UAE sees no need to reduce oil output after Saudi cut

Middle East

UAE sees no need to reduce oil output after Saudi cut

January 16, 2013 01:15 PM

A fuel storage tank at the Saudi Aramco Shell oil refinery in Jubail, Saudi Arabia, in this photo taken Tuesday, June 1, 2004. (AP Photo/Hasan Jamali)

ABU DHABI: The United Arab Emirates does not see the need to cut oil production, the UAE's oil minister said after being asked whether his country would follow Saudi Arabia's big reduction in output in late 2012.

"No. At the moment we are just producing the way we are," Mohammed Al-Hamli told journalists in Abu Dhabi.

"The market is well balanced... Well maybe it's a little bit over supplied but generally it is well supplied," he said.

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Story Summary

The United Arab Emirates does not see the need to cut oil production, the UAE's oil minister said after being asked whether his country would follow Saudi Arabia's big reduction in output in late 2012 .

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