UAE’s Minister of Energy Suhail bin Mohammed Faraj Faris Al Mazrouei said that the UAE will continue making investments in the oil and gas industries, according to Khaleej Times.

With its balanced and long-term policy, the country will not be affected by the decline in oil prices, especially if they do not decline for a long time, the minister added.

“Experience has taught us this, and everyone should assume their responsibilities to get the market back in balance,” he said.

“OPEC did not contribute to the increase in supply. It has a fixed share on the global market which does not exceed 30 per cent. So it is not logical to expect Opec to resolve the effects of market oversupply,” he said, stressing that any change in the output policy must be well thought out and that the new producers must assume their responsibilities to balance the market for everyone’s benefit.

Al Mazrouei went on to say that all parties are affected by the slump, whether it is Opec members, non-members, or shale oil producers.