The United Arab Emirates, OPEC's fifth-biggest producer, does not plan to increase supplies to Europe to make up for the boycott of Iranian fuel, Oil Minister Mohammed bin Dhaen al-Hamli said on Friday. Global oil prices are rising despite a well-supplied market, and producers are "living with" these price levels, Al-Hamli also said on the sidelines of an energy conference in Istanbul. "Our oil goes east, that's our national market. We have our
partners -- Total, ExxonMobil, Shell, BP -- they also take the oil to the East. So the formula is more favouring the East," Al-Hamli said.
The European Union agreed in January on an embargo of Iranian oil imports to pressure Tehran over its nuclear
programme, which the West believes is aimed at developing nuclear weapons.
Tehran says it developing atomic power for peaceful energy and medical purposes.
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