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Page added on March 30, 2008

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Oil market well-supplied, UAE OPEC governor says

DUBAI (Reuters) – Oil markets are well-supplied with inventories of crude oil and refined products over their five-year average, the OPEC governor of the United Arab Emirates said on Sunday.

The weakness of the U.S. dollar has amplified the rise in oil prices, which was partly due to speculation, Ali al-Yabhouni told an energy conference in Dubai.

“The market is sufficiently well-supplied and what proves my argument are inventories; they are over and above the five-year average for crude and refined products,” he said.

“It is not only fundamentals that are driving prices. It is very complex and there are many different players contributing to oil price movements.”

Yabhouni said producers decide their output policy based on oil market fundamentals, but cannot cater for the appetite of financial speculators.

“We are looking at supply of oil, we see demand and try to match it. Financial demand is something else,” he said.


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