The head of the Ministry of Energy of the UAE, Suheil al-Mazrui, believes that the oil market will stabilize in 2016, as a balance between supply and demand should occur.
He recalled that in 2014 alone, OPEC decided not to reduce oil production in order to suppress the development of shale oil in the United States for two years, so in 2016 the cartel should continue the chosen strategy.
Suheil al-Mazrui also stated that the lifting of the embargo on oil exports from the country by the US "will not affect the fundamental levels of production and demand in the market," RIA Novosti reported.
