The Associated Press
Published: September 8, 2008
ABU DHABI, United Arab Emirates: The head of the United Arab Emirates delegation to Tuesday's OPEC meeting says the cartel's policy of keeping the world oil market "well supplied" has not and will not change.
Minister of Energy Mohammed Bin Dhaen al-Hamli was quoted by the state news agency as saying that crude oil stockpiles in heavily consuming countries are within recent average levels, indicating the market is "well-supplied."
Al-Hamli added in Monday's remarks that decisions on production levels are based on whether the market is well supplied and the recent fall in prices shows that the earlier rise was "too high, too fast."
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