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.

 

Britain tracks down jihadist network behind concert bomb

Trump to be 'tough' in first meeting with EU, NATO

Qatar probes state news agency hack

Turkey arrests hunger strikers on terror charges

Faz3a, a local NGO mobilising young people to help Mosul refugees

Egypt blocks several media websites including Jazeera

IS suicide bomber kills five in Somalia

Israel uneasy over 'crazy' regional arms race

Algeria president replaces Prime Minister

16 civilians dead in coalition strikes near Raqa

4 arrested in Tunisia anti-corruption drive

German MPs call off Turkey visit as tensions fester

Palestinian hunger strike row draws solidarity, controversy

Britain raises terror alert, deploys troops after concert massacre

At least 20 migrants killed in Mediterranean

Israeli joy at Trump visit lacks substance

Oman evacuates Australian man from Yemen

Bahrain police open fire on Shiite protest, kill five

Jewish extremists ejected from Aqsa mosque compound

Prominent Egypt rights lawyer detained

Oil producers to extend output curbs at OPEC meeting

NATO aims to break Turkey-Austria partnership deadlock

Tunisia tensions simmer after protester's death

Terrorist bomb attack kills 22 at UK pop concert

Bahrain police raid Shiite sit-in killing one protester

Trump says Israelis, Palestinians ‘can make a deal’

Five dead in Syria car bomb attacks

Syria civilians suffer deadliest month of US-led strikes

US forces raid Al-Qaeda in Yemen, kill seven jihadists

Islamists to join Algeria cabinet despite poor results

Tunisia's 2.1% GDP growth marks economic upturn

Trump meets Palestinian leader in Bethlehem

Istanbul demolishes nightclub targeted in New Year attack

WHO says 315 cholera deaths in Yemen in under one month

Trump seeks Israeli-Palestinian peace, lashes out at Iran again

Tunisia police use tear gas on protesters

Palestinians protest for hunger-striking prisoners

GCC and Arab League call for Yemen unity

Turkey's alleged coup ringleaders stand trial

Iran’s reformists sweep to power across major cities

Israel makes concessions to Palestinians 'at Trump's request'

Ivanka hales Saudi progress on women’s rights

Looming showdown between Egypt’s president, judges

Netanyahu says will discuss peace efforts with Trump

Bahrain sentences Shiite cleric to suspended jail term