Abu Dhabi, February 14: Following Egypt’s revolution, which surged oil prices over the past weeks, UAE Energy Minister Mohamed bin Dhaen al-Hamli says the oil market is very well supplied.
“Oil prices are reacting to events wherever they are. Events in Egypt have also contributed to the movement in prices,” al-Hamli told reporters on the sideline of an oil forum in Abu Dhabi on Monday.
“The market is well supplied. The current price cannot be explained by the market fundamentals,” The United Arab Emirates energy minister added.
The Egyptian Revolution, which led to the resignation of Hosni Mubarak, affected the oil prices, raising fears that mounting political unrest in the North African state might disrupt supplies through the Suez Canal.
Oil surged beyond $101 a barrel in Asian trading Monday on concerns over political uncertainty in the Middle East.
Brent North Sea crude for March soared 88 cents on Thursday to $103.22 in Asian trade. New York’s main futures contract, light sweet crude for March, climbed 65 cents to $91.51.
Although Egypt is not among the main crude oil exporting countries, more than two million barrels of oil are transferred to the Mediterranean Sea through the Suez Canal on a daily basis.
——–Agencies