The United Arab Emirates oil minister said on Thursday that the oil market was well supplied and that he was happy with current crude prices.
Gulf Opec producers have shown no sign of trimming their output following the cartel's meeting in mid-June when ministers agreed to adhere to a 30 million barrels per day (bpd) target.
'The market is fairly well supplied...Our customers keep coming to us and asking for more,' Mohammed bin Dhaen al-Hamli told reporters on the sidelines of an energy conference in Dubai.
'We are happy with the price.'
Benchmark Brent crude rose to more than $107 a barrel on Thursday.
The 12-member Opec's collective output remained close to its highest levels since early 2008 in June, driven by strong Saudi and Iraqi output, according to a Reuters survey.
The extra supply makes up for Iran's drop in exports which halved in the four months from February to June because of US and European Union sanctions aimed at discouraging what the West fears is an Iranian programme to develop nuclear weapons.
KFH sponsors 12 graduation projects
Kuwait Finance House (KFH) took part in the 24th Engineering Design Expo for the College of Engineering and Petroleum at Kuwait University.
KFH sponsored several projects prepared by a gr
Emirates NBD launches $1 bn bond
Emirates NBD launched a $ 1 billion core capital-boosting bond yesterday, amid healthy
demand, allowing the Dubai lender to tighten earlier price guidance.
The Tier 1 bond launched at a f
Flydubai begins Salalah flights
Flydubai on Wednesday began flights to Salalah, in the Sultanate of Oman, bringing its operational network to 60 destinations.
The airline also launched flights to the Sri Lankan city of
Alwaleed, Baird discuss investment
Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), received Nick Baird, chief executive of UK Trade & Investment (UKTI) and an accompanying delegation at his office in Riyadh. The
Doha Bank Keen to Partner with Corporates and Smes
Doha Bank announced its intentions to support Small and Medium Enterprises (SMEs) and corporate clients in the UAE through the Bank’s fully licensed branches in Abu Dhabi and Dubai, including support