United Arab Emirates oil minister Mohammad Al-Hamli said Thursday that the Gulf state is happy with current oil prices, and that the market is well-supplied, a day after the president of the Organization of the Petroleum Exporting Countries said the oil body doesn't need to hold an emergency meeting as oil prices are rising.
United Arab Emirates oil minister Mohammad Al-Hamli said Thursday that
the Gulf state is happy with current oil prices, and that the market is
well-supplied, a day after the president of the Organization of the Petroleum
Exporting Countries said the oil body doesn't need to hold an emergency meeting
as oil prices are rising.
OPEC's fifth-biggest producer--currently producing 2.6 million barrels a
day--will continue to supply its customers with crude if they ask for it, he
said.
"Our customers keep coming to us and asking for more," Mr.Hamli said.
"We don't turn away clients if they ask for more oil."
OPEC agreed in June to maintain its existing oil-production ceiling of 30
million barrels a day and pledged to rein-in overproduction after some members
complained that a glut of oil could lead to a price crash.
OPEC didn't disclose any individual production quotas for its members, but
asked them to adhere to the collective production limit and warned the global
economy faces downside risks.
Since OPEC's last meeting,
Iran
and
Algeria
have
called for an emergency meeting to discuss prices, while the group's president,
Iraqi Oil Minister Abdul Kareem Luaiby, has already sent a letter to member
states reminding them to comply with the ceiling.
Venezuela
has
also proposed restoring OPEC's price band mechanism at between $80 and $120 per
barrel.
Gulf OPEC members, including top oil producer Saudi Arabia, oppose the call to
discuss prices, especially after they have rebounded recently, delegates have
said.
Earlier this month,
Iran
's
OPEC Governor Muhammed Ali Khatibi acknowledged that "there has been some
improvement in prices," but overall "there has been a downward trend,
so members are worried."
A non-Gulf OPEC delegate said
Iran
's
call for a meeting is "meant to increase prices, because
Iran
wants
to compensate for the lost oil they cannot export because of sanctions."
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