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
Source:
Mubasher Exclusive