UAE Oil Min Says Mkt Well Supplied; IEA Sees Prices Leveling

Mohammad Al Hamli, the United Arab Emirates’ oil minister, said Monday that global oil markets are well supplied as the head of the International Energy Agency indicated that prices are stabilizing.

Al Hamli told reporters at an energy conference in Dubai that the global oil market was “certainly well supplied” even after three successive output cuts since September by the Organization of Petroleum Exporting Countries, or OPEC.

His comments come as Nobuo Tanaka, executive director of the IEA told Dow Jones Newswires in Beijing that he sees the oil market “kind of stabilizing” after OPEC reined in output to stem a steep decline in prices since last year’s highs of $147 a barrel.
WSJ