UAE Energy Minister expects oil price correction by end of year

The UAE Energy Minister, Suhail Mohammad Faraj Al Mazrouei.

The price of oil is set for a correction by the end of the year, according to the UAE Energy Minister. Speaking in Abu Dhabi, Suhail Mohammad Faraj Al Mazrouei said that he believes the current prices are forcing everyone to ‘freeze.’ It's reported that oil has lost over 65% of its value since highs of $115 per barrel in June 2014, due to a glut of supply. The minister added: “It does not make any sense for any­one to increase the production at the current prices.”

More from Business

  • Chad advisor calls for direct flights from UAE

    The Advisor for Telecommunications, Digital Economy and Digitalisation of the Administration to the Prime Minister of Chad has expressed his country's interest in collaborating with Emirati airlines, regarding direct flights between the two countries.

  • Roblox expands into Middle East with Arabic support

    Roblox is making a significant push into the Middle East by introducing Arabic-language support, aimed at making the popular gaming platform more accessible to millions of users in the region.

  • UAE economy set for 5-6% growth in 2025, says minister

    Abdullah bin Touq Al Marri, the UAE's Minister of Economy, has forecast a 5 to 6% growth for the national economy in 2025.

  • World Bank forecasts 3.4% growth for Gulf economies

    The World Bank projects the economic growth rate of Gulf countries will reach 3.4 per cent in 2025, rising to 4.1 per cent in 2026, compared to an expected 3.3 per cent growth rate for the Middle East and North Africa (MENA) region as a whole.

  • UAE President issues AI Council resolution

    President His Highness Sheikh Mohamed bin Zayed Al Nahyan has issued a resolution toreconstitute the Artificial Intelligence and Advanced Technology Council (AIATC), chaired by His Highness Sheikh Tahnoon bin Zayed Al Nahyan.