"Depending on the actual production growth from non-OPEC countries, this problem could take months or years [to be resolved]. If they act rationally, we can see positive corrections during 2015," Mazrouei said in an interview on Tuesday.
Low oil prices are likely to encourage higher global economic growth, driving a demand for oil upward, according to the Minister.
According to Mazrouei, the UAE will continue to expand oil production regardless of falling oil prices. The country plans to increase capacity to 3.5 million barrels a day by 2017. The UAE currently produces approximately 3 million barrels a day.
OPEC's November 2014 meeting, held amid declining oil prices, resulted in a decision to keep the member nations' oil output levels unchanged. The move has led to a further decline in global oil prices. On Wednesday, the price for Brent crude fell below $50 a barrel, the lowest point since 2009 and a 50 percent drop from summer 2014 levels.
Plummeting oil prices have negatively affected many oil-dependent economies, including Venezuela, Iran and Russia.
