Global oil markets are well supplied and oil prices between $70 and $80 per barrel are acceptable to producers, the oil minister of the United Arab Emirates said on Tuesday.
"The market is well supplied," Mohammed Al Hamli told reporters on the sidelines of an industry event but declined to say how the group would act when it meets in Vienna on March 17.
Oil price stablility has been achieved despite weakness in the global economy and unfavourable market fundamentals, he said.
World oil demand declined by 1.4 million barrels per day (bpd) in 2009 and this year world oil demand is forecast to grow by just 800,000 bpd, he said.
