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.
.Middle East Online::Abu Dhabi: Oil market well-balanced, well-supplied
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