UAE Sees Oil Price Correction

UAE Sees Oil Price CorrectionUAE Sees Oil Price Correction

The UAE foresees a “correction” in crude prices by the end of the year, and the OPEC member has yet to receive an invitation to a possible meeting of oil-producing nations seeking to rein in a global supply glut, UAE's Energy Minister Suhail Al Mazrouei said. Markets are poised to rebalance, as many oil producing assets outside the Organization of Petroleum Exporting Countries lose money at current prices, Al Mazrouei told reporters on Monday in Abu Dhabi, Bloomberg reported. Declining output at fields that need higher prices to break even is “good news” that points toward a more stable market, he said. “I’m still optimistic that at the end of the year or before the end of the year, we will see some correction,” Al Mazrouei said. “We need to be patient. It’s not happening in weeks or months. Correcting to a sustainable price will take time.” The UAE was OPEC’s fourth-biggest producer in February, pumping 2.98 million barrels a day, according to data compiled by Bloomberg.