ABU DHABI : United Arab Emirates Energy Minister Suhail al-Mazrouei said Tuesday that there was no need for an emergency conference of OPEC members to discuss the status of oil prices which he described as "fair and acceptable". "The current fluctuations in oil prices are normal. The price is fair and acceptable to producers and consumers and does not impact the level of investments needed by the oil industry in producing nations," Mazrouei said in remarks to official news agency WAM.
"There is no need to hold an extraordinary conference for OPEC." Oil prices edged lower in cautious Asian trade Tuesday, as dealers await a series of US economic data for clues on when the Federal Reserve will begin winding down its massive stimulus programme. New York's main contract, West Texas Intermediate light sweet crude for delivery in August, was down 57 cents at $94.61 a barrel in afternoon trade and Brent North Sea crude for August delivery shed 39 cents to $100.77. At a regular meeting for the Organisation of Petroleum Exporting Countries in Vienna last month, oil ministers maintained the cartel's production at 30.0 million barrels per day. But the International Energy Agency, which advises oil consuming nations, said two weeks ago that OPEC crude oil supply rose by about 135,000 barrels in May to the highest level for seven months at 30.89 mbpd.