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Current oil prices reflect market conditions – UAE oilmin

Brent crude held above $98 a barrel for the fourth session Monday.


January 17, 2011 12:20 by

Current oil prices reflect market conditions and there is no need for an emergency OPEC meeting to discuss the rise, the United Arab Emirates oil minister said on Monday.

“There is no shortage of oil, the market is well supplied. We’re monitoring the market very closely,” Mohammed bin Dhaen al-Hamli told reporters on the sidelines of an energy forum in the UAE capital.

“We’re seeing gradual economic recovery, we are seeing positive signs of economic recovery. We need to see whether this is sustained.”

Asked whether OPEC would hold an emergency meeting to discuss the issue, he said: “Nothing has come to me so far.”

Brent crude held above $98 a barrel for the fourth session on Monday while NYMEX crude slipped below $91.20.

(Reporting by Humeyra Pamuk; Writing by Amran Abocar; Editing by Reed Stevenson)


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