UAE Says Oil Price Drop Won’t Last, Market To Return To Balance

The drop in oil prices will not last for long and the oil market will return to balance, UAE Oil Minister Suhail Bin Mohammed al-Mazroui was quoted by official news agency WAM on Thursday as saying.

“Experience has taught us this, and everybody must shoulder their responsibilities to reach market balance,” he said.

“The UAE is continuing with its investments in the oil and gas industry… we have a balanced and long-term policy,” he told WAM. “The current crude price is not permanent.”

Brent for February delivery was trading at around $63 a barrel at 1107 GMT, having fallen sharply since June when it traded at $115.