The UAE and other oil producers are committed to supplying enough oil at reasonable prices to contribute to global economic growth, the UAE's Energy Minister said in Seoul yesterday.
"We are aware of the importance of reliable and stable supplies at reasonable prices to growing economies in regions such as Asia. Producers and consumers are both in need of stability," Mohammed bin Dha'en Al Hamili said in his address at the Asian Oil and Gas Show (AOGS), which opened yesterday at Coex Convention Centre in the South Korean capital Seoul.
He said the UAE and other Opec countries had invested heavily over the past few years to ensure maximum development of oil reserves for use in case there was a hitch in production as a result of emergency circumstances. "We have invested heavily to ensure that there is sufficient spare capacity for unexpected cessation of production caused by the weather, geopolitical tensions or the occasional accident," he said.
"However, financial speculators – many of whom have never seen an oil tanker or a refinery – continue to drive prices up as they hedge against inflation and the weakening dollar, and seek new opportunities for quick returns," he said. (Wam)