OPEC president says no shortage of oil

The oil market is well balanced and there is no shortage of crude, OPEC’s president said on Thursday, ahead of a meeting of the producer group next week that is expected to maintain supply curbs.

“I think the market is very well balanced… There is no shortage whatsoever of oil supplies,” Mohammed bin Dhaen al-Hamli, who is also oil minister of the United Arab Emirates, told Reuters.