UAE Energy Minister expects oil price correction by end of year

The UAE Energy Minister, Suhail Mohammad Faraj Al Mazrouei.

The price of oil is set for a correction by the end of the year, according to the UAE Energy Minister. Speaking in Abu Dhabi, Suhail Mohammad Faraj Al Mazrouei said that he believes the current prices are forcing everyone to ‘freeze.’ It's reported that oil has lost over 65% of its value since highs of $115 per barrel in June 2014, due to a glut of supply. The minister added: “It does not make any sense for any­one to increase the production at the current prices.”

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