UAE Oil Minister Mohammed al-Hamli has said that raising oil production is not currently on the agenda for OPEC.
Speaking on the sidelines of the IDA conference, Mohammed al-Hamli told reporters: “Right now increasing production is not on the agenda.”
The minister also said that the market is oversupplied, due to high inventories: “If you look at inventory it’s very high in terms of crude and refined products, so the market is oversupplied,” al-Hamli said.
Last year OPEC agreed to output reduction in order to raise oil prices which dropped to below $33 a barrel in December.
Al-Hamli also revealed the world economy was not yet “out of the woods” but did say current oil prices reflect a recovery. There are certainly signs of a recovery which is reflected in the [oil] prices,” he concluded.
OPEC meets on December 22 in Angola to discuss production policy.
