Major oil producer UAE has expressed concern over the crude prices striking historic peaks despite its production exceeding demand.
"Oil prices are rising too fast too high. We do not have a good explanation or justification why we see this level of prices," said UAE Opec governor Ali Obaid Al Yabhouni.
The UAE is prepared to produce more oil to meet its "commitment and responsibilities" as a producer, but it does not see customers for increasing the output.
"You need customers. Our customers are satisfied with what they are getting and that means the market is satisfied. Obviously there is more supply than demand," he said on Thursday on the sidelines of an energy conference in Dubai.
According to the Organisation of Petroleum Exporting Countries, oil production exceeded demand by 800,000 barrels per day (bpd) to one million bpd in the second quarter.
Currently, New York's main oil futures contract, light sweet crude for July delivery, was priced at $126.45 a barrel after hitting $135.09 a week ago.
