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FINANCIAL NEWS
UAE will not increase oil supply to Europe
21 Apr 2012
(MENAFN) UAE’s Oil Minister Mohammed bin Dhaen Al-Hamli said that the country would not increase oil exports to Europe, reported Arab News.
The statements came in response to questions regarding whether UAE would compensate for the lack of oil supply in Europe due to sanctions imposed on Iranian oil.
Al-Hamli said that the UAE as a supplier sees the market is well supplied and that there is no shortage of oil.
It is worth mentioning that the UAE’s capacity is about 2.7 million barrels per day.
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