Opec governor of UAE Ali Al Yabhouni said the country was firmly committed to making its own contribution to market stability by ensuring that clients have all the oil that they require.

"Markets continue to show a degree of volatility that ignores the fundamental reality that producers still have enough spare capacity to satisfy all requirements.

"At the same time stocks are at a healthy level, showing that there is plenty of oil in the market and in storage."

He said the UAE was committed to supplying its customers with all their energy needs. "Maintaining market stability is the responsibility of both consuming and producing countries," he said.

Saudi Arabia Oil Minister Ali Al Naimi expressed concern about high oil prices and said the kingdom would take steps to moderate them.-Reuters