Oil market 'adequately supplied' --
United Arab Emirates Oil Minister Mohammed al-Hamli said on Tuesday the oil market was ``adequately supplied,'' the latest official to signal that OPEC is likely to refrain from boosting output at this week's meeting.
The Organization of Petroleum Exporting Countries meeting later this month could represent a landmark in terms of how the group will prepare to handle difficulties ahead.The difficulty arises from the fact that for foreseeable future, or fo the next five years at least, OPEC will see that whatever demand prevails will be consumed by non-OPEC suppliers, which means eating eventually into its market share.Moreover, and for the first time, a breakthrough in technology is presenting the conventional hydrocarbon supplier and the oil market final resort with its most daunting challenge so far.The boom in shale oil production in the US, sand oil in Canada and deep water drilling in Brazil are providing the market with unconventional supplies that have already started impacting on OPEC supplies to the market.