ABU
DHABI --- The UAE Minister of Energy, Suhail Al Mazrouei, on Sunday stressed
that the UAE continues to carry out its plans to increase crude production to
contribute towards stabilizing global oil markets in addition to its plans to
increase its refining capacity to meet increasing demand on derivatives.
"As
a member of the Organization of the Petroleum Exporting Countries (OPEC), the
UAE is committed to fill shortages in global oil supplies should any member
faces trouble in maintaining production levels," the energy minister said
in a statement on the occasion of the Abu Dhabi International Petroleum
Exhibition and Conference (ADIPEC 2015) which opens tomorrow.
He
added that the UAE's national oil companies seek to reduce production cost by
increasing the efficiency of their operations.
"The
market will determine sustainable oil prices. Supply and demand will enforce
the price that is good for producers," he said, describing media
speculations about major oil price hikes and drops as "unrealistic."
He
said, "Current data makes me optimistic enough to expect that in 2016
there will a gradual correction of prices."
The
UAE, the energy minister noted, benefited from falling oil prices to develop
its economy by removing subsidies for gasoline and diesel in August.
business.inquirer.net
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