UAE oil minister says market well supplied

The United Arab Emirates will continue to meet its customers’ crude demand and believes current prices are in a good range, the country’s oil minister told reporters on Thursday.

Gulf OPEC producers have shown no sign of trimming their output following the cartel’s meeting in mid-June when ministers agreed to adhere to 30 million barrels per day (bpd) target.

“As for the UAE, our customers keep coming to us and asking for more so we give it to them,” Mohammed bin Dhaen al-Hamli said on the sidelines of an energy conference in Dubai. “We are happy with the price,” he added.

Benchmark Brent crude rose to more than $107 a barrel on Thursday.

The 12-member OPEC’s collective output remained close to its highest levels since early 2008 in June, driven by strong Saudi and Iraqi output, according to a Reuter’s survey.

The extra supply makes up for Iran’s drop in exports which halved in the four months from February to June because of U.S. and European Union sanctions aimed at discouraging what the West fears is an Iranian program to develop nuclear weapons.