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9 Nov 2015
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."
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."