UAE pleased with oil price increase

United Arab Emirates Oil Minister Obeid Bin Self al-Nasiri has expressed his satisfaction with the increase in oil prices.

The UAE news agency said that in a statement he made on Tuesday, al-Nasiri also expressed his hope that the increase in oil prices will continue in the near future to the appropriate rate that suits producers and consumers, alike.

The UAE minister considered the increase in oil prices a direct result of the adherence of OPEC member states to reduced production rates approved during the recent meeting held by OPEC in Vienna in last March.

On March 23, OPEC decided to reduce its oil production by 1.716 million barrels per day, and thereby its oil exports become 22.976 million bpd, with the objective of improving oil prices.

The UAE, whose production share is 2.257 million barrels every day, reduced its production by 157,000 barrels every day in the course of OPEC's reductions.

Crude oil prices have improved in world markets last week to reach its best average since 15 months. One barrel of North Sea oil was sold at US $16.5.