UAE Oil Minister Mohammed Al Hamli said yesterday that raising oil production was not currently on the agenda for OPEC.

OPEC meets on December 22 to decide on production policy. Both Venezuela and Iran have said the producer group did not need to increase output then.
The minister also said the market was oversupplied.

“If you look at inventory it’s very high in terms of crude and refined products, so the market is oversupplied,” he said.

Al Hamli said the world economy was not yet “out of the woods”, but added oil prices at around $80 a barrel signalled a recovery.

He added that overall he was happy with compliance levels and said that the UAE was fully compliant.