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 warns of 'disastrous consequences' over US 9/11 law

3,800 Syrian civilians killed by Russian strikes in one year

World leaders attend Shimon Peres’ funeral

OPEC agrees deal to cut oil output

Bulgaria approves full-face Islamic veil ban

Turkey opposition leader condemns Erdogan’s ‘coup against democracy’

Morocco to speed repatriation of citizens in Germany illegally

French jets set off to join action as battle for Mosul looms

Moroccan left hopes to offer 'third way' at polls

Renault signs Iran auto venture

Saudi border guard killed, 3 civilians hurt by shelling from Yemen

Turkey issues warrants for judicial, prison staff

MSF warns Syria, Russia to stop ‘bloodbath’ in Aleppo

Russia waiting to see OPEC freeze deal details

Police raid Casablanca market after rumours of sex dolls

UN warns 700,000 will need aid once Mosul offensive starts

Saudi seeks oil leadership in economic pinch

Egypt court suspends block on island transfer to Saudi

Bid for international Yemen war probe fails at UN

UN warns 'hundreds' in Aleppo need medical evacuation

Palestinian president to attend Peres funeral

King Abdullah visits home of murdered writer

Amnesty accuses Sudan of using chemical arms against Darfur civilians

Bahrain says 9/11 bill will harm US

9/11 bill puts US, Saudi cooperation in question

UN envoy says Syria talks 'very difficult with bombs falling'

Erdogan says Moody's was 'bought' after downgrade

Erdogan: Turkey may need state of emergency for more than a year

Iraqi activist wins Norway rights prize

Kidnapped German woman, baby freed in Syria

Turkey stops Kurdish TV broadcasts

A year of bombing in Syria triggers limited interest in Russia

Obama defends refusal to use military force to end Syria civil war

US Congress overrides Obama's veto of Saudi 9/11 bill

Palestinians react to death of Peres

Poverty takes toll in rebel-held Yemen fishing village

Kerry threatens to end negotiations with Russia on Syria

Kuwaiti court scraps petrol price hike

Iraq requests more US troops to take on IS in Mosul

Airstrikes hit hospitals in rebel-held Aleppo

Iran nuclear chief says not worried about Trump

Iranian, Italian ships hold manoeuvres in Strait of Hormuz

Gunmen kill three Egypt policemen, civilian in Sinai

Turkey says 32,000 coup suspects awaiting trial

Paris to host international meeting on Libya