x Abu Dhabi, UAEThursday 27 July 2017

Al Hamli: Oil price does not reflect fundamentals

Oil prices are not reflecting fundamentals, the UAE oil minister said on Monday,

DOHA // Oil prices are not reflecting fundamentals, the UAE oil minister said on Monday, while his Qatari counterpart said there will be no output increase at OPEC's meeting later this month. "It's very interesting because we are seeing very high stocks, very high inventories on the seas and yet the price is quite comfortable," the UAE Oil Minister Mohammed al Hamli, adding the market was a little oversupplied.

Qatar's oil minister Abdullah bin Hamad al Attiyah said OPEC will not change its production target when its ministers meet later this month. Saudi Arabia has expressed the same view. The ministers were speaking on the sidelines of a conference in Qatar. *Reuters