Oil prices will have ‘correction’ in 2016 – UAE minister

FXStreet (Mumbai) – The United Arab Emirates’ energy minister said Monday that low oil prices will have a “correction” in 2016, but but it won’t be OPEC alone that helps to raise prices that have dropped over 50%.

Minister Suhail Mohamed al-Mazrouei, said at the start of the Abu Dhabi International Petroleum Exhibition and Conference, said oil-rich Emirates will raise daily production to 3.5 million barrels in the coming years. Currently, the Emirates produces around 2.9 million barrels of oil a day.

Gulf economies have started feeling the heat of the lower oil prices, but the minister assured this is nothing new for the Mideast. “This is a time of some hesitancy, a time of pain for some,” al-Mazrouei said. “But that pain is not new in this industry. We all know it, we’ve been through it and we will pass it stronger.”

The United Arab Emirates’ energy minister said Monday that low oil prices will have a “correction” in 2016, but but it won’t be OPEC alone that helps to raise prices that have dropped over 50%.

(Market News Provided by FXstreet)