UAE energy minister: market "well supplied"

ABU DHABI, United Arab Emirates (AP) -- The head of the United Arab Emirates delegation to Tuesday's OPEC meeting says the market is "well supplied."

Minister of Energy Mohammed Bin Dhaen al-Hamli was quoted by the state news agency as saying it is OPEC's policy to provide the markets with the necessary level of oil, and that there has been no change in that policy.

Al-Hamli added in Monday's remarks that decisions on production levels are based on whether the market is well supplied and the recent fall in prices shows that the earlier rise was "too high, too fast."

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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