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UAE committed to oil market stability

Mohammed bin Dha'en Al Hamili (FILE)

The UAE is committed to stability of the world oil market, Mohammed bin Dhaen Al Hamili, UAE Minister of Energy, affirmed today.

"Hike and fluctuations of oil prices have nothing to do with the demand and supply fundamentals and the market is well supplied for the time being, he said during separate meetings with Gregory Barker, UK Minister of State for Energy and Climate Change, and Iris Evans, Minister of International and Intergovernmental Relations, Province of Alberta, Canada, who are here to attend the World Future Energy Summit."

"The UAE is keen to see stability prevailing in world oil and market and global economy and to maintain fair prices for both producers and consumers," the UAE minister affirmed.

He said the current oil prices contribute to generate enough investment for boosting output capacity and develop renewable energy industry.

Al Hamli meets IEA official

The minister received today Nobuo Tanaka, Executive Director of the International Energy Agency (IEA), who is in Abu Dhabi to attend the ongoing World Future Energy Summit.

Tanaka said his trip to the UAE provides an important opportunity to boost cooperation and consultation with the UAE on issues related to renewable energy.

The two sides stressed the importance of sharing information and exercising complete transparency to assist international energy organisations in drawing adequate policies to secure enough energy supplies.

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