World oil markets well supplied, says energy minister

Abu Dhabi, April 18, 2011 (WAM) - UAE Energy minister Mohammed bin Dhaen Al Hameli has said that the world's oil markets enjoy sufficient supplies of crude and that the recent rise in oil prices has nothing to do with the market fundamentals but with the current geo-political situation and speculation. Al Hameli made the remarks while receiving a delegation from the Swedish Energy Agency, led by Head of Security of Energy Supply Unit Mikael Toll.
"OPEC has provided new supplies to the market to offset shortage resulting from exports interruption in some member countries following recent developments in the region," he added.
Al Hameli referred to OPEC's continuous talks with the World Energy Forum and the International Energy Agency to ensure market stability. He also highlighted UAE's keen efforts to develop gas industry to meet its rising energy demand. The UAE currently produces 6 million tons of natural gas annually and has the world's fifth largest gas reserves.
Al Hameli underlined the country's achievements in diversifying energy resources by adopting programmes for renewable and nuclear energy, in collaboration with the International Atomic Energy Agency (IAEA) to maintain the highest standards of safety and security in the peaceful use of nuclear energy. He discussed with the visiting Swedish delegations ways to boots cooperation and to exchange technical and technological expertise. - Emirates News Agency, WAM