UAE energy minister: Oil prices to have 'correction' in 2016

Staff Writer
Columbus CEO

ABU DHABI, United Arab Emirates (AP) — The energy minister of the United Arab Emirates says low oil prices will have a "correction" in 2016, but he says it won't be just up to OPEC to increase prices.

Suhail Mohamed al-Mazrouei made the comments Monday at the Abu Dhabi International Petroleum Exhibition and Conference in the Emirati capital.

Al-Mazrouei says this year is "a time of some hesitancy, a time of pain for some. But that pain is not new in this industry. We all know it, we've been through it and we will pass it stronger."

He says the UAE plans to increase its output to 3.5 million barrels of oil a day "not to over-flood the market, but to balance the market when needed."

Oil prices have dropped over 50 percent this year.