Dubai: United Arab Emirates’ Oil Minister Mohammed bin Dhaen al-Hamli said that Abu Dhabi has no plans to divert its oil exports to Europe.
“Our oil goes east, that’s our national market. We have our partners — Total, ExxonMobil, Shell, BP — they also take the oil to the East. So the formula is more favouring the East,” al-Hamli said on Friday, Reuters reports.
“We have been consistent for the last five months. We are building up capacity, and that is a long-term project. This is a continuous process, that capacity does not come overnight,” he said in answer to a question whether the UAE would increase output.
“From our side as suppliers we believe the market is well supplied, there is no shortage of oil, but we have been living with these levels of oil prices,” al-Hamli added.
Earlier this year, EU foreign ministers agreed to impose new sanctions on Iran which included a ban on purchasing oil from the country and a freeze on the assets of Iran’s Central Bank within the bloc.
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