United Arab Emirates energy minister says oil prices, now low, will have 'correction' in 2016
{{#rendered}} {{/rendered}}FILE- In this Tuesday, Jan. 13, 2015 file photo, Suhail bin Mohammed al-Mazroui, UAE Oil Minister listens during his appearance at the 6th Gulf Intelligence UAE Energy Forum in Abu Dhabi, United Arab Emirates. The Emirati energy minister said he believed prices would rise in 2016, even as he said his country planned to ramp up production to 3.5 million barrels of oil a day from a current 2.9 million. (AP Photo/Kamran Jebreili) (The Associated Press)
The energy minister of the United Arab Emirates says low oil prices will have a "correction" in 2016, but he says it won't be just up to OPEC to increase prices.
Suhail Mohamed al-Mazrouei made the comments Monday at the Abu Dhabi International Petroleum Exhibition and Conference in the Emirati capital.
Al-Mazrouei says this year is "a time of some hesitancy, a time of pain for some. But that pain is not new in this industry. We all know it, we've been through it and we will pass it stronger."
{{#rendered}} {{/rendered}}He says the UAE plans to increase its output to 3.5 million barrels of oil a day "not to over-flood the market, but to balance the market when needed."
Oil prices have dropped over 50 percent this year.