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OPEC president : oil supply is sufficient

Source: 4/16/2007, Location: Middle East

The OPEC president and UAE minister of oil, Mohammed Al Hamli, has reiterated that the global oil markets do not suffer from a drop in supply. However, the Organization is ready to increase production if required. Al Hamli said in response to Reuters questions during his statements in the energy conference in Dubai today that the drop of the US reserves and fears that the reserves will not be increased by the usual level in the second quarter of the year that "the oil supply is sufficient and the market does not suffer from shortage in supplies." He explained "we are ready to pump more, if the market requires so.

" He hinted that the increase in the difference between the international two standard crude prices is attributed to lack of fluidity. He said "I know that the Brent price is very high as a result of lack of fluidity, and usually we do not observe such big difference between the intermediate West Texas crude and Brent crude." He pointed out that the increase in the costs of equipments, raw materials and shortage of manpower make it difficult for the producers to increase their production capacity.

He said the fact that the markets are relatively balanced does not mean that producers do not face problems in complying with their responsibilities. He explained that the energy policies in some consuming countries keeps investment away from the oil sector to other sectors such as coal, and that the statements of a number of consuming countries that they wish to reduce their reliance on oil does not encourage investment there. He added that the USA , the biggest energy consumer in the world, desires to reduce its reliance on crude imports.

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