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.

 

Saudi Arabia foils suicide bombing against US embassy in Riyadh

Kerry meets Zarif on Iran nuclear deal, Yemen crisis

UN blames Israel for Gaza shelter attacks

New rebel alliance ups the ante on Syria regime

Qatar unveils world’s biggest environment project

Iran detains US cargo ship in Strait of Hormuz

Syria defence minister starts official visit to Iran

Morocco arrests four people over 'burning alive' fatwa

Arab Israelis observe general strike over house demolitions

IS Libya killings videos haunts asylum seekers in Israel

Gulf foreign ministers set to meet with focus on Yemen war

Iran leads NAM calls for Israel to give up nuclear weapons

UN: Israeli actions killed 44 Palestinians at UN shelters

Journalists face ‘deadliest period’ in recent history

Leading member of Syria ‘tolerated’ opposition escapes to Spain

Arab coalition adopts two-pronged strategy to resolve Yemen conflict

‘Islamic State’ stones two men to death in Iraq

Syrian rock bands finding safety in Lebanon

Coalition strikes continue as bread, medicine run short in Yemen

Guantanamo ex-inmates demand compensation from US

Novelists withdraw from NY gala in Charlie Hebdo protest

Islamist rebels overrun army base in Syria Idlib province

Iraq forces suffer heavy losses in battle of Ramadi

In new provocation, Iran Guards chief likens Saudi Arabia to Israel

Sudan president reelected with more than 94% of vote

Israel charges soldiers for theft in Gaza war

First Saudi National Guards deployed on Yemen border zone

Israel invites tenders for 77 East Jerusalem settler homes

Sudan to unveil election results

Sudan accuses UNAMID of killing civilians in Darfur

Turkey rounds up 350 migrants en route to Europe

Iraq army announces ‘progress’ in Anbar province

Will Somalia Shebab choose Qaeda or Islamic State?

Abbas condemns Israel killing of two young Palestinians in separate incidents

Civilian massacre in Syria northwestern town of Jisr al-Shughur

New UN envoy looks to revive talks as battles intensify across Yemen

‘Islamic State’ suicide bombers target Iraq-Jordan crossing

Four Egypt Islamists killed while preparing bombs

Extremist groups capture last major regime holdout in northwest Syria

‘Islamic State’ kills Iraq senior officers in Anbar province

Deadly fighting rages in Yemen southern towns

Entrepreneurs encourage people to ‘buy Syrian’

Over 100 children killed in Yemen since March 26

Libya militia alliance 'carries out air raids' against IS

UN 'confident' rebels will sign Mali peace deal