Oil supply sufficient, price had risen too high: UAE

DUBAI: Oil markets remain well-supplied and the recent decline in oil prices shows that prices had risen "too high and too fast", United Arab Emirates Oil Minister Mohammed al-Hamli said on Monday.

He told the UAE's official WAM news agency that OPEC's policy of ensuring oil markets were well-supplied had not and would not change, adding that the oil-producing club was watching world growth indicators for supply and demand trends.

"The recent decline in prices simply shows that the oil price had risen too high and too fast," Hamli said, adding that it was not possible to predict the outcome of the upcoming OPEC meeting in Vienna.