There is no impending threat to the oil supply in the world despite social and political disturbance in parts of the Middle-East and some African countries.  United Arab Emirates Energy Minister Mohamed Al-Hamli said that recent rise in oil price is mainly because of geopolitics and natural disaster and there is hardly any change in the fundamentals.

While speaking in an oil conference in Paris, Mohamed Al-Hamli said, “We have spare capacity. We can always supply to the market. The market should pay more attention to real supply rather than imagined shortages.”

Unrest and insecurity among oil producing nations pushed oil prices to 30 months high and it is near to the levels of $150 a barrel in 2008. Iraqi Deputy Prime Minister Hussain Al-Shahristani ruled out any shortage of oil in the market and said that OPEC nations would do everything possible to sustain oil supply in the market.

Iraqi Deputy Prime Minister Hussain Al-Shahristani and former Nigerian minister of petroleum Rilwanu Lukman also expressed similar sentiments in the sidelines of conference.