UAE says it is committed to OPEC output quota

By IANS,

Vienna : The United Arab Emirates (UAE) is fully committed to its Organisation of Petroleum Exporting Countries (OPEC) production quota, UAE Minister of Energy Mohammed Bin Dhaen Al Hamili has said.


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Speaking hours before the 156th OPEC ministerial meeting here, Al Hamili said the current level of oil prices was “good” and it was important to keep prices at the current levels in order to back up recovery of global economy, WAM news agency reported.

In remarks to reporters upon arrival in Vienna at the head of the UAE delegation participating in the meeting, Al Hamili said the oil market now has an adequate supply of crude oil.

The minister said there will be no need to call an extraordinary meeting ahead of the next September ministerial meeting should the situation in the market remain as it is.

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