The United Arab Emirates does not see the need to cut oil production, the UAE's oil minister said after being asked whether his country would follow Saudi Arabia's big reduction in output in late 2012.

"No. At the moment we are just producing the way we are," Mohammed Al-Hamli told journalists in Abu Dhabi.

"The market is well balanced... Well maybe it's a little bit over supplied but generally it is well supplied," he said. – Reuters