By: Amr Adel

Dubai - Mubasher: The UAE minister of energy, Suhail Al Mazroui, expects the correction wave in oil prices globally to carry on in 2017.

Al Mazroui said on Sunday that the correction movement could take a longer time, noting that it is connected with the decline in global reserves and the rise in demand on crude oil.

Despite the rise in oil prices from $43 per barrel last year to more than $53 per barrel (pb) in the first quarter of 2017, which is a reasonable price increase, the balance point is yet to be reached, the minister added.

Shale oil is an important factor when it comes to production, but the current levels of demand exceeds its production significantly, according to Al Mazroui, who ruled out a change in the market’s circumstances during this year.

Translated by: Moslem Ali