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.

 

Iran, Israel trade blame for surge in hostilities over Syria

HRW warns Egypt fight against IS threatens humanitarian crisis

Iran vows to resume enrichment if US quits nuclear deal

Mass grave discovered under Raqa football pitch

Can Arab satellite TV catch up with social media?

14 Saddam-era officials still jailed in Iraq

Gaza death toll rises to 40 as Palestinian dies of wounds

HRW says African migrants face rape, torture in Yemen

Four British pilgrims killed in Saudi road crash

UAE accuses Qatari jets of ‘chasing’ passenger flight

Israel rubbishes claims Mossad behind Malaysia assassination

Syrian refugees are not going home anytime soon

Resumption of direct flights from Moscow brings hope to Egypt’s tourism sector

Saudi finalises drone regulation after security alarm

Will Lebanon have more women MPs after May 6 poll?

Saudi shoots down ‘toy drone’

UN Security Council meets over Syria in Sweden

Turkish government rejects criticism of election campaign

Condemnation after Gaza teenager killed by Israeli soldiers

Syrian rebels agree to leave new area outside Damascus

Rouhani slams officials' 'vow of silence' in face of protests

Family accuses Israel of killing Palestinian in Malaysia

Natalie Portman says backed out of Israel prize over Netanyahu

Morocco, EU start talks on new fisheries deal

FIFA to return to Morocco to check hotels, stadiums

Turkey in shock after violent Istanbul derby

Iraq pays first war reparations to Kuwait since 2014

Fiery kites adopted as new tactic by Gaza protesters

Romanian president slams plan to move Israel embassy

Western strikes on Syria bring no change whatsoever

Trump criticises OPEC for high oil prices

Syria says rebels south of capital surrender

Market has capacity to absorb higher oil prices: Saudi minister

Putin 'ready' for Trump summit

Saudi Arabia to host first public film screening

HRW criticises Lebanon for evicting Syria refugees

Saudi says intercepted ballistic missile from Yemen

Russia mulls supplying S-300 missile systems to Syria

US has 'concerns' about Turkey holding fair vote under state of emergency

Bashir fires Sudan foreign minister

Washington: Assad still has 'limited' chemical capability

European MPs urge US not to scrap Iran deal

Oil price soars to highest level in years

Two more pro-Kurdish MPs stripped of Turkey seats

Oil theft 'costing Libya over $750 million annually'