Still some oversupply in global oil market, says UAE oil minister

11 October 2010

Al-Hamri unconcerned by oil prices above $80 a barrel

The UAE oil minister Mohammed al-Hamli has said there was still some oversupply in the global oil market and that he was not concerned with prices hovering above $80 a barrel, Reuters has reported. “Market forces are the reason for the rise we are seeing in the oil price … we are not concerned about the price,” al-Hamli told reporters on the sidelines of a meeting of Gulf oil ministers in Kuwait. The minister added that he was unconcerned at levels above $80 a barrel, describing the market as “a bit oversupplied” right now.

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