World oil market is balanced

The world oil market is currently experiencing a balanced condition which helps satisfy demand of customers, Mohammed bin Dhaen Al Hamili, Minister of Energy, said on Tuesday. Al Hamili said the UAE, as an OPEC member, is committed to see a stable and well-supplied world oil market and fair prices for both producers and consumers so as to fuel global economic growth. The minister made his remarks during separate meetings with US Deputy Secretary of Energy Daniel Poneman, British Minister of State for International Development and Canadian Minister of International and Intergovernmental Relations Cal Dallas, who are currently visiting the UAE to attend the Abu Dhabi International Petroleum Exhibition and Conference ( ADIPEC 2012) at Abu Dhabi National Exhibition Centre (ADNEC).   Al Hamili discussed with the ministers avenues of joint energy cooperation and informed them about the UAE’s determination to further develop its trade and economic cooperation, especially in oil industries.