UAE says oil markets are well supplied

Dubai: Oil markets remain well supplied and a recent decline in prices shows that they had risen "too high and too fast", Mohammad Bin Dha'en Al Hamili, UAE Minister of Energy, said on Monday.

He told WAM news agency that Opec's policy of ensuring oil markets were well supplied "has not and will not change", adding that the oil-producing group was watching world growth indicators for supply and demand trends.

"The recent decline in prices simply shows that the oil price had risen too high and too fast," Al Hamili said, adding that it was not possible to predict the outcome of the Opec meeting in Vienna on Tuesday.

"Markets continue to be driven by the same factors - financial speculation, geopolitical concerns and adverse weather events as well as fundamental demand and supply factors."

Al Hamili said the fall in prices would not affect investments by state firms.