The United Arab Emirates' Energy Minister says he believes the oil market is "fairly well supplied" for now.

Mohammed bin Dhaen al-Hamli also told reporters Thursday, July 19 that the UAE is satisfied with current oil prices. His comments suggest that OPEC's third-largest oil exporter does not see a need for urgent adjustments to oil output.

He spoke on the sidelines of an event to announce an upcoming energy conference in Dubai, the Associated Press reported.