Saudi, UAE see sufficient oil supplies, rising stocks

OIL SUPPLY. File photo of Khalid Al-Falih, Saudi Energy and Oil Minister and Chairman of OPEC's Joint Ministerial Monitoring Committee . Photo by Ryad Kramdi/AFP

"None of us wants to see the stocks swell again," he added, with reference to a supply surplus that sent prices sharply lower in the second half of last year.The UAE's energy minister said there was no need to relax a deal by the OPEC+ group of oil exporting countries to cut output by 1.2 million barrels per day to support prices.

The statement said member states' conformity to production cuts hit a record 168 percent in April and an average of 120% since the start of the year. The International Energy Agency said last week Iranian crude production fell in April to 2.6 million bpd, down from 3.9 million bpd before sanctions were re-instated.

Both attacks targeted routes built as alternatives to the Strait of Hormuz, the conduit for almost all Gulf exports. Riyadh"does not want a war, is not looking for it and will do everything to prevent it", he told journalists in Riyadh.

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