ABU DHABI, June 13 (Xinhua) -- The OPEC President said here on Wednesday that more dialogues between oil producing and consuming countries are necessary for the stability of world economy and markets, Emirates News Agency reported.

    Mohammed bin Dhaen Al Hameli, who is also the Energy Minister of the United Arab Emirates (UAE), made the remarks during a meeting with a visiting delegation of U.S. journalists, according to the report.

    The oil market has currently enough supplies, Al Hameli said, adding that political tension in some oil producing areas, market speculations and refining bottleneck in some oil producing countries contribute to the rise in prices.

    As an OPEC member, the UAE has been always working for the stability of oil prices and market, which is in the interests of both producing and consuming countries, he added.

    During the meeting, he also reiterated the UAE's plan to raise its oil output capacity to 3.5 million barrels per day (bpd) by2009.

    Oil and gas production has been the mainstay of the economy in the UAE, accounting for 37 percent of the country's nominal gross domestic product (GDP) in 2006, which stood at 163.2 billion U.S. dollars.

    The UAE's proven oil reserves stood at 98.2 billion barrels, representing 9.5 percent of world oil reserves. Its current oil output capacity is 2.7 million bpd.