Oil Demand Isn’t Growing as Fast This Year, U.A.E. Says
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Oil markets have some excess supply and exporting nations are monitoring Europe’s debt crisis to gauge whether global consumption will expand as much as it did last year, the United Arab Emirates oil minister said.
The Middle Eastern country is pumping 2.6 million barrels of crude a day now and would like to supply as much as 3 million barrels a day this year if buyers need that much, the minister, Mohamed Al-Hamli, said at the World Future Energy Summit.