Abu Dhabi National Oil Co. said crude oil prices may fall this year due to lower demand and a rise in global oil stocks.

"At a time global oil inventories appear to be ample, experts believe that geopolitical tensions and tightening sanctions against Iran have contributed in creating an unclear picture of price direction while oil prices have maintained levels above $100 a barrel for benchmark Brent crude," Adnoc said in a statement.

But "there is now concern that prices may fall in 2013," the state-run company added.

Abu Dhabi is home to more than 90% of crude in the United Arab Emirates , which produces around 2.6 million barrels per day. The Gulf state, a member of the Organization of the Petroleum Exporting Countries, plans to raise its oil production capacity to 3 million barrels a day, from the current 2.8 million, during the current year, the country's oil minister Mohammad Al-Hamli said in January.

OPEC decided to keep its oil-production ceiling unchanged in December but gave no indication of whether it would do anything to reduce excess production. The cartel is producing about 1 million barrels a day more than it expects the world will need from it this year.
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