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<div class="zemanta-img"><a href="http://commons.wikipedia.org/wiki/File:Int_oil2.gif" rel="nofollow" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="OPEC & Non OPEC Crude Oil Production, 1973-2004" height="200" src="http://upload.wikimedia.org/wikipedia/commons/9/9f/Int_oil2.gif" width="197" /></a><span class="zemanta-img-attribution">Image via <a href="http://commons.wikipedia.org/wiki/File:Int_oil2.gif">Wikipedia</a></span></div><div class="content" style="display: block;"><div id="mydiv4"><div style="text-align: justify;"><span class="Apple-style-span" style="line-height: 22px;"><span class="yshortcuts"><span style="color: black; font-size: 11pt;"><a class="zem_slink" href="http://maps.google.com/maps?ll=25.25,55.3&spn=0.1,0.1&q=25.25,55.3%20%28Dubai%29&t=h" rel="geolocation" title="Dubai">Dubai</a></span></span><span style="color: black; font-size: 11pt;">, Apr 7 (PTI) <a class="zem_slink" href="http://en.wikipedia.org/wiki/Petroleum" rel="wikipedia" title="Petroleum">Oil producing  countries</a> that have surplus production capacity provided international  <a class="zem_slink" href="http://en.wikipedia.org/wiki/List_of_petroleum_companies" rel="wikipedia" title="List of petroleum companies">oil companies</a> with additional quantities of crude,<span class="apple-converted-space"> </span><span class="yshortcuts"><span id="lw_1302154213_1"><a class="zem_slink" href="http://maps.google.com/maps?ll=24.4666666667,54.3666666667&spn=10.0,10.0&q=24.4666666667,54.3666666667%20%28United%20Arab%20Emirates%29&t=h" rel="geolocation" title="United Arab Emirates">UAE</a></span></span><span class="apple-converted-space"> </span><a class="zem_slink" href="http://en.wikipedia.org/wiki/Energy_minister" rel="wikipedia" title="Energy minister">Energy Minister</a> Mohammed bin  Dha''en Al Hameli has said.</span></span></div><div style="line-height: 16.5pt; margin: 8.25pt 0cm 12pt; text-align: justify;"><span style="color: black; font-size: 11pt;">Addressing the  12th International Oil Summit in Paris on Wednesday, Al Hameli said that  <a class="zem_slink" href="http://www.opec.org/" rel="homepage" title="OPEC">OPEC</a> members are not the only producers that are providing additional  supplies, noting that non-OPEC supplies were expected to reach 500,000  barrels a day this year.<o:p></o:p></span></div><div style="line-height: 16.5pt; margin: 8.25pt 0cm 12pt; text-align: justify;"><span style="color: black; font-size: 11pt;">The conference is  debating the recent developments on the energy and in particular the  outlook for the <a class="zem_slink" href="http://en.wikipedia.org/wiki/Petroleum_industry" rel="wikipedia" title="Petroleum industry">oil industry</a>.<a name="more"></a><o:p></o:p></span></div><div style="line-height: 16.5pt; margin: 8.25pt 0cm 12pt; text-align: justify;"><span style="color: black; font-size: 11pt;">""Markets always  get nervous and volatile when faced with geopolitical uncertainty,  especially when this uncertainty is linked to events in the <a class="zem_slink" href="http://en.wikipedia.org/wiki/Arab_world" rel="wikipedia" title="Arab world">Arab world</a>.  It is therefore a good time to look at the facts in relation to the oil  market," he said.<o:p></o:p></span></div><div style="line-height: 16.5pt; margin: 8.25pt 0cm 12pt; text-align: justify;"><span style="color: black; font-size: 11pt;">According to Al  Hameli, countries with spare capacity including UAE have made additional  crude available to international oil companies requiring extra volumes  for their refining needs. He said that international oil markets are  choosing to ignore market fundamentals, preferring to bet on worst-case  scenarios leading to an increase in oil prices. "OPEC member countries  recognise that despite encouraging signs of growth, the world economy  remains fragile. The latest data published before recent events in<span class="apple-converted-space"> </span><span class="yshortcuts"><span id="lw_1302154213_2">Libya</span></span><span class="apple-converted-space"> </span>suggests that world economy is  growing by as much as 4 per cent, driven by continued strong performance  in the so-called <a class="zem_slink" href="http://en.wikipedia.org/wiki/BRIC" rel="wikipedia" title="BRIC">BRIC countries</a> -<span class="apple-converted-space"> </span><span class="yshortcuts"><span id="lw_1302154213_5">Brazil</span></span>,<span class="apple-converted-space"> </span><span class="yshortcuts"><span id="lw_1302154213_4">India</span></span><span class="apple-converted-space"> </span>and<span class="apple-converted-space"> </span><span class="yshortcuts"><span id="lw_1302154213_0">China</span></span><span class="apple-converted-space"> </span>- and, of course, the GCC region,</span><span style="font-size: 11pt;">�</span><span style="color: black; font-size: 11pt;"> he was quoted by the UAE''s  official news agency Wam as saying.<o:p></o:p></span></div><div style="line-height: 16.5pt; margin: 8.25pt 0cm 12pt; text-align: justify;"><span style="color: black; font-size: 11pt;">OPEC countries  realize the fact that the growth of world economy was still weak. He  also noted that <a class="zem_slink" href="http://en.wikipedia.org/wiki/List_of_countries_by_oil_production" rel="wikipedia" title="List of countries by oil production">world oil production</a> has recently dropped by 700,000  bpd, but OPEC members have increased production to make up for the  shortfall.<o:p></o:p></span></div><div style="line-height: 16.5pt; margin: 8.25pt 0cm 12pt; text-align: justify;"><span style="color: black; font-size: 11pt;">"We need to  nurture this growth with continued supplies of oil and gas. We are ready  to do this by providing the necessary crude and committing the required  investments. However, there is little we can do in terms of price  control which is set by international markets. International oil markets  should pay more attention to real supply rather than imagined  shortages," he is quoted to have said.</span></div><br /><br /><div class="news-date">Wednesday, 06 April, 2011</div></div></div><div class="zemanta-related"><h6 class="zemanta-related-title">Related articles</h6><ul class="zemanta-article-ul"><li class="zemanta-article-ul-li"><a href="http://googleblog.blogspot.com/2011/02/join-us-on-bridge-for-international.html" rel="nofollow">Join us on the bridge for International Women's Day 2011</a> (googleblog.blogspot.com)</li><br /></ul></div><div class="zemanta-pixie"><img alt="" class="zemanta-pixie-img" src="http://img.zemanta.com/pixy.gif?x-id=f7460db1-2ad5-41ea-8857-3fa82b601812" /><span class="zem-script more-related more-info pretty-attribution paragraph-reblog"><script defer="defer" src="http://static.zemanta.com/readside/loader.js" type="text/javascript"><br /></script></span></div>

OPEC has surplus capacity to make up for shortfall: UAE

Image via Wikipedia Dubai , Apr 7 (PTI) Oil producing countries that have surplus production capacity provided international oil companie...