Opec will respond to any oil shortage: UAE minister

Opec will respond to any oil shortage: UAE minister

The Organisation of the Petroleum Exporting Countries (Opec) will respond to any possible shortage of oil, if necessary, said the UAE's Minister of Energy and Industry, adding that the response will be within bloc's capability.

Suhail bin Mohammed Faraj Faris Al Mazrouei was speaking on the sidelines of the energy forum organised in New York University Abu Dhabi, reported Emirates news agency Wam.

Al Mazrouei said that there are "no signs" of a shortage in the oil supplies, and "we do not expect any shortage unless there is a major escalation."

"I am not concerned about oil supply and demand as the market is well supplied and Opec and its allies are able to meet global demand in case it is required and discussed by all parties," he added.

Opec Secretary-General Mohammad Sanusi Barkindo said that Iraq continues to produce oil and its oil installations are safe. He also pointed out that the surplus production capacity of oil is between 3 million to 3.5 million barrels per day approximately.

He added that the expectations of global demand growth are at about one million barrels per day, and "this is not a cause for concern". He stressed that Opec and its allies continue to keep oil