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Oil market to see correction, higher demand in 2016 -Minister

Oil market to see correction, higher demand in 2016 -Minister
Photo Credit: Arabianeye-Reuters

By: Ramy Sameh

Abu Dhabi-Mubasher:  Oil prices are expected to see an upward correction in 2016 yet it is not going to be at a high percentage, said UAE Energy Minister Suhail Al Mazroui.

There will be a significant increase in demand for crude due to expectations of Europe’s economic improvement and stability in production at current levels.

Oil prices fell 50% from $115 per barrel (pb) in July 2014 to the current level of $50 pb.

The UAE is a long-term investor in oil and gas sector, Al Mazroui said, adding that the country will continue to invest in its current projects.

Translated by: Julian Nabil