More oil supplies will harm the market – UAE Energy Minister

FXStreet (Mumbai) - The UAE Energy Minister was on the wires stating that anyone who brings more oil to the market shall only harm the market.

His comments come a day after the sanctions on Iran were lifted, making way for more Iranian oil supply. The Minister did state that Iran has the right to supply extra crude it will not help the situation.

Iran officially said today that it will boost production by 500kbpd.