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

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    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."
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