DUBAI (Reuters) - Oil prices are rising “too high too fast” while the market is well supplied, the OPEC governor of the United Arab Emirates said on Thursday.
“Current prices are going too fast too high,” Ali al-Yabhouni told reporters on the sidelines of an energy event in Dubai. “High oil prices are not good for producers or consumers.”
Yabhouni said the UAE was “willing and well prepared” to boost output if there was a supply shortage when he was asked if the Gulf Arab exporter would match Saudi Arabia’s output hike.
“We will have to see demand ... if we look at the fundamentals of supply and demand there is more supply than demand,” he said.
Reporting by Simon Webb; Editing by Inal Ersan