UAE committed to maintaining oil market stability: Mohammed Gargash, UAE's Minister

DUBAI: The United Arab Emirates has said it committed to maintaining stability in oil markets even as the global crude oil rates were hovering near 9-month high levels on Greece bailout and worries over Iranian oil supplies.

The goal can only be achieved through stable trade policies and partnerships and balanced demand and supply equation, UAE's Minister of State for Foreign Affairs Anwar Mohammed Gargash was quoted as saying by Qatar's official news agency.

"Such stability is also achieved through more investment in this sector so as to create a long-term equilibrium," he said at an energy symposium in Doha.

The minister outlined the region's role as one of the world's major crude oil exporters in boosting efforts towards international oil market stability. He stressed on the importance of cooperation between the UAE and its partners to keep the market stable.

Crude oil prices rose to nearly nine-month high levels in Asia after eurozone leaders agreed to lend Greece USD 170 billion to avoid a debt default.

The benchmark crude was up USD 1.47 to USD 104.71 per barrel on the New York Mercantile Exchange. Yesterday, it had jumped to USD 105.44, the highest since May, after Iran threatened to stop oil sales to European countries.

Brent crude was steady at USD 120.05 per barrel in London.

The minister said that the UAE has adopted a strategy to diversify its energy mix and is motivated by shortage of gas and other sources of energy.

The UAE has founded the Emirates Nuclear Energy Corporation (ENEC) to meet growing demand for energy through use of nuclear energy for peaceful uses.

The minister also emphasised on political cooperation and called for turmoil and conflicts in some countries of the region be settled. He exhorted international coordination to address dangers these countries are facing.