UAE ready to boost oil output

Seoul: The UAE is ready to boost oil output if necessary, Mohammad Bin Dha'en Al Hamili, UAE Minister of Energy, said on Sunday.

The UAE is one of the few members of the Organisation of Petroleum Exporting Countries (Opec) capable of increasing its output. Under pressure from consumers to act to tame record oil prices, Opec's top producer Saudi Arabia announced a modest increase of 300,000 barrels per day earlier this month.

"We are always happy to put more oil in the market if the market needs more," Al Hamili told Reuters when asked if the UAE would raise supply with the Saudis. Hamili declined to say if the UAE planned to boost output in June.

US oil hit a record of just over $135 a barrel last week.

Opec officials have blamed factors beyond their control for high prices, such as speculation, the weak dollar and international political tension over Iran's nuclear programme.

Consuming countries such as the US say more oil would help lower the price.

Opec had no plans to hold an emergency meeting before the group's next scheduled gathering in September, Al Hamili said on arrival in South Korea to attend an event.