Dominion Resources, Inc. : UAE Says Will Support Keeping OPEC Output Ceiling Unchanged
06/14/2012| 10:55am US/Eastern
VIENNA--United Arab Emirates oil minister Mohammad Al-Hamli said Wednesday he would support a decision by the Organization of Petroleum Exporting Countries to keep its oil output ceiling unchanged, even though markets are "a little bit over-supplied."
Mr. Hamli also told reporters ahead of the OPEC meeting in Vienna: "I'm comfortable with the current situation [of the output ceiling] in OPEC."
"The price as it stands now is quite reasonable, and is a reflection of market fundamentals," he said of the oil price.
Mr. Hamli also said $100 per barrel is a comfortable and reasonable price for the world economy, even though the state of the global economy is "quite alarming."
Hamli declined to say if OPEC will hold an emergency meeting if prices drop below $90 per barrel and said he was happy with the current "quota arrangement" within OPEC.
Oil inventories are "a little bit high" but they still remain within the five-year average, he said, adding that he was confident that global oil demand will keep growing.
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