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Jun 12 2012

UPDATE: UAE Oil Minister Sees Oil Market Over-Supplied

Tuesday, Jun 12, 2012

(Adds detail in paragraph two)

By Hassan Hafidh

The oil market is a "little" oversupplied, the United Arab Emirates oil minister said Tuesday after arriving in Vienna for this week's OPEC meeting.

Asked how much he thinks the market is oversupplied, UAE oil minister Mohammad Al-Hamli said: "Around 1.6 million" barrels a day.

"There is a little more in the market," he added

Mr. Hamli said the Organization of Petroleum Exporting Countries would need to review supply and demand data before taking action.

OPEC is scheduled to meet Thursday. Most analysts expect the cartel to maintain the current production ceiling agreement. Some OPEC members have criticized Gulf countries for overproduction in light of weak economic fundamentals and the recent retreat in oil prices.

-Write to Hassan Hafidh at hassan.hafidh@dowjones.com

(END) Dow Jones Newswires

12-06-12 2056GMT


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