Speculations, geopolitical uncertainty behind high oil prices: UAE

Abu Dhabi, Jan 9, 2012 (WAM) - Mohammed bin Dhaen Al Hamili, Minister of Energy, said yesterday speculations and current geopolitical developments in some parts of the world were the culprit behind high prices at world oil markets. Al Hamili asserted that the oil markets were well supplied and that OPEC producers were investing heavily in boosting their output capacity. The UAE minister said during talks yesterday with visiting Dutch Deputy Prime Minister for Economic Affairs, Agriculture and Innovation Mr. Maxime Verhagen that : ''The UAE, as a member of OPEC, is committed to maintaining stability in world oil and energy markets in light of current developments in the world economy''. The two ministers discussed avenues of joint cooperation in energy spectrum and the possibility of knowledge and technology transfer. Al Hamili lauded the positive contribution made by Dutch companies in development of the oil, gas and energy industries in the UAE. The UAE and Netherlands have shown sincere desire to conclude a memorandum of understanding for cooperation in energy. The Dutch minister said his country was interested in bolstering its relations of cooperation with UAE in areas of energy, economy and trade. - Emirates News Agency, WAM