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3 Jun 2015
Oil price correction is not over yet - UAE Oil Minister Mohammed al-Mazroui
FXStreet (M) - Speaking at the OPEC International Seminar in Vienna on Wednesday, UAE Oil Minister Suhail bin Mohammed al-Mazroui said that he expects the market to stabilise soon and further added that the price correction is not over and the recovery will take time.
Key Quotes:
”We are optimistic about this meeting (OPEC) and we have seen a very good move on the correction … the most important thing is that the world economy is growing as we predicted. We are comfortable with the move so far from the last meeting till today.”
“Demand is increasing, the correction is there … it is not over yet, this correction, it is going to take time.”
“We need to wait till the end of the year to see what’s happening to the supply-and-demand balance. But definitely the glut in the market has decreased significantly. And we are optimistic.”
Key Quotes:
”We are optimistic about this meeting (OPEC) and we have seen a very good move on the correction … the most important thing is that the world economy is growing as we predicted. We are comfortable with the move so far from the last meeting till today.”
“Demand is increasing, the correction is there … it is not over yet, this correction, it is going to take time.”
“We need to wait till the end of the year to see what’s happening to the supply-and-demand balance. But definitely the glut in the market has decreased significantly. And we are optimistic.”