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UAE assures Asia of steady oil supplies

TOKYO — The UAE has assured its Asian partners, mainly in Japan, of supplying them with oil and gas.

''The UAE and Abu Dhabi National Oil Company (Adnoc) have a historic record as a reliable supplier of oil and gas to its clients in Asia and Japan. We are firmly committed to keep that record clean by proper investment and well-planning in order to meet requirements of world oil market,” said Yusouf Omier bin Yusouf, Adnoc CEO, during a reception held here on Thursday on the occasion of his visit to Japan.

”We’ll achieve that goal through increasing output capacity, improve quality of products and maintain fixed levels of supplies,” he added.

”We have common concerns over the sudden fluctuations of the world oil market and we realise that what is happening on the market today is part of challenges we face and a main reason of anxiety haunting Opec member countries,” he remarked.

He blamed growing world demand and bottlenecks on the exploration, development and refining sectors for the high prices of oil.

These factors, he noted had raised fears about possible shortage in future supply, resulting in robust speculations on the futures contracts accompanied by sharp increase in prices.

He said that Adnoc is proud of its partnership with Japan and looking forward to push it for further growth.