UAE says oil demand 'not in a good shape'
- United Arab Emirates: Thursday, January 17 - 2013 at 04:39
The UAE has said oil markets have some excess supply and exporting nations are monitoring Europe's debt crisis to gauge whether global consumption will expand as much as it did last year, Bloomberg has reported. The Gulf country is pumping 2.6 million barrels of crude a day now and would like to supply as much as three million barrels a day this year if buyers need that much, oil minister Mohamed Al-Hamli said at the World Future Energy Summit. "Demand is not in a good shape," he said in Abu Dhabi. "It will increase but less than last year. We are revising demand numbers and waiting to see how the European crisis is being handled."
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