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 stabilising global oil markets in addition to its plans to increase its refining capacity to meet increasing demand on derivatives.

"As a member of the Organisation 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.

Source: WAM