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.

 

Neo-Ottomanism scores new victory in Turkey: From Ataturk to Erdogan

Obama's warfare doctrine to be tested in Syria

Top Saudi envoys hold talks with Qatar emir

Egypt quizzes Morsi for 'giving security papers to Qatar'

At Venice Film Festival, Iran filmmaker urges West to lift sanctions

Israel counts losses and gains in Gaza: Heavy cost for 50 days of war

Saudi Crown Prince flies to France next week: Jihadist threat tops agenda

UN confirms capture of UN peacekeepers in Syria Golan

Islamic State executes dozens of Syria soldiers in new atrocity

'Jihad recruiters' arrested in Netherlands, Germany

Saudi Grand Mufti warns youth against ‘perverted’ calls for jihad

Fire rises up again from under ashes on Lebanon border

Vital aid arrives in war-battered Gaza

Lebanon seeks to tackle child marriage with new legislation

Hollande: Assad cannot be partner in fight against terrorists

UN moves to impose sanctions on Libya militias

Mother of US hostage to leader of Islamic State: Please spare my son

Turkey ruling party officially approves Davutoglu as new PM

US spy agencies face difficult task in Syria

Saudi Arabia jails 18 militants on terror charges

Gazans breathe sigh of relief

Litany of horrors becomes regular fixture in jihadist-held Syria

Iraq forces mass for onslaught on jihadist siege of Amerli

Doha offers help to rebuild Gaza

Iran alters Arak heavy water reactor over Western worries

New Turkey PM leaves successor troubled legacy

US rules out coordination with Syria on targeting jihadists

Algeria president sacks Belkhadem

Calm reigns over Gaza amid celebrations

Palestinians ‘reach’ long-term Gaza truce with Israel

Barzani: Iran provided us with weapons

US to track jihadists in Syria with spy planes

Top Iran official in Saudi to repair strained ties

Drums of war are beating anew on Capitol Hill

Israel air raid in Gaza kills two Palestinians

Deadly bus tragedy in Egypt

Car bomb rips through Baghdad intersection

Shebab flee Somalia strategic town in latest advance of African troops

South Sudan warring leaders sign fresh ceasefire deal

Who’s funding extremists? Qatar struggles to clean up tarnished image

Abadi calls on militias to come under Iraq state control

Nile dam row at heart of talks in Sudan

Ansar Sharia calls for jihadist unity in Libya

No let-up in Gaza war as Egypt raises new truce proposal

Thousands march in support of Yemen President’s call for national unity