UAE says oil market well supplied

Dubai: The UAE said it can increase its oil production but current world crude supplies are already enough to cover demand.

Ali Al Yabhouni, the country's Opec governor, said oil prices are rising “too fast too high,'' and are currently not driven by the fundamentals of supply and demand.

“We do not have a good explanation or justification why we see this level of price,'' he told reporters on the sidelines of an energy conference in Dubai.

He said the country would be prepared to raise output if it saw a shortage of crude on the market.