OPEC does not interfere in oil prices: UAE min

The Organization of Petroleum Exporting Countries (OPEC) do not interfere in crude oil prices and its member's commitment to production quotas is a good practice, Energy Minister of UAE Mohammed bin Dha'en Al-Hamili has said.

"The UAE's production is the same as the production quota set by OPEC," Al-Hamili was quoted by the UAE's official news agency Wam as saying on yesterday.

Speaking in Cairo on the eve of the 85th Ministerial Conference of the Arab Organization of Petroleum Exporting Countries (OAPEC) scheduled for today, which he is going to chair, Al Hamili said current crude oil prices do not reflect the market fundamentals.

Among items on the agenda of the OAPEC conference are intra-Arab cooperation on oil and gas issues, the consequences of the global financial crisis on Arab economies and oil industry and a report on global developments in the global oil industry.

The Cairo meeting will also discuss the outcome of the 9th Arab Energy Conference – which was held in Doha from May 9-12, – as well as the Organization’s cooperation with regional and global blocs on the environment and climate change.

Meanwhile, oil hovered around its highest levels in more than two years on Friday, supported by cold weather across the globe, appetite for risk assets and signals from OPEC it would not arrest the rally.