VIENNA ( Reuters ) - OPEC sailed through a brief , calm meeting on Wednesday - even as oil futures increased Movement.up.gain to $ 110 a barrel on concern Negative_sentiment renewed conflict Civil.unrest could hit Iraq 's output and worsen Situation_deteriorate a supply shortage Shortage from chaotic Libya and sanctions-bound Iran .

VIENNA -LRB- Reuters -RRB- - Oil prices are at a suitable level for OPEC members and the group sees no shortage Shortage in supply , the United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui was quoted as saying on Tuesday .

Oil reserves are still `` acceptable '' in most oil consuming countries and there is no shortage Shortage in supply , the minister added .

VIENNA ( Reuters ) - OPEC sailed through a brief , calm meeting on Wednesday - even as oil futures increased Movement.up.gain to $ 110 a barrel on concern Negative_sentiment renewed turmoil Civil.unrest could hit Iraq 's output and increase Situation_deteriorate a supply shortage Shortage from chaotic Russia and sanctions-bound Iran .

For most of the past decade , the oil market has been defined by shortage Shortage .

The South American member of OPEC derives 96 percent of its export revenues from oil , so the drop Movement.down.loss in prices has hit exacerbated Situation_deteriorate a national economic decline Movement.down.loss , a foreign currency shortage Shortage and a scarcity of basic goods .

VIENNA ( Reuters ) - OPEC sailed through a brief , calm meeting on Wednesday - even as oil futures added Movement.up.gain to $ 110 a barrel on concern Negative_sentiment renewed conflict Civil.unrest could hit Iraq 's output and increase Situation_deteriorate a supply shortage Shortage from chaotic Libya and sanctions-bound Iran .