UAE Pump In Full Force, But Unable to Ease Crude Prices

Opec member the United Arab Emirates is pumping around 2.5 million barrels per day of crude and is unable to bring down record oil prices, the head of the state oil company said.

'Nothing can be done,' Adnoc chief executive Yousef Omair bin Yousef told reporters on the sidelines of an energy event.

'This is the market situation. We are doing our best to induce stability.'

Opec members blame the high price on factors beyond their control such as a weak dollar and the flow of investment funds into commodities.