Oil producing countries that have surplus production capacity provided international oil companies with additional quantities of crude, UAE Energy Minister Mohammed bin Dha'en Al Hameli said.
Addressing the 12th International Oil Summit in Paris, Al Hameli said that OPEC members are not the only producers that are providing additional supplies, noting that non-OPEC supplies were expected to reach 500,000 barrels a day this year.
The conference is debating the recent developments on the energy and in particular the outlook for the oil industry.
"Markets always get nervous and volatile when faced with geopolitical uncertainty, especially when this uncertainty is linked to events in the Arab world. It is therefore a good time to look at the facts in relation to the oil market," he said.
According to Al Hameli, countries with spare capacity, including UAE, have made additional crude available to international oil companies requiring extra volumes for their refining needs.
He said that international oil markets are choosing to ignore market fundamentals, preferring to bet on worst-case