United Arab Emirates Oil Minister Mohammed al-Hamli said on Saturday raising oil production was not currently on the agenda for Opec. "Right now increasing production is not on the agenda," Hamli told reporters in Dubai. Opec meets on December 22 in Angola to decide on production policy. Both Venezuela and Iran have said the producer group did not need to increase output then.
Opec has kept official output targets unchanged at meetings this year. The minister of the world's third-largest oil exporter also said the market was oversupplied as inventories were high. "If you look at inventory it's very high in terms of crude and refined products, so the market is oversupplied," Hamli said.