents to $93.53 a barrel and Brent North Sea crude for February delivery climbed 36 cents to $110.66 in the afternoon.

The gains were driven by data showing better-than-expected demand for distillates, including heating oil, in the United States, said Victor Shum managing director of energy consultancy IHS Purvin and Gertz in Singapore.

 

Yemen blockade 'killing' as many civilians as war

Palestinian baby killed in arson attack by Jewish settlers

EU urges Israel to show 'zero tolerance for settler violence'

Erdogan calls for early elections if no coalition

Cash-strapped Tunisia's Syphax airline grounds flights

Kurds in Diyarbakir fear return to war

State of emergency in Tunisia extended

Jerusalem Gay Pride attack suspect lashes out in court

'Kurdish Obama' faces his biggest test

Pentagon denies US-trained rebels captured in Syria

Morocco king calls for development of remote regions

Host of US celebrities endorses Iran nuclear deal

PKK braces for fight with Turkey in Iraq mountain bastions

Kurdish party chief dismisses Turkey anti-IS raids

Thomas Cook warns Tunisia attacks affect annual results

Three Al-Jazeera journalists await Egypt retrial verdict

Kuwait uncovers new IS cell

One Turkish police killed in attack blamed on PKK

Israel approves law allowing force feeding of prisoners

New sexist gaffe of Turkish deputy PM: 'As a woman, be quiet!

UN envoy invites Syrians to ‘thematic’ talks

Egypt's gift to the world: Suez Canal Axis

Pentagon to worried lawmakers: We will remain vigilant on Iran

Hamas calls for revolt against Palestinian Authority

ISIS claims deadly car bomb in Yemen capital

Allies tolerate Turkey's double game to boost IS fight

Somalia ‘making progress’ despite insecurity and election delay

Germany, Iraqi Kurds say Turkey should resume peace process

Syria skeptical about Turkey's intentions in fight against ISIS

Somalia indentifies hotel bomber as former German resident

US gets formal approval to use Incirlik air base in Turkey

Saudi policeman killed, 2 injured in attack

Israel PM approves 300 settler homes in occupied West Bank

Jordan jails 8 for "plotting a terrorist act"

Israel committed war crimes on 'Black Friday'

Israeli strike on Syrian town kills 5 pro-regime fighters

Yemen orders militia to merge with army

Erdogan heads for China for talks

France seeks to revive ties with Iran

Syria army, Kurds oust IS from Hasakeh city

Yemen truce has failed to take hold

Iran urged to free Washington Post journalist

UN aid chief calls for greater Syria access

Rebels gain ground near Syrian regime heartland

Cairo furniture factory fire kills 25