No OPEC production increase: UAE Oil Minister

UAE Oil Minister reveals there will be no increase in production

Output was reduced last year in order to raise oil prices
Output was reduced last year in order to raise oil prices

UAE Oil Minister Mohammed al-Hamli has said that raising oil production is not currently on the agenda for OPEC.

Speaking on the sidelines of the IDA conference, Mohammed al-Hamli told reporters: “Right now increasing production is not on the agenda."

The minister also said that the market is oversupplied, due to high inventories: "If you look at inventory it's very high in terms of crude and refined products, so the market is oversupplied," al-Hamli said.

Last year OPEC agreed to output reduction in order to raise oil prices which dropped to below $33 a barrel in December.
Al-Hamli also revealed the world economy was not yet “out of the woods” but did say current oil prices reflect a recovery. There are certainly signs of a recovery which is reflected in the [oil] prices," he concluded.

OPEC meets on December 22 in Angola to discuss production policy.
 

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