UAE offers to open tap further
On the eve of an Organization of Petroleum Exporting Countries meeting, United Arab Emirates energy Minister Obaid Bin Saif Al-Nasseri said his country could raise its oil output further, in line with 'market conditions. He did not disclose the UAE's excess capacity.
The United Arab Emirates' Energy Minister, Obaid Bin Saif Al-Nasseri, said Thursday his country could raise its oil production in line with "market conditions."
Al-Nasseri did not disclose the UAE's present excess capacity, according to the Organization of Petroleum Exporting Countries' news agency, OPECNA.
Al-Nasseri's offer came before OPEC's planned meeting in Vienna, Austria, on Sunday. And it was just 9 days after the organization added 500,000 b/d of production on the world market in an effort to cool a stubbornly overheated oil price.
"We can cope with extra OPEC output, and will do so if market conditions so require," said Al-Nasseri at a conference in Fujairah on oil bunkering.
The minister also said the UAE should adhere to strict environmental policies to preserve the country's coastline and desert heritage. He said, "More important than controls, implementation is essential."