The UAE is one of the few members of OPEC that can increase its oil production. Under pressure from oil-consuming countries to increase oil production to reduce oil prices, Saudi Arabia announced earlier this month its decision to increase production of 300,000 barrels of crude oil a day.
When answering the reporter’s question on whether the United Arab Emirates will increase oil production with Saudi Arabia, Hamili said: “If the market needs more oil, then we are always willing to put more oil into the marketâ€.
However, Hamili declined to say whether the United Arab Emirates plans to increase oil production in June.
Last week, crude oil futures prices on the New York Mercantile Exchange reached a historic high of over US$135 a barrel. OPEC officials have always emphasized that they cannot control many factors that cause high oil prices, such as market speculation, the devaluation of the US dollar, and international political tensions surrounding Iran's nuclear program.
Oil-consuming countries, including the United States, have repeatedly demanded that OPEC increase its oil production to help reduce oil prices.
Hamili made the above statement when he arrived in Seoul, South Korea, to attend an event. He said that OPEC did not plan to hold an emergency meeting before the September meeting.
According to a survey conducted by Reuters recently, the United Arab Emirates produced an average of 2.57 million barrels of oil per day in April.
It is reported that the United Arab Emirates has the capacity to produce approximately 2.9 million barrels of oil per day.
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